自考《国际商务英语》课文【中英对照】第17课---国际货币体系与汇率

1、精选优质文档-倾情为你奉上 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

2、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 c

3、ountries 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 caus

4、ed 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 s

5、upply 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 Franc

6、e, 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

7、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。Towa

8、rds 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 t

9、he 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 veh

10、icle 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

11、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

12、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

13、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 dolla

14、r 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 res

15、erve 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 syst

16、em, 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。Si

17、nce 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 majo

18、r 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

19、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 ones own currency will go up with favorable balance of payme

20、nt 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 an

21、d vice versa.3. 利率水平。Interest rate.在特定情况下，高利率会吸引短期国际资本，就会是本国货币汇率上升。反之亦然。Under specific conditions, high interest rate will attract short term international fund, increasing the exchange rate of ones own currency and vice versa. 以上因素会分别或共同影响汇率的变化，有时又会相互抵消它们对汇率的影响。The above factors may work alone or c

22、ollectively. Sometimes their influences may offset each other.然而总的来讲，国际收支平衡仍然是影响汇率变动的最重要因素。Generally speaking, however, international balance of payment is the most important factor in deciding the trend of exchange rate.此外，外汇政策、政治事件以及各种投机活动都会影响汇率的变动。In addition, foreign exchange policies, political

23、 events and speculation activities may also have a role to play in the fluctuations of exchange rate. 浮动汇率制从来就不是真正意义上的清洁浮动即自由浮动。The flexible exchange rate system has never been clean float or free float.各国中央银行会采取各种措施来干预本国货币价值的变化，这种做法也叫做“管理浮动”或“肮脏浮动”、所采取的干预措施包括以下几种：the central banks take various meas

24、ures to intervene in the price of its currency. So the current practice is often called a managed float or dirty float. The common measures taken for intervention are:1. 当某种外币升值过高时，中央银行会出售其外汇储备来增加此种外币的供给；when the price of a foreign exchange goes too high, the central bank may increase its supply by

25、selling it out of its foreign exchange reserves.反之，中央银行则会从外汇市场买来该外币来充实其外汇储备。And in the opposite case, it can buy the currency in the market to increase its reserves.2. 在某种外币升值过高时，政府会提高贴现率来吸引外资以增加国家的外汇收入；反之则会降低贴现率。when the price of a foreign exchange goes too high, the government may raise the discou

26、nt rate to absorb foreign fund to increase foreign exchange income of the country and vice versa. 3. 假如外币波动太大，政府则会采取外汇管制或筹集外来贷款的方式来填补其国际收支赤字，减少对外汇的需求。In case of acute exchange rate fluctuation, a government may have to resort to foreign exchange control or raise foreign loans to make up its balance

27、of payment deficit and lower the demand for foreign exchange. 以上两种汇率体制各自有其优点。The two different exchange rate systems each has its own advantages.固定汇率制降低了国际贸易中的风险，并是抑制通货膨胀的重要手段。The fixed exchange rate system reduces the riskiness of international business and is also an important measure to curb infl

28、ation.但是，固定汇率制容易受到货币价值混乱无序变化的影响。However the system is vulnerable to disorderly changes in currency value.最近的例子就是1997-1998年的亚洲金融危机，当时，泰国、印尼等一些东南亚国家采用的固定汇率制崩溃，是经济受到重创。The most recent exchange is the Asian Financial Crisis of 19971998 when the fixed exchange rate adopted by some Southeast Asian countri

29、es like Thailand and Indonesia collapsed and dealt a heavy blow to the economy.在浮动汇率制下，一段时间之内的汇率波动不会立即影响国内货币流通，有助于经济稳定。Under the flexible exchange rate system fluctuations of the exchange rate within a definite period of time will not immediately affect domestic money circulation and is helpful to t

30、he stability of the economy.同时，浮动汇率制还能使国内货币免于受到国际游资的冲击，有助于避免外汇储备的流失。Flexible exchange rate can also protect domestic currency from the impact of foreign idle funds and helps to prevent the drain of foreign exchange reserve.但是频繁的汇率巨大波动会增加贸易风险并影响国际投资。But frequent wild swings of the value of currencies

31、 will increase the riskiness of trade and affect international investment. 汇率每天以两种不同的形式公布。Exchange rates are published daily in two different ways.直接汇率是用本币表示外币的价格。A direct exchange rate is the price of a foreign currency in terms of the home currency.直接标价法通常是把相应数量的本币标注在一个单位的外币或一百个单位的外币之后。In a direct

32、 quote, an amount of foreign currency, usually one unit or one hundred units is taken as the standard and the equivalent amount of home currency is marked after it.间接标价法则是用外币来表示本币的价格。An indirect exchange rate is the price of home currency in terms of a foreign currency.在间接标价法中，是把一个或一百个单位的本币作为标准，而给出相

33、应数量的外币。In an indirect quote one unit or one hundred units home currency is taken as the standard and the equivalent of foreign currency is given.各个国家或地区会因为各自习惯的不同或为方便起见来选择使用这两种标价法。包括中国在内的大部分国家都选用直接标价法，而美国和英国则采用简介标价法。The two different quotes are used in different countries or regions mainly as a tradition or