代表作自考《国际商务英语》课文【中英对照】第17课---国际货币体系与汇率

is the creation of the International Bank for Reconstruction and Development and the International

Monetary Fund.

鉴于美国在国际经济、政治中的主导作用，布雷顿森林会议建 立了一个美元为基础的

金本位制作为国际结算的工具，以代替原先的英镑金本位制。

The Bretton Woods Conference

established

a

US dollar

based

gold

standard. Because of

the

dominating

economic and political

influence

of

the

United

Stated,

the

dollar

replaced

the

sterling

as

the

major

vehicle

for

international settlement .

虽然与会的所有国家都同意将其货币钉住黄金，但是只有美国保证在

< br>令一国中央银行的要求之下把美元换成黄金。

Though all the Bretton Woods participants agreed

to peg their currencies to gold, only the United States pledged to redeem the dollar for gold at the

request of the central bank of a foreign country.

在新的固定汇率制下，

各成 员国保证保持各自货

币的平价，仅允许有百分之一的上下波动。

Under

the

new

fixed

exchange

rate

system,

each

participant promised to maintain the par value of its currency, allowing a fluctuation of only one

percent.

若一国货币的波动超过这个幅度，该国就必须干预。

The

country

concerned

had

to

intervene if the market value of its currency goes beyond the range.

只有在特殊的情况下，

才允许

Under special circumstances, a country was allowed to adjust the par

value of its currency.

因此 ，布雷顿森林体系可以说是采取了一种可调整的钉住制。也有人称

其为“新金本位制”< /p>

。

Thus the Bretton Woods system is said to be using an adjustable peg. The

new system was also called by some people the

“

New Gold Standard System.

”

一直到

< br>70

年代初

期，这样一种汇率相对稳定的制度便利了国际 贸易的发展。

This relative stability in exchange

rates facilitated international business till the beginning of 1970s.

在布雷顿森林体制下，只有相信美元可兑换成 黄金，人们就会持有美元。贸易的增长

需要更多的美元来支付。

Under the Bretton Woods System, people would hold dollars so long as

they trusted the convertibility of the dollar into gold.

随着外国人持有的美元越来越多，

他们对美

国政府把美元兑换成 黄金的信息却越来越低。

With

the

increase

of

foreign

dollar

holdings

to

finance trade expansion, the faith of dollar holders decreased in the ability of the United States to

redeem the dollar for gold.

特别提款权的创立就是为了减少对把美元作为储备货币的需求。

To

reduce the demand for the dollar as a reserve currency, the special drawing right was created.

由于

在国际货币基金组 织中用于官方结算，

特别提款权也被称为

“纸黄金”

Used to settle official

transaction at the IMF, SDRs are sometimes called paper gold.

但是，

< br>尽管特别提款权位国际货币

体系注入了新的活力，

美国仍 然无法满足外国持有美元的人兑换黄金的要求。

Despite the new

liquidity

injected

by

SDRs

into

the

international

monetary

system,

the

United

States

was

till

unable to meet the demands of foreign dollar holders for gold.1971

年

8

月

日，美国政府宣布

美元与黄金脱钩，从此标志 着布雷顿森林体系的崩溃。

On

August

15,

1971

the

US

Administration announced severing link between the dollar and gold, signifying the collapse of the

Bretton

Woods

system.

自此，国 际贸易越来越依赖浮动汇率制。

Since

then,

international

business has relied increasingly on the flexible exchange rate system.

大部分主要货币在国际金

融市场开始浮动。

Most major currencies began to float in the foreign exchange market.

其他货币

则钉住美元、法国法郎等一些主要货币，与之形成固定汇率关系并随之一起浮动。

Other

currencies followed a fixed exchange rate by pegging themselves to a major currency such as the

dollar, or the French France and float with it.

从

1976

年开始，各国不再为其货币规定金平价，

而 令其货币价值随着供求关系变化。

From 1976 countries ceased to stipulate gold par value to

their

paper

currencies

leaving

the

price

of

their

respective

currency

to

be

decided

by

the

interaction of supply and demand.

影响汇率变化的有以下一些因素：

Factors

influencing

the

exchange

rate

include

the

following:

1.

国际收支平衡。

International balance of payment.

它对外汇的供求状况有着直接的影响。

一国货币会因国际收支顺差而升值，

反之会因国际收支逆差而贬值。

It has a direct bearing on

the

supply

and

demand

of

foreign

exchange.

The

value

of

one

’

s

own

currency

will

go

up

with

favorable balance of payment and drop with BOP deficit.

2.

通货膨胀。

Inflation .

通 货膨胀与一国货币的实际价值和商品的竞争力有着密切的关系。

通货膨胀的程度越高，本 币就会相对于外币贬值。反之亦如此。

It is closely related to the real

value of the currency and the competitiveness of the commodity. When inflation intensifies, the

value of the currency will drop relative to foreign currencies and vice versa.