金融英語(yǔ)口語(yǔ)聽(tīng)力教程第5課：國(guó)際貨幣制度(二)

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The International Monetary Situation (2)

國(guó)際貨幣制度(二)

Situation 5

情景 5

Ms.Johnson and Mr.Black continue their discussion of the International Monetary System .

約翰遜小姐和布萊克先生繼續(xù)討論國(guó)際貨幣制度。

Black :Is that when the Smithsonian Agreement was signed ?

布萊克：史密森協(xié)定就是在那時(shí)簽訂的吧?

Johnson:Yes,in December 1971.Under that and subsequent agreements ,the fixed rate exchange system has been changed to a floating exchange rate system in which the value of various currencies fluctuate to restore balance-of-payments equilibrium .

約翰遜：對(duì)，是在1971年12月簽訂的。在史密森協(xié)定和隨后的一些協(xié)定的指導(dǎo)下，固定的外匯匯率制度轉(zhuǎn)變?yōu)楦?dòng)匯變幻無(wú)率制度。在這個(gè)制度中，以各種貨幣價(jià)值的波動(dòng)來(lái)恢復(fù)國(guó)際收支差額的平衡。

B:So you mean that foreign exchange rates are new free to change according to the laws of supply and demand?

布萊克：那么，您是說(shuō)，現(xiàn)在外匯匯率是按照供需規(guī)律自由是變化?

J:Not quite .Actually ,we now have a managed floating exchange rate system,or what many people call a dirty float system .

約翰遜：也不完全是這樣。實(shí)際上，我們現(xiàn)在建立了一個(gè)受管制的浮動(dòng)匯率制度，即許多人稱(chēng)之為：受限制的浮動(dòng)外匯制度“。

This means that ,while there is a great degree of flexibility in exchange rates according to balance of payment factors,

就是說(shuō)，雖然按照國(guó)際收支差額的因素，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.

但中央銀行仍然使用買(mǎi)進(jìn)或賣(mài)出大量外幣的辦法來(lái)防止大幅度的外匯浮動(dòng)，以此來(lái)干預(yù)外匯市場(chǎng)。

B:Why do they do this ?Wouldn't a clean float be better?

布萊克：他們?yōu)槭裁匆@樣做呢? 不受限制的匯率浮動(dòng)會(huì)不會(huì)更好些呢?

J:Well,a clean float means that the parity rate of various currencies would go up or go down to restore balance-of -payments equilibrium.

約翰遜：不受限制的匯率浮動(dòng)意味著各種貨幣的比價(jià)能以漲價(jià)或跌價(jià)來(lái)恢復(fù)國(guó)際收支差額的平衡。

Therefore ,a country's international trade position could be affected by an appreciation of its currency .

因此，一個(gè)國(guó)家的外貿(mào)地位會(huì)因?yàn)樗呢泿诺脑鲋刀艿接绊懥恕?/p>

B:Oh ,I see.So governments must consider their internal fiscal and political requirements ,too.

布萊克：噢，我明白了。因此政府也必須考慮到國(guó)內(nèi)的財(cái)政和政治需要。

J:Yes,that's right .That's why it takes a great deal of international cooperation to make the present system work .

約翰遜：對(duì)，是這樣的。這就是為什么需要大量國(guó)際間協(xié)作才會(huì)使得這個(gè)現(xiàn)行制度發(fā)揮作用。