金融英语考试金融阅读辅导:国际货币体系

  • 时间:2012-03-07 来源:http://edu.chinawuliu.com.cn 责任编辑:外语考试论坛

金融英语考试金融阅读教育:国际货泉系统

The monetary 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 parity of its currency in terms of gold and the US dollar and to keep fluctuations of the dollar exchange rate- or, more exactly, the spot rate -- within the limits of the band or fluctuation margin. 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 on either side. The upper and the lower limit of the band are called the upper and the lower intervention 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 deviate from one another by more than double the fluctuation margin, or 9 per cent. The parities 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 deterioration 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 fixed or pegged parities exchange rate fluctuations 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 aggravated by a speculative 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.

New Words & Terms

establishment n.成立;成立的机构;确立 competitive a.竞争性的

leading a.首要的;领先的 external a.外部的,外在的

undertake v.承揽;着手;担保 external value外在价值

parity n.子价,等价,比价 appreciate v.增值,涨价

band n.幅度,规模 peg n.,v.固定,限制;挂钩,钉住

intervention n.干与干与,介入 undervalue v.低估

intervention point干与干与点 opposite a.对立的;完全分歧的

manner n.立场;体例 aggravate v.恶化

deviate v.偏离;绕航 speculative a.投契的;猜测的,推理的

excess n.余额,超额,过剩 approval n.核准;赞成

run n.趋向,动向;挤兑 imbalance n.不乎衡,纷歧致,失踪调现象

overvalue v.估价过高 upvalue v.高估

deterioration n.变质;损坏,耗损

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