上一讲中我们为您介绍了 floating exchange rates 和 fixed¹ exchange rates，浮动汇率与固定汇率。澳广金融节目主持人巴里克拉克介绍说，二十世纪的固定汇率制不仅未能保持汇率的稳定，而且还为投机者提供了机会。
    但是实行浮动汇率制也同样有它的不利之处。不断变化的汇率为工商业的运作带来许多不确定因素。

    不过，澳洲广播电台金融节目主持人巴里克拉克继续介绍说，各国的中央银行或储备银行大都会在关键时刻对市场进行干预，以减缓货币汇率的剧烈动荡。

    巴里克拉克在他的讲话中提到了这样一些词汇：

    1 reserve bank 储备银行2 cushion 缓冲垫，减震器3 intervene 干预4 contention² 辩论5 on balance 总的来说6overshooting 过火，过激

    下面我们听一遍巴里克拉克的谈话及中文翻译：

    the reserve bank tries to play a role in providing a comfort cushion by intervening from time to time in the foreign exchange market with a view to limiting its more extreme fluctuations³.

    whether the central bank should be doing this, and whether it actually can influence exchange rates in the face of market forces, are matters of some contention.

    from its own analysis, the reserve bank is persuaded that, on balance, it plays a useful role in limiting overshooting in the market.