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一、与1993年西方外汇市场形势的比较与1993年的情况相比较,今年以来西方外汇市场局势发展略为不同。具体地讲,直到1993年7、8月份,欧洲地区金融动荡都十分突出,成为当年整个西方外汇市场形势发展的主要表现。它反映出欧洲各国经济普遍存在这样或那样的困难.而这些国家为摆脱困境在对策行动上不能很好协调。在接连发生的金融风潮期间,大量国际短期游资移动频繁,欧洲汇率机制的正常运行面临着一次次的挑战,一些处于弱势地位的成员国货币汇价经常跌破原来确立的波动下限。意大利里拉和英镑在前年9月金融动荡初期就先后脱离了该汇率机制实行单独浮动,其他如西班牙比塞塔、葡萄牙埃斯库多和爱尔兰镑等也不得不宣布对其他成员国货币贬值。相反,美元汇价变动都由此获得了外部的支持力量。面对市场投资和投机活动强大的冲
I. Comparison with the situation in the western foreign exchange market in 1993 Compared with the situation in 1993, the situation in the western foreign exchange market has been slightly different from the beginning of this year. Specifically, until July and August 1993, the financial turmoil in Europe was outstanding and became the main performance of the development of the entire western foreign exchange market. It reflects the common or similar difficulties in the economies of European countries, which can not be well coordinated in response to their troubles. During the successive financial turmoil, a large number of international short-term hot money moved frequently, and the normal operation of the European exchange rate regime faced a number of challenges. Some of the disadvantaged member countries’ currency exchange rates often fell below the lower limit of their original establishment. Italy lira and pound in the early September last year, the financial turmoil has separated from the exchange rate mechanism to implement a separate float, others such as Spain pesetas, Portugal escudos and the Irish pound also have to declare the devaluation of other members of the currency. On the contrary, the exchange rate changes of the U.S. dollar have gained external support. In the face of strong market investment and speculation rushing