The Euromarkets are international money and capital markets, they are concerned with Eurocurrencies, that is, currencies traded in Europe (and elsewhere) outside their home countries. The most important Eurocurrency is the Eurodollar. The Eurodollar market developed in the second half of the 1950s. When the London banks, during the
sterling1 crisis of 1957, were prohibited from using sterling funds to finance non-British trade, they offered high interest rates to attract dollar deposits from both non-American and American
holders2 of dollars. The Eurodollar market was given another major boost when the American Federal Reserve Board placed limits on deposit interest rates in the United States. To avoid these
restrictions3, dollar deposits were transferred from banks in the United States to European banks and to the foreign branches of American banks, mainly those in London.
欧洲市场是国际货币与资本市场,从事与欧洲货币有关的业务，欧洲货币即在货币发行国境外的欧洲（及其他地方）进行交易的货币，最重要的欧洲货币是欧洲美元。欧洲货币市场产生于20世纪50年代末，1957年英国发生英镑危机，伦敦的银行被禁止用英镑去为非英镑区国家的贸易提供融资；它们提高利率，从非美国人和美国人手中吸收美元存款。后来美国联邦储备委员会对美国的存款利率加以限制，欧洲货币市场得到又一次大发展。为了逃避这些限制，美国境内的美元存款转移到欧洲银行和在欧洲的美国银行，主要是在伦敦的分支机构中去。
The chief participants in the Euromarkets are the London banks, the overseas branches of American banks and commercial banks on the Continent and in other parts of the world. These banks accept deposits of dollars and other convertible4 currencies from other banks, including central banks, companies and individuals. The funds thus obtained are traded among the banks and lent out to non-banks, either in the original currency or after having been converted into another currency. Eurocurrency loans involve large sums of money，they may be short-term, medium-term or long-term. Long-term Eurocurrency funds can also be raised by an issue of Eurobonds on the Eurobond market.
欧洲货币市场的主要参与者是伦敦的银行，美国银行在海外的分支行，以及美洲大陆和世界其他各地的商业银行。这些银行从其他银行，包括中央银行、公司和个人吸收美元存款及其他可兑换货币。这样筹集到的资金在银行之间融通，或者借贷给非银行机构，有的用原币，有的已兑换成另一种货币。欧洲货币贷款金额大，有短期、中期或长期。长期欧洲货币资金也可通过在欧洲债券市场发行欧洲债券来筹集。
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