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A currency held in a European country other than its country of origin. Such currencies need not themselves be European: there are large Eurodollar and Euroyen deposits. This market is useful for short- and medium-term international borrowing, mainly by banks and large companies, and for financing international trade and investment. Eurocurrency balances are attractive to those wishing to avoid national taxes or regulations.

Subjects: Social sciencesEconomics

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