1.Each member country of the IMF undertakes to establish a parity¹ of its currency in terms of gold and the US dollar and to keep fluctuations³ of the dollar exchange rate -- or, more exactly, the spot rate within the limits of the band or fluctuation² margin⁴.国际货币基金组织的每一个成员国承担着稳定本国货币与黄金和美元平价的责任，并使美元汇率——或者，更准确地说——美元现汇汇率的波动限制在规定的幅度内。

(1) International monetary⁵ Fund(IMF)国际货币基金组织

国际货币基金组织是政府间的国际金融组织。它是根据1944年7月在美国新罕布什尔州布雷顿森林召开的联合国和联盟国家国际货币金融会议上通过的《国际货币基金协定》而建立起来的。

国际货币基金组织的基本宗旨是通过对会员国提供资金，以解决会员国国际收支的暂时性不平衡，解决一国的国际收支逆差的问题。

(2)a parity of its currency in terms of gold and the US dollar本国货币与黄金和美元之平价

  parity n.the equivalent in value of a sum of money expressed in terms of a different currency at a fixed⁶, official rate of exchange等值；平价：用不同种货币以一个固定的官方交换汇率表示的一定货币的等量价值

  in terms of :as measured or indicated by; in units of用…衡量或表示；用…的措辞

  例：distances expressed in terms of kilometers as well as miles

    用公里和英里来表示距离

(3)spot rate:即期汇率，即在外汇市场上,买卖双方成交后,当日或在两个营业日内办理交割所使用的汇率。

  spot a.made, paid, or delivered immediately立即制定、支付或发送

  例：a spot sale.

    即时结清的买卖

  of, relating to, or being a market in which payment or delivery is immediate现场交易的：货到时付的或现付的，交易等当时支付现金的与市场相关的或市场的，在此种市场中现金支付和交割即时进行

  例：the spot market in oil.

    石油的现场交易市场

2. Each member country's central bank must, if necessary, buy or sell dollars to keep the dollar rate from falling below the lower or rising above the upper intervention⁸ point.每个成员国的中央银行在必要时应买进或抛售美元，使美元汇率下降的幅度不低于最低点，或者上升的幅度不超过最高点。

(1)to keep…from to prevent or deter⁹阻止，制止

  例：tried to keep the ice from melting.

    防止冰融化

(2)falling below the lower or rising above the upper intervention point为动名词短语，做介词from的宾语。

(3)lower or upper intervention point:在平价上下2.25%，即上下干预点

3.The parities¹⁰ can be changed if need be, but changes in excess of 10 per cent require the approval of the Fund. 如果需要，平价可以调整，但调整幅度超过10%，须经基金组织批准。

(1)此句为并列复合句，but“但是，然而”，表示转折或与预期相反。

(2)句中的The parities can be changed if need be，完整的句子是The parties can be changed if it need to be changed.此句为主从复合句，if“如果”，是连词，引导条件状语从句。

(3)in excess of 10 per cent是介词短语，做后置定语，修饰前面的changes。

4.The growing demand for the currency of this country will cause its external value to appreciate, but since under a system of fixed or pegged¹¹ parties，exchange rate fluctuation are limited----a point will be reached from which the currency will become increasingly undervalued.对该国货币需要的增加将使其货币的对外价值上涨，但是，因为在固定汇率或钉住关键货币的制度下，外汇汇率的波动是受到限制的—— 上涨到某一点后，该货币就会不断贬值。

(1)此句为并列复合句，but“但是，然而”，表示转折或与预期相反。

(2)句中的since under a system of fixed or pegged parties，exchange rate fluctuation are limited----a point will be reached from which the currency will become increasingly undervalued.此句为主从复合句，主句中a point will be reached from which the currency will become increasingly undervalued又包括一个由（from）which…引导的定语从句，修饰前面的point（先行词）。

(3)since conj.inasmuch as; because既然；因为

  例：Since you're not interested, I won't tell you about it.

    既然你不感兴趣，那我就不告诉你了。

5.If, on the other hand, a country has a higher inflation rate than the other countries, the opposite will be true and the currency of this country will become increasingly overvalued.另一方面，如果一个国家的通货膨胀率高于其他国家，就会出现相反的情况，该国的货币就会不断的升值。

(1)此句为主从复合句，if“如果，倘若”，表示在…的情况下。

(2)句中的the opposite will be true and the currency of this country will become increasingly overvalue为并列句，由and引导。

(3)if conj.in the event that如果，倘若：在…的情况下

  例：If I were to go, I would be late.

    倘若我去，就要迟到

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