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The International Monetary Situation (2)
国际货币制度(二)
Ms.Johnson and Mr.Black continue their discussion of the International Monetary System .
约翰逊小姐和布莱克先生继续讨论国际货币制度。
Black :Is that when the Smithsonian Agreement was signed ?
布莱克：史密森协定就是在那时签订的吧?
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 .
约翰逊：对，是在1971年12月签订的。在史密森协定和随后的一些协定的指导下，固定的外汇汇率制度转变为浮动汇变幻无率制度。在这个制度中，以各种货币价值的波动来恢复国际收支差额的平衡。
B:So you mean that foreign exchange rates are new free to change according to the laws of supply and demand?
布莱克：那么，您是说，现在外汇汇率是按照供需规律自由是变化?
J:Not quite .Actually ,we now have a managed floating exchange rate system,or what many people call a dirty float system .
约翰逊：也不完全是这样。实际上，我们现在建立了一个受管制的浮动汇率制度，即许多人称之为：受限制的浮动外汇制度“。
This means that ,while there is a great degree of flexibility in exchange rates according to balance of payment factors,
就是说，虽然按照国际收支差额的因素，汇率有很大程度的灵活性，
central banks still intervene in the market by buying or selling large amounts of foreign currencies to prevent wide-ranging fluctuations.
但中央银行仍然使用买进或卖出大量外币的办法来防止大幅度的外汇浮动，以此来干预外汇市场。
B:Why do they do this ?Wouldn't a clean float be better?
布莱克：他们为什么要这样做呢? 不受限制的汇率浮动会不会更好些呢?
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.
约翰逊：不受限制的汇率浮动意味着各种货币的比价能以涨价或跌价来恢复国际收支差额的平衡。
Therefore ,a country's international trade position could be affected by an appreciation of its currency .
因此，一个国家的外贸地位会因为它的货币的增值而受到影响了。
B:Oh ,I see.So governments must consider their internal fiscal and political requirements ,too.
布莱克：噢，我明白了。因此政府也必须考虑到国内的财政和政治需要。
J:Yes,that's right .That's why it takes a great deal of international cooperation to make the present system work .
约翰逊：对，是这样的。这就是为什么需要大量国际间协作才会使得这个现行制度发挥作用。
