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综述:1994年第一季度,国际金融市场的一个显著特点就是非银委投资者大量抛售债券,同时国家之间、银行与非银行机构间进行着大量的资金转移。在日本,国内银行体系已成为吸收并动用国家盈余资金的主要渠道,这就明显减少了日本非银行机构持有的外国债券。在欧洲和北美,由于非银行投资者更加偏好流动能力强的金融资产,美国、德国、法国和瑞士银行的对外负债都有大幅增加。同时由于非银行资金客户开始归还其在欧洲货币机制
Summary: In the first quarter of 1994, one notable feature of the international financial market was the massive sell-off of bonds by non-ICAC investors, as well as the massive transfer of funds between countries and between banks and non-bank institutions. In Japan, the domestic banking system has become the main channel for absorbing and using national surplus funds, which significantly reduces the foreign debt held by non-banking institutions in Japan. In Europe and North America, the external debt of banks in the United States, Germany, France and Switzerland increased sharply as non-bank investors preferred the more liquid financial assets. At the same time as non-bank funds customers began to return their monetary mechanism in Europe