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英国《金融时报》6月19日文章题:支撑不是灵丹妙药 这是一项重大的政策调整。就在上周,美国财政部长鲁宾还对政府干预外汇市场的有效性表示怀疑。可是,本周他却和联邦储备委员会主席格林斯潘下令进行干预,以支撑汇率一落千丈的日元。这是自1995年夏天以来美国首次对货币市场进行干预。 但是,美国的干预可能只能暂时提升日元的汇率。如果不进行更大幅度的政策调整,干预就将失效。 这就可以说明,美国的干预为何要明白无误地同克林顿所说的桥本龙太郎宣布的“大胆的”、“咄咄逼人的”改革计划联系在一
The Financial Times, June 19 Article Title: SUPPORT IS NOT A MAGNOLIA This is a major policy adjustment. Just last week, U.S. Treasury Secretary Rubin also expressed doubts about the effectiveness of government intervention in the foreign exchange market. However, this week he and the Federal Reserve Chairman Greenspan ordered an intervention to support the yen plummeting exchange rates. This is the first time that the United States has intervened in the money market since the summer of 1995. However, U.S. interventions may only temporarily raise the exchange rate of the yen. Without more drastic policy changes, intervention will lapse. This shows why the U.S. intervention should be unambiguously linked with the “bold” and “aggressive” reform plan announced by Clinton and quoted by Hashimoto