NO.PZ201512020800000206
问题如下：
6. The factor that McFadden is most likely referring to in Statement 4 is:
选项：
A. FX reserve levels.
B. domestic demand.
C. the level of capital flows.
解释：
A is correct.
EM countries are better able to influence their exchange rates because their reserve levels as a ratio to average daily FX turnover are generally much greater than those of DM countries. This means that EM central banks are in a better position to affect currency supply and demand than DM countries where the ratio is negligible. EM policymakers use their foreign exchange reserves as a kind of insurance to defend their currencies, as needed.
考点：Exchange Rate Management: Intervention and Controls .
解析：发展中国家和新兴国家的中央银行对于外汇干预的能力要强于发达国家，这是因为发达国家的外汇体量太大了，以至于发达国家的中央银行无法储备那么多的外汇去干预市场 。相比较而言，发展中国家的贸易交易量占它本国GDP比重很低，因此需要相对较少的外汇准备就能很好地稳定币值。所以外汇储备干预经济的方法在发展中国家运用的比较有效。
选项A怎么翻译呢？谢谢老师
