L17国际货币体系与汇率
最早的国际货币体系称作金本位制，在这个体制下各国承诺在受到要求时将其货币由纸币兑换为黄金。The earliest international monetary system was known as the gold standard
under which countries pledged to change their paper currencies into gold when requested to do so.在金本位制下，各国都将其货币价值与黄金挂钩以确立货币金平价，由此，便形成了固定汇率制。19世纪大部分时间直到第一次世界大战结束主要贸易国家均采用金本位制。The gold
standard created a fixed exchange rate system as each country pegged the value of its currency to
gold to establish its par value, for most of the 19th century till the end of the First World War.由于英国当时在经济、政治和军事上的强大，英镑成为国际贸易往来中最重要的货币。因此便产生了“基于英镑的金本位制”这一说法。Major trading countries followed this system and the
British Pound was the most important currency in international business as a result of the
economic, political and military power of the United Kingdom, hence the term sterling-based gold
standard.
由于第一次世界大战对世界经济产生了很大的压力，以及随之而来的经济大萧条，固定汇率制走到了尽头。The pressure caused by the First World War on economy coupled with the
impact of the Great Depression put an end to the fixed exchange rate system.英格兰银行无力再将其纸币以平价兑换成黄金，而任由供求状况来决定其纸币价值。The Bank of England was
no longer able to redeem its paper currency for gold at par value and allowed its value to be
determined by supply and demand.随着英国抛弃金本位制，世界形成了不同的区域：一些国家把其货币与英镑挂钩，而一些国家钉住美元，另一些国家则钉住法郎，形成了“英镑区”、“美元区”、和“法郎区”。With Britain abandoning the gold standard, there appeared different
areas in the world. Some countries pegged their currencies to the sterling, some countries to the
US dollar and some to the French France, forming the “sterling area”, “dollar area” and “franc
area”.这一个时期，世界货币体系不断恶化，各主要贸易国竞相将其货币贬值以提高他们出口物品的竞争力。This period witnessed the degeneration of the international monetary system as
some major countries vied to devaluate their currencies to make their export goods more
competitive.不用说，这些国家从货币贬值中得到的好处都被其竞争对手的行动抵消了。The
benefits brought about by their devaluation were needless to say, offset by what their competitors
did.世界贸易额不断缩小，经济贸易摩擦不断，最终导致第二次世界大战的爆发。International
trade contracted and economic conflict finally led to the Second World War.
在二战即将结束之际，44个国家的代表在布雷顿森林开会，试图在重大修改的基础上更新本金位制。Towards the end of the Second World War representatives of 44 countries
gathered at Bretton Woods to renew the gold standard on a greatly modified basis.此次会议的一个重大成果是建立了国际复兴银行和国际货币基金组织。One important fruit of the conference
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，才允许对货币的平价进行调整。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”。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，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15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.
