自由市场经济主义者会辩论说，政府不需要过度干预货币和利率过程。
Free-marketeers would argue that governments do not need to intervene in the currency and interest rate process unduly.
最近，日本在6年来首次干预货币市场来抑制日元的升值。
Japan recently intervened in currency markets for the first time in six years to stem the yen's rise.
例如，欧洲央行在2000年干预货币之后，马上开始减息。
For instance, the ECB started cutting interest rates soon after the 2000 intervention.
他们试图通过干预货币市场来压低法郎价格的，但收效甚微。
They had been attempting to drive down the franc by intervening in the money markets to little lasting effect.
日本是目前唯一直接干预货币市场使本国货币贬值的发达国家。
The Japanese are so far the only rich country to intervene directly in the markets to weaken their currency.
对公共部门而言，这一挑战会影响干预货币、储备货币和钉住货币的选择。
For the public sector, this challenge affects the choices of intervention currency, reserve currency and pegging currency.
在日本银行倡导下，七国集团G 7央行10年来首次协同干预货币市场，以稳定日元汇率。
Led by the bank of Japan, the central Banks of the G7 countries undertook their first co-ordinated intervention in currency markets for more than a decade to stabilise a soaring yen.
今日之货币干预将损害抑或有助全球经济？
Will today's currency interventions hurt or help the world economy?
一国对货币市场干预的最重要的指标是其外汇储备水平。
The main indicator of a country's intervention in currency markets is its level of foreign reserves.
日本银行干脆收购股票，而瑞士国家银行已经干预了货币市场。
The Bank of Japan has bought equities and the Swiss National Bank has intervened in the currency markets.
G20需要主导沟通过程，使解除财政、货币和金融干预——包括对银行的担保——的进程变得透明而清晰。
The G20 needs to lead the process of communicating a transparent and clear way forward on the unwinding of fiscal, monetary and financial interventions, including bank guarantees.
同样，如果央行出手干预，卖出泰铢买入美金也会增加货币供给。
Similarly, central-bank intervention to hold the baht down by buying dollars would also boost the money supply.
这些国家或许会选择干预外汇市场阻止他们的货币升值。
Alternatively countries may choose to intervene in the foreign-exchange markets to prevent their currencies from rising.
要保持汇率稳定，央行就不得不动用基础货币来干预外汇。
To maintain the exchange rate stability, the central bank would have to use base money to intervene in the foreign exchange.
另外，如果央行干预抑制通货，储蓄的建立会导致货币状况的过度宽松，增加通货膨胀。
On the other hand, if central Banks intervene to hold down their currencies, the build-up of reserves can lead to excessively loose monetary conditions and rising inflation.
央行在过去一年的大部分时间里都在为货币的升值而烦恼，现在它们也已经开始干预市场来减缓货币的贬值。
Having spent much of the past year fretting about their currencies' rise, central Banks across the emerging world have now intervened in the markets to slow their currencies' fall.
如果这种下跌变得混乱的话，就需要货币市场的干预以及自愿不采取减息的政策。
If the slide becomes chaotic, it could demand currency-market intervention and a willingness to hold back interest-rate cuts for the sake of the dollar.
通过干预，新兴市场央行遏制其货币升值的步伐。
By intervening, emerging-market central Banks restrain the pace at which their currencies appreciate.
但他表示，各国在国内货币市场这么做(而非通过干预汇市)要好得多。
But he says it is far better for each country to do so in its own domestic money markets than by intervening in the currency markets.
尽管所有这些干预主义与“积极的”货币与财政政策在30年代遭到了失败，在今日，同样的公共政策的疯狂建议是依然会被认为是“明智”之举。
After all of these failures of interventionism and “activist” monetary and fiscal policy in the 1930s, the same public policy madness is still recommended as “wisdom” today.
过去，藤井先生曾表示，仅当发生“粗暴鲁莽”的货币动荡时才会考虑必要的干预措施，但如今他已经准备同G7其他同行进行探讨。
Mr Fujii, who once said that intervention was only necessary as a result of “outrageously reckless” currency movements, hinted that he was now prepared to discuss it with his G7 counterparts.
日本银行知道，如果它进行干预而且干预没有奏效，它就打消了货币掮客和投机人有关购买日元的最后的担忧。
And the Bank of Japan knows that if it intervenes and the intervention has no effect, it will remove the last worry that currency traders and speculators have about buying yen.
主权财富基金的经理们未来可能亦会与中央银行打成一团，中央银行的业务就是要干预外汇市场以防止通货币值大幅震荡。
The managers of such a fund might also come to blows with the Central Bank, where practice has been to intervene in foreign-exchange markets to prevent wild swings in the value of the currency.
美元今年急速下滑引起人们开始推测，央行可能马上就会对外汇市场进行干预，以支持有些病态的货币。
THE dollar's steep drop this year has triggered speculation that central banks may soon intervene in the foreign-exchange markets to prop up the sickly currency.
美元今年急速下滑引起人们开始推测，央行可能马上就会对外汇市场进行干预，以支持有些病态的货币。
THE dollar's steep drop this year has triggered speculation that central banks may soon intervene in the foreign-exchange markets to prop up the sickly currency.
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