金融英语阅读：国际货币体系 |
文章来源： 文章作者： 发布时间：2007-04-09 00:15 字体： [ 大 中 小] 进入论坛 |
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| The monetary1 system of the Western World is based on the agreement on the establishment of the International monetary Fund （IMF）, which was made at Bretton Woods, New Hampshire （USA）, in 1944. The two principal purposes of the IMF are to promote exchange stability and to help member countries overcome temporary difficulties in their balance of payments. Under the IMF system, the US dollar is the key or leading currency. Each member country of the IMF undertakes to establish a parity2 of its currency in terms of gold and the US dollar and to keep fluctuations4 of the dollar exchange rate -- or, more exactly, the spot rate within the limits of the band or fluctuation3 margin5. Originally, the band was 2 per cent （1 per cent on either side of the parity）; in December 1971 it was widened to 4.5 per cent （2.25 per cent on either side）, the upper and the lower intervention6 point. 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 intervention point. In this manner, the other currencies, among themselves, cannot deviate7 from one another by more than double the fluctuation margin , or 8 per cent. |
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西方世界的货币体系是根据1944年在美国新罕布什尔州布雷顿森林制定的关于建立国际货币基金组织协议而形成的。国际货币基金组织的两个主要宗旨是促进汇率稳定和帮助会员国克服国际收支方面的暂时困难。在国际货币基金组织体系下，美元是关键货币。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。最初，波动幅度为2%（在平价上下各1%）；1971年12月，这一波幅扩大为2.25%，即上下干预点。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。以这样的方式，其他货币之间相互偏离的幅度不能超过波动幅度的两倍，或者说，不能超过8%。 |
| The parities8 can be changed if need be, but changes in excess of 10 per cent require the approval of the Fund. Parity changes have to be made to correct an imbalance resulting from a permanent improvement or deterioration9 of a country's competitive position. If, for example, a country has a lower rate of inflation than the other countries, its exports will increase and its imports decline. The growing demand for the currency of this country will cause its external value to appreciate, but since under a system of fixed10 or pegged11 parities，exchange rate fluctuation are limited----a point will be reached from which the currency will become increasingly undervalued. 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.Such an imbalance is further aggravated12 by a speculative13 run out of the overvalued currency into the undervalued one. Therefore, it will eventually be necessary to upvalue the undervalued currency and/or to devalue the overvalued one. |
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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。进行平价调整的目的是为了纠正由于永久性地改善一国的竞争状况，或一国竞争地位恶化而造成的国际收支失衡。比如，如果一国的通货膨胀率低于其他国家，该国的出口将会增加，进口将会下降。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。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。这种国际收支不平衡的状况会因为投机活动而进一步加深，即由于价值高估的货币大量流入货币价值低估的国家所造成。因此，提高低估货币的价值和/或降低高估货币的价值，最终成为必然 |
点击  收听单词发音
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1
monetary
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| adj.货币的，钱的；通货的；金融的；财政的 |
参考例句： |
- The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
- Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。
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2
parity
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| n.平价，等价，比价，对等 |
参考例句： |
- The two currencies have now reached parity.这两种货币现已达到同等价值。
- Women have yet to achieve wage or occupational parity in many fields.女性在很多领域还没能争取到薪金、职位方面的平等。
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3
fluctuation
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| n.(物价的)波动，涨落；周期性变动；脉动 |
参考例句： |
- The erratic fluctuation of market prices are in consequence of unstable economy.经济波动致使市场物价忽起忽落。
- Early and adequate drainage is essential if fluctuation occurs.有波动感时，应及早地充分引流。
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4
fluctuations
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| 波动，涨落，起伏( fluctuation的名词复数 ) |
参考例句： |
- He showed the price fluctuations in a statistical table. 他用统计表显示价格的波动。
- There were so many unpredictable fluctuations on the Stock Exchange. 股票市场瞬息万变。
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5
margin
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| n.页边空白；差额；余地，余裕；边，边缘 |
参考例句： |
- We allowed a margin of 20 minutes in catching the train.我们有20分钟的余地赶火车。
- The village is situated at the margin of a forest.村子位于森林的边缘。
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6
intervention
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| n.介入，干涉，干预 |
参考例句： |
- The government's intervention in this dispute will not help.政府对这场争论的干预不会起作用。
- Many people felt he would be hostile to the idea of foreign intervention.许多人觉得他会反对外来干预。
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7
deviate
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| v.(from)背离，偏离 |
参考例句： |
- Don't deviate from major issues.不要偏离主要问题。
- I will never deviate from what I believe to be right.我绝不背离我自信正确的道路。
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8
parities
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| 同等( parity的名词复数 )； 相等； 对等； 奇偶校验 |
参考例句： |
- A system where no official parities for currencies are declared or maintained. 指一种官方不公开汇率目标的汇率制度。
- In 2000 developing countries accounted for 37% of world output (at purchasing power parities). 2000年时，发展中国家只占全世界经济产出的37%（以消费力平价计算）。
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9
deterioration
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| n.退化；恶化；变坏 |
参考例句： |
- Mental and physical deterioration both occur naturally with age. 随着年龄的增长，心智和体力自然衰退。
- The car's bodywork was already showing signs of deterioration. 这辆车的车身已经显示出了劣化迹象。
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10
fixed
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| adj.固定的，不变的，准备好的；(计算机)固定的 |
参考例句： |
- Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
- Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。
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11
pegged
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| v.用夹子或钉子固定( peg的过去式和过去分词 )；使固定在某水平 |
参考例句： |
- They pegged their tent down. 他们钉好了账篷。 来自《简明英汉词典》
- She pegged down the stairs. 她急忙下楼。 来自《现代英汉综合大词典》
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12
aggravated
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| 使恶化( aggravate的过去式和过去分词 )； 使更严重； 激怒； 使恼火 |
参考例句： |
- If he aggravated me any more I shall hit him. 假如他再激怒我，我就要揍他。
- Far from relieving my cough, the medicine aggravated it. 这药非但不镇咳，反而使我咳嗽得更厉害。
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13
speculative
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| adj.思索性的，暝想性的，推理的 |
参考例句： |
- Much of our information is speculative.我们的许多信息是带推测性的。
- The report is highly speculative and should be ignored.那个报道推测的成分很大，不应理会。
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