金融世界 第十三讲 货币的价格

搜索

复制

金融世界 第十三讲

自从二十世纪八十年代初开始，澳大利亚与其他许多国家一样实行了货币浮动汇率制，英文是 floating exchange rates。也就是说，澳大利亚元的价格要随着市场的变化而不断变动。

在这一讲中，我们就来看一看货币的价格也就是汇率到底是由什么来决定的。

我们知道，汇率是两种或两种以上货币之间的比价。最初，澳大利亚同世界上的许多国家一样，实行的是固定汇率制。澳洲广播电台金融节目主持人巴里克拉克对此作了解释。他在谈话中提到这样一些词汇：

1 fixed¹ exchange rates 固定汇率

2 Gold Standard 金本位制，以黄金为本位货币的货币制度，1819年英国首先采用，1929年后被大多数国家放弃

3 Bretton Woods system 布雷顿森林货币体系，1944年7月在美国新罕布什尔州布雷顿森林举行了联合国家货币金融会议，确定一盎司黄金等于三十五美元，其他货币与美元汇率在上下百分之一的幅度内浮动

4 crawling peg² system 蠕动钉住汇率制，布雷顿森林汇率制度瓦解后的一种汇率制度，只对汇率作少量调整，避免剧烈变动

5 International Monetary³ Fund 国际货币基金组织

下面我们分段听一遍澳广金融节目主持人巴里克拉克的谈话和中文翻译：

Precisely⁴ because the exchange rate is such an exceptionally important price, many find it surprising, and even alarming, that it is allowed to fluctuate from day to day, from hour to hour, and even from minute to minute, according to the vagaries⁵ of market forces.

恰恰由于货币兑换率是这样一种特别重要的价格，允许它根据市场反复无常的力量每日每时甚至每分钟都上下浮动，使很多人感到惊讶甚至担忧。

Throughout most of the 19th century, and for part of the 20th century, the world economy operated on a quite rigorous system of fixed exchange rates, known as the 'Gold Standard'. Though the Gold Standard was abandoned during the Great Depression, a modified regime of fixed exchange rates was reinstated with the reconstruction⁶ of the international financial mechanism⁷ after the Second World War. This was known as the 'Bretton Woods system', presided over by the International Monetary Fund.

在整个十九世纪和二十世纪部分时期，世界经济是基于一种严格的固定汇率制度来运作的。这种制度称为“金本位”制。尽管大萧条期间金本位制被抛弃，二次大战后重建国际金融秩序时又恢复了一种较为温和的固定汇率制，称作“布雷顿森林制”，由国际货币基金组织掌管。

Even as late as the early 1980s, though the original Bretton Woods mechanism had by then essentially⁸ collapsed⁹ internationally, the Australian authorities were still attempting to manage the exchange rate under a so-called 'crawling peg' system, with the object of stabilising the price of the dollar.

甚至到了一九八十年代初，尽管那时原来的布雷顿森林制在国际上已经基本垮台，澳大利亚政府仍试图根据所谓的“蠕动钉住”制来管理货币的兑换率，以稳定澳元的价格。

But in December 1983, the then Federal Treasurer¹⁰, Paul Keating announced the floating of the dollar.

但是在1983年的12月，当时的国库部长基廷宣布澳元自由浮动。

现在我们再完整听一遍巴里克拉克的谈话。（略）

那么，货币的价格不再由政府的中央银行决定之后，是由什么来确定呢？是由坐在交易所里面的货币经纪人来决定吗？美国斯坦福大学经济系教授安妮克鲁格说：

The major part of the story has to do with the market determining the exchange rate, but the market in itself is reacting to a number of underlying¹¹ factors and those include how much is exported, how much is imported, what relative interest rates are, how much demand and supply, if you like, there is for the Australian or the US dollar relative to other currencies.

So it's a market determined¹² rate and in that sense, what's happening in the trading rooms is that the traders are trying to figure out where the market is going. And for most purposes I think the evidence is that they do not have a great deal of influence in anything other than a little bit on the day to day side.

1 fixed   

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。

2 peg   

n.木栓，木钉；vt.用木钉钉，用短桩固定

参考例句：

• Hang your overcoat on the peg in the hall.把你的大衣挂在门厅的挂衣钩上。
• He hit the peg mightily on the top with a mallet.他用木槌猛敲木栓顶。

3 monetary   

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。

4 precisely   

adv.恰好，正好，精确地，细致地

参考例句：

• It's precisely that sort of slick sales-talk that I mistrust.我不相信的正是那种油腔滑调的推销宣传。
• The man adjusted very precisely.那个人调得很准。

5 vagaries   

n.奇想( vagary的名词复数 )；异想天开；异常行为；难以预测的情况

参考例句：

• The vagaries of fortune are indeed curious.\" 命运的变化莫测真是不可思议。” 来自英汉文学 - 嘉莉妹妹
• The vagaries of inclement weather conditions are avoided to a certain extent. 可以在一定程度上避免变化莫测的恶劣气候影响。 来自辞典例句

6 reconstruction   

n.重建，再现，复原

参考例句：

• The country faces a huge task of national reconstruction following the war.战后，该国面临着重建家园的艰巨任务。
• In the period of reconstruction,technique decides everything.在重建时期，技术决定一切。

7 mechanism   

n.机械装置；机构，结构

参考例句：

• The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
• The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。

8 essentially   

adv.本质上，实质上，基本上

参考例句：

• Really great men are essentially modest.真正的伟人大都很谦虚。
• She is an essentially selfish person.她本质上是个自私自利的人。

9 collapsed   

adj.倒塌的

参考例句：

• Jack collapsed in agony on the floor. 杰克十分痛苦地瘫倒在地板上。
• The roof collapsed under the weight of snow. 房顶在雪的重压下突然坍塌下来。

10 treasurer   

n.司库，财务主管

参考例句：

• Mr. Smith was succeeded by Mrs.Jones as treasurer.琼斯夫人继史密斯先生任会计。
• The treasurer was arrested for trying to manipulate the company's financial records.财务主管由于试图窜改公司财政帐目而被拘留。

11 underlying   

adj.在下面的，含蓄的，潜在的

参考例句：

• The underlying theme of the novel is very serious.小说隐含的主题是十分严肃的。
• This word has its underlying meaning.这个单词有它潜在的含义。

12 determined   

adj.坚定的；有决心的

参考例句：

• I have determined on going to Tibet after graduation.我已决定毕业后去西藏。
• He determined to view the rooms behind the office.他决定查看一下办公室后面的房间。