CURRENCY WARS IN THE 1980S

摘要

In September 1985, finance ministers and central bank chiefs of the Group of Five - the United States, Japan, Germany, France and Britain - gathered at the Plaza Hotel in New York to tackle the problem of global imbalances: a big US current account deficit and corresponding surpluses in Japan and Germany. They agreed on coordinated intervention to drive down the dollarto a level which would correct these imbalances. The effect was dramatic.