評論
打印
New Words
新單詞
honour n.
榮幸
major adj.
主要的
stability n.
穩定，穩定性
regulate v.
調節
surplus n.
盈余，公積，剩余的
chronic adj.
長期的
suspend v.
中止，暫停
convertibility n.
可兌換性
fluctuate v.
變動，波動
restore v.
恢復，回復
equilibrium n.
平衡
flexibility n.
靈活性
factor n.
因素
appreciation n.
增值
cooperation n.
合作
Phrases & Expressions
短語
International Monetary System
國際貨幣制度
exchange-rate fluctuation
外匯匯率浮動
clean float
不受限制的匯率浮動
dirty float
受限制的外匯浮動
Bretton Woods Agreement
布雷頓森林協定
International Monetary Fund
國際貨幣基金組織
Capital export
資本輸出
balance of payments deficit
國際收支逆差
bring an end to
結束．．．終止
Smithsonian Agreement
史密森協定
in accordance with
按照
intervene in
干預
parity rate
比價
H:Today it is an honour for me to be invited here and we will have a free talk about the International Monetary System.
霍：今天我很榮幸地被邀到這里來談談有關國際貨幣制度.
Could you ask some questions, please?
請你們來提一些問題好嗎？
S1:We have been reading a great deal recently about exchange rate fluctuations,
學1：最近，我讀了大量有關外匯匯率浮動，
clean and dirty floats and so on, but I am not quite sure what the International Monetary System is.
不受限制的和受限制的匯率浮動等等，但是對于什么是國際貨幣制度， 我還不十分清楚。
H:Well, the term International Monetary System actually refers to a series of agreements among the major governments and their central banks to bring order and stability to the international exchange markets.
霍：噢，“國際貨幣制度”這一術語實際上是為了維護國際外匯市場的秩序和穩定，一些影響較大的政府和中央銀行之間所簽定的一系列協定。
The most important, signed in 1944, is called the Bretton Woods Agreemen
最為重要的一個協定是1944年簽定的布雷頓森林協
Then it established the World Bank and the International Monetary Fund.
根據該協定建立了世界銀行和國際貨幣基金組織。
S2:Oh, you mean these agreements regulate international exchange rates?
學2:那么,您是說由這些協定來管理國際匯率
H:Yes. They did until 1971.
霍：是的，直到1971年。
S3:What happened in 1971 to change this?
學3：什么原因在1971年改變了這一點呢？
H:The surplus of dollars abroad from foreign aid,
霍：由于外援而造成國外的美元過剩，
capital exports and chronic balance of payments deficits forced the U.S. to formally suspend gold convertibility.
資本的輸出和長期的國際收支逆差迫使美國正式中止了黃金可兌換性，
This brought an end to the old Bretton Woods System.
致使舊的布雷頓森林體系宣告結束。
S4:Then, was the Smithsonian Agreement signed?
學4：然后簽訂了史密森協定？
H:You are right. In December 1971.
霍：是這樣。在1971年12月簽訂的。
Under this agreement and others the fixed rate exchange system has been changed to a floating exchange rate system in which the values of various currencies fluctuate to restore balance-of-payments equilibrium.
在這一協定和其他協定的指導下，固定的外匯匯率制度轉變為浮動匯率制度，在這個制度中，以各種貨幣價值的波動來恢復國際收支差額的平衡。
S4:I see. But I have another question. Are foreign exchange rates free to change according to the laws of supply and demand now?
學4：我明白了，但我還有一個問題。現在外匯匯率是按照供需規律自由地變化嗎？
H:Not quite. In fact, we now have another system, a dirty float system.
霍：也不完全這樣。實際上，我們現在建立了另一個制度，受限制的匯率浮動的制度。
You know there is a lot of flexibility in exchange rates in accordance with balance of payment factors,
你們知道按照國際收支差額因素，匯率有很大程度的靈活性，
central banks still intervene in the market by buying or selling large amounts of foreign currencies to prevent wide ranging fluctuations.
中央銀行仍然使用買進或賣出大量外幣的辦法來防止大幅度的外匯浮動，以此來干預外匯市場。
S5:A clean float would be better, wouldn't it?
學5：不受限制的匯率浮動更好些，是嗎？
H:I think, a clean float means that the parity rate of various currencies would go up or go down to restore balance-of-payments equilibrium.
霍：我想，不受限制的匯率浮動意味著各種貨幣的比價能以漲價或跌價來恢復國際收支差額的平衡。
Therefore, a country's international trade position could be affected by an appreciation of its currenc
因此,一個國家的外貿地位因為它的貨幣的增值而受到影
That's why it takes a great deal of international cooperation to make the present system work.
這就是為什么需要大量國際間協作才會使得這個現行制度發揮作用。
S:Thank you for your talk.
學：謝謝您的報告。
