上一讲中我们为您介绍了 floating exchange rates 和 fixed exchange rates,浮动汇率与固定汇率。澳广金融节目主持人巴里克拉克介绍说,二十世纪的固定汇率制不仅未能保持汇率的稳定,而且还为投机者提供了机会。
0 O" R' _( N" X5 q) D7 _% F 但是实行浮动汇率制也同样有它的不利之处。不断变化的汇率为工商业的运作带来许多不确定因素。. ]& k( U3 q/ o
不过,澳洲广播电台金融节目主持人巴里克拉克继续介绍说,各国的中央银行或储备银行大都会在关键时刻对市场进行干预,以减缓货币汇率的剧烈动荡。, r+ o7 p* A' R
巴里克拉克在他的讲话中提到了这样一些词汇:
$ y. u" r8 s! F0 B+ K6 |1 _1 M 1 reserve bank 储备银行2 cushion 缓冲垫,减震器3 intervene 干预4 contention 辩论5 on balance 总的来说6overshooting 过火,过激
# ?# [2 U( r* j, Q2 p+ j; Q7 ^7 s 下面我们听一遍巴里克拉克的谈话及中文翻译:7 j# ? z4 C2 g1 y# G& y0 n1 Y) `
the reserve bank tries to play a role in providing a comfort cushion by intervening from time to time in the foreign exchange market with a view to limiting its more extreme fluctuations.9 O% F0 @$ Q3 R# S* ?7 N& h
whether the central bank should be doing this, and whether it actually can influence exchange rates in the face of market forces, are matters of some contention.
7 s% m; F1 [% t& E. M from its own analysis, the reserve bank is persuaded that, on balance, it plays a useful role in limiting overshooting in the market. |