During the period of exchange rate depreciation, unless the interest rates and other costs of borrowing currencies are high enough to sell short devalued currencies, speculative activities are unavoidable. If the monetary authorities have enough foreign exchange reserves to adhere to the end, speculators can only return. Insufficient reserves, speculators will eventually "satisfy fare", whether under appreciation or depreciation pressure, if the exchange rate does not quickly reflect the market's supply and demand relationship, it will damage macroeconomic stability and is not conducive to the adjustment of economic structure. If the above discussion is true, which of the following conclusions cannot be derived? ['r the monetary authorities have enough foreign exchange reserves to stick to the end, or speculators are "satisfied and far-reaching".', 'f the exchange rate can quickly reflect the supply and demand of the market, then it will not damage macroeconomic stability.', 'nless the exchange rate quickly reflects the market supply and demand relationship, it will damage macroeconomic stability and is not conducive to economic structural adjustment.', ' the interest rates and other costs of borrowing currencies are not high enough, speculative short selling of devalued currencies is inevitable.']