This chapter puts forward the concept of relative efficiency, compares EMH and FMH and concluds that FMH is much proper than EMH in the research on foreign exchange market.

• 提出外汇市场“相对效率”概念,回顾有效市场假说与分形市场假说,并将二者对外汇市场的解释能力加以比较分析,认为FMH比传统EMH更适于分析外汇市场相对效率问题。