教学课件 段云礼 实用商务英语翻译（第三版）.ppt

练习 that is, the exchange relationship between one currency unit and another was fixed by the definition of each unit in terms of so many grains of pure gold. Even gold coins actually circulated along with other forms of currency. This system was somewhat changed to what is known as the gold-exchange standard system. Under this system, the value of a currency unit was not directly fixed or defined in terms of gold but rather in terms of a currency which was fixed in terms of so much gold. 练习 This is exactly what was established in 1944 under the Bretton Woods Agreements, the United States Treasury continued to buy and sell gold at US $35 an ounce in settlement of transactions with foreign governments, central banks, and licensed dealers and users. Thus, the U.S. dollar-gold link in effect played the role (the U.S. dollar as a gold proxy, so to speak)?once played by gold only, and the country that used this standard had all the discipline of a gold standard without the expense of maintaining all its international reserves in gold. 练习 Currencies of other members of the International Monetary Fund (IMF)?were then to have agreed par values in terms of U.S. dollar, with the obligation of the member concerned to keep open market exchange rates within a band of one percent above and one percent below the agreed par value. Under this system, the volume of world trade and investment has expanded substantially, but this success has also created many problems and imbalances among the countries. 练习 By the 1960s, the United States was accumulating balance of payments deficits while West Germany was showing balance of payments surpluses. In the face of this major disequilibrium, the United States was being drained of its ability to maintain the key role of the dollar in the international monetary system. The “boiling” point came in 1971: (1)?in May 1971,several European countries let their currencies appreciate relative to the U.S. dollar, but others did not, which would have in