| 1. | But it does take care of financial instability associated with volatile capital flows and the associated large swings in real exchange rates
，但货币联盟仍能处理资金流向波动及实质汇率相关的大起大落所引起的金融不稳定。 |
| 2. | The paper provides the important cushion to absorb the pressure of volatile capital flows exerted from time to time on our domestic interest rates
外汇基金票据及债券能提供重要的缓冲，吸纳不稳定的资金流向不时对本港利率造成的压力。 |
| 3. | Indeed , the instabilities produced by volatile capital flows have been the main cause of the financial turmoil in our region during the past two years
事实上，这些变幻无常的资金流向所引起的不稳定情况，正是过去两年亚洲发生金融风暴的主要原因。 |
| 4. | This is a timely reminder to all of us of the fragility of the asian recovery in an era of globalisation of markets with highly volatile capital flows
这种情况正好提醒我们，在现今金融市场迈向全球化的时代，国际资金流向极之不稳定，亚洲的复苏相当脆弱。 |
| 5. | The second challenge i see is to understand better the risks posed by volatile capital flows and how to capture data to facilitate our understanding of such flows
我认为第二项挑战是要更深入了解流窜不定的资金流向所造成的风险，以及如何能掌握有关数据，来加深我们对这些资金流向的了解。 |
| 6. | And we do not have any framework to deal with disruption caused by volatile capital flows comparable to the world trade organisation s mechanisms for handling disruption from trade in goods and services
同时，我们也没有任何类似世界贸易组织处理商品和服务贸易所引起的问题的机制，以处理流窜不定的资金流向所引起的纠纷。 |
| 7. | 16 . looking ahead , to minimise the need for government intervention aimed at heading off market failures induced by large and volatile capital flows , we need to build bigger markets and to strengthen the markets we already have
16 .展望未来，为了减少政府作出干预，以防止流窜不定的巨额资金引致市场崩溃，我们需要建设更大规模的市场，并巩固我们现有的市场。 |
| 8. | " looking ahead , to minimise the need for government intervention aimed at heading off market failures induced by large and volatile capital flows , we need to build bigger markets and to strengthen the markets we already have .
月在股票市场进行干预为例子。他又说：展望未来，为了减少政府作出干预，以防止流窜不定的巨额资金引致市场崩溃，我们需要建设更大规模的市场，并巩固我们现有的市场。 |
