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2007年四季度,次贷危机对实体经济的滞后影响逐渐增强,美国经济初显疲态。受此影响,美元汇率在四季度中段进入超跌状态,随后各国货币当局防御性入市干预,阻止了美元汇率的进一步下滑。由于弱势美元和美联储降息加剧了流动性过剩并导致了国际货币体系的紊乱,全球通胀压力有所增强,全球货币政策的创新与合作日显重要。
In the fourth quarter of 2007, the sluggishness of the subprime mortgage crisis on the real economy gradually increased and the U.S. economy showed signs of weakness. Affected by this, the U.S. dollar went into an oversold state in the middle of the fourth quarter, followed by defensive market interventions by monetary authorities in various countries, preventing a further decline in the U.S. dollar exchange rate. As the weaker dollar and the Federal Reserve cut interest rates exacerbated the excess liquidity and led to the turmoil in the international monetary system, global inflationary pressures have increased, and the innovation and cooperation in global monetary policy have become increasingly important.