The Gold Exchange Standard Halfway between the gold standard and a pure reserve currency standard is the gold exchange standard. Central banks' reserves consist of gold and currencies whose prices in terms of gold are fixed, and each central bank fixes its exchange rate to a currency with a fixed gold price More flexibility in the growth of international reservesThe Gold Exchange Standard • Halfway between the gold standard and a pure reserve currency standard is the gold exchange standard. Central banks’ reserves consist of gold and currencies whose prices in terms of gold are fixed, and each central bank fixes its exchange rate to a currency with a fixed gold price. • More flexibility in the growth of international reserves