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
