[00:00.00]New Words
[00:00.76]新单词
[00:01.52]honour n.
[00:02.14]荣幸
[00:02.77]major adj.
[00:03.37]主要的
[00:03.97]stability n.
[00:04.73]稳定，稳定性
[00:05.49]regulate v.
[00:06.26]调节
[00:07.03]surplus n.
[00:07.56]盈余，公积，剩余的
[00:08.10]chronic adj.
[00:08.76]长期的
[00:09.43]suspend v.
[00:10.29]中止，暂停
[00:11.15]convertibility n.
[00:12.12]可兑换性
[00:13.09]fluctuate v.
[00:13.73]变动，波动
[00:14.37]restore v.
[00:15.10]恢复，回复
[00:15.83]equilibrium n.
[00:16.61]平衡
[00:17.40]flexibility n.
[00:18.19]灵活性
[00:18.99]factor n.
[00:19.72]因素
[00:20.45]appreciation n.
[00:21.33]增值
[00:22.20]cooperation n.
[00:23.00]合作
[00:23.80]Phrases & Expressions
[00:26.07]International Monetary System
[00:27.19]国际货币制度
[00:28.32]exchange-rate fluctuation
[00:29.66]外汇汇率浮动
[00:31.01]clean float
[00:31.86]不受限制的汇率浮动
[00:32.71]dirty float
[00:33.44]受限制的外汇浮动
[00:34.17]Bretton Woods Agreement
[00:35.16]布雷顿森林协定
[00:36.15]International Monetary Fund
[00:37.25]国际货币基金组织
[00:38.35]Capital export
[00:39.22]资本输出
[00:40.10]balance of payments deficit
[00:41.27]国际收支逆差
[00:42.45]bring an end to
[00:43.45]结束...终止
[00:44.46]Smithsonian Agreement
[00:45.34]史密森协定
[00:46.21]in accordance with
[00:47.03]按照
[00:47.86]intervene in
[00:48.69]干预
[00:49.53]parity rate
[00:50.32]比价
[00:51.12]H:Today it is an honour for me to be invited here and we will have a free talk about the International Monetary System.
[00:54.96]霍：今天我很荣幸地被邀到这里来谈谈有关国际货币制度.
[00:58.80]Could you ask some questions, please?
[01:00.19]请你们来提一些问题好吗?
[01:01.57]S1:We have been reading a great deal recently about exchange rate fluctuations,
[01:04.16]学1：最近，我读了大量有关外汇汇率浮动，
[01:06.74]clean and dirty floats and so on, but I am not quite sure what the International Monetary System is.
[01:10.75]不受限制的和受限制的汇率浮动等等，但是对于什么是国际货币制度， 我还不十分清楚。
[01:14.76]H:Well, the term International Monetary System actually refers to a series of agreements among the major governments and their central banks to bring order and stability to the international exchange markets.
[01:22.32]霍：噢，“国际货币制度”这一术语实际上是为了维护国际外汇市场的秩序和稳定，一些影响较大的政府和中央银行之间所签定的一系列协定。
[01:29.89]The most important, signed in 1944, is called the Bretton Woods Agreemen
[01:33.17]最为重要的一个协定是1944年签定的布雷顿森林协
[01:36.44]Then it established the World Bank and the International Monetary Fund.
[01:39.13]根据该协定建立了世界银行和国际货币基金组织。
[01:41.83]S2:Oh, you mean these agreements regulate international exchange rates?
[01:44.57]学2:那么,您是说由这些协定来管理国际汇率
[01:47.31]H:Yes. They did until 1971.
[01:49.74]霍：是的，直到1971年。
[01:52.17]S3:What happened in 1971 to change this?
[01:53.84]学3：什么原因在1971年改变了这一点呢?
[01:55.51]H:The surplus of dollars abroad from foreign aid,
[01:58.09]霍：由于外援而造成国外的美元过剩，
[02:00.66]capital exports and chronic balance of payments deficits forced the U.S. to formally suspend gold convertibility.
[02:04.96]资本的输出和长期的国际收支逆差迫使美国正式中止了黄金可兑换性，
[02:09.25]This brought an end to the old Bretton Woods System.
[02:11.32]致使旧的布雷顿森林体系宣告结束。
[02:13.38]S4:Then, was the Smithsonian Agreement signed?
[02:15.60]学4：然后签订了史密森协定?
[02:17.82]H:You are right. In December 1971.
[02:19.91]霍：是这样。在1971年12月签订的。
[02:22.00]Under this agreement and others the fixed rate exchange system has been changed to a floating exchange rate system in which the values of various currencies fluctuate to restore balance-of-payments equilibrium.
[02:29.26]在这一协定和其他协定的指导下，固定的外汇汇率制度转变为浮动汇率制度，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。
[02:36.53]S4:I see. But I have another question. Are foreign exchange rates free to change according to the laws of supply and demand now?
[02:41.96]学4：我明白了，但我还有一个问题。现在外汇汇率是按照供需规律自由地变化吗?
[02:47.39]H:Not quite. In fact, we now have another system, a dirty float system.
[02:50.24]霍：也不完全这样。实际上，我们现在建立了另一个制度，受限制的汇率浮动的制度。
[02:53.09]You know there is a lot of flexibility in exchange rates in accordance with balance of payment factors,
[02:56.31]你们知道按照国际收支差额因素，汇率有很大程度的灵活性，
[02:59.54]central banks still intervene in the market by buying or selling large amounts of foreign currencies to prevent wide ranging fluctuations.
[03:04.49]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。
[03:09.44]S5:A clean float would be better, wouldn't it?
[03:10.98]学5：不受限制的汇率浮动更好些，是吗?
[03:12.52]H:I think, a clean float means that the parity rate of various currencies would go up or go down to restore balance-of-payments equilibrium.
[03:17.21]霍：我想，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。
[03:21.90]Therefore, a country's international trade position could be affected by an appreciation of its currenc
[03:25.79]因此,一个国家的外贸地位因为它的货币的增值而受到影
[03:29.68]That's why it takes a great deal of international cooperation to make the present system work.
[03:33.37]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。
[03:37.05]S:Thank you for your talk.
[03:38.32]学：谢谢您的报告。
