制卧价贸易上兰 金融英语阅读 par value reserve asset capital flow free-floating exchange rate deregulate 句子讲解 1)Most important among these changes was that the supply and composition of international liquidity became endogenously determined,that is,the international monetary system was based on a fiat system and departed from a commodity system 译文：在这些变化中最重要的是国际货币头寸的供给和结构的变化，即，国际货币体系构成 的根据是法币体系，而不再是商品尺度。 2)Therefore,although members were required to state par values for their currencies in terms of gold and to intervene in the foreign exchange markets to keep their currencies within I percent of the par value,expressed in gold,in practice members expressed par values in terms of US dollars, and the US stood ready to convert dollars into gold at $35 per ounce 译文：于是，尽管协议要求各成员国应以黄金表述其货币平价，并且在干预外汇市场以使其 货币保持在平价上下1%范围那波动时也应以黄金表示，但在实际操作中，成员国都是用美 元来表示平价，美国也愿意以每盎司35美元的价格把美元兑换成黄金。 3)This was a period of optimism,reflected in a belief that monetary policy could be independently determined under freely floating exchanged rates,but it was soon overtaken by a realism,born of the close connections between the small,open economies and larger ones, which emerged towards the end of that decade. 译文：这只是一段理想主义时期，它所反映的观念时认为货币政策可以在完全浮动的基础上 自主制定，但是不久，在10年间，它就被现实主义的做法所替代既在大大小小的开放经济 之间形成密切的关系。 第十九章 Bretton Woods and the Gold Exchange Standard 第14页共24页金融英语阅读 第 14 页 共 24 页 par value reserve asset capital flow free-floating exchange rate deregulate 句子讲解 1) Most important among these changes was that the supply and composition of international liquidity became endogenously determined, that is, the international monetary system was based on a fiat system and departed from a commodity system. 译文：在这些变化中最重要的是国际货币头寸的供给和结构的变化，即，国际货币体系构成 的根据是法币体系，而不再是商品尺度。 2) Therefore, although members were required to state par values for their currencies in terms of gold and to intervene in the foreign exchange markets to keep their currencies within 1 percent of the par value, expressed in gold, in practice members expressed par values in terms of US dollars, and the US stood ready to convert dollars into gold at $35 per ounce. 译文：于是，尽管协议要求各成员国应以黄金表述其货币平价，并且在干预外汇市场以使其 货币保持在平价上下 1％范围那波动时也应以黄金表示，但在实际操作中，成员国都是用美 元来表示平价，美国也愿意以每盎司 35 美元的价格把美元兑换成黄金。 3) This was a period of optimism, reflected in a belief that monetary policy could be independently determined under freely floating exchanged rates, but it was soon overtaken by a realism, born of the close connections between the small, open economies and larger ones, which emerged towards the end of that decade. 译文：这只是一段理想主义时期，它所反映的观念时认为货币政策可以在完全浮动的基础上 自主制定，但是不久，在 10 年间，它就被现实主义的做法所替代既在大大小小的开放经济 之间形成密切的关系。 第十九章 Bretton Woods and the Gold Exchange Standard