fixed exchange rate

简明释义

固定汇率

英英释义

例句

1.A fixed exchange rate 固定汇率 can help promote trade by reducing exchange rate risk.

通过减少汇率风险，固定汇率 固定汇率可以促进贸易。

2.Many countries adopted a fixed exchange rate 固定汇率 system during the Bretton Woods era.

许多国家在布雷顿森林时代采用了固定汇率 固定汇率制度。

3.Under a fixed exchange rate 固定汇率, the central bank must intervene in the currency market.

在固定汇率 固定汇率下，中央银行必须干预货币市场。

4.The government decided to maintain a fixed exchange rate 固定汇率 to stabilize the economy.

政府决定维持固定汇率 固定汇率以稳定经济。

5.Countries with a fixed exchange rate 固定汇率 often experience less volatility in their currency values.

采用固定汇率 固定汇率的国家通常会经历较少的货币价值波动。

作文

The concept of a fixed exchange rate refers to a currency system where the value of a country's currency is tied or pegged to another major currency, such as the US dollar or gold. This monetary policy aims to provide stability in international prices and reduce the risk of currency fluctuations that can adversely affect trade and investment. A fixed exchange rate system can be beneficial for countries that rely heavily on exports, as it creates a predictable environment for foreign buyers. For instance, if a country's currency is fixed at a certain rate against the US dollar, exporters can confidently price their goods without worrying about sudden changes in currency value affecting their profits.However, maintaining a fixed exchange rate requires significant intervention by a country's central bank. The bank must buy or sell its own currency in the foreign exchange market to keep the exchange rate stable. If the demand for the local currency increases, the central bank must sell its reserves to maintain the fixed rate. Conversely, if there is excessive supply, the bank must buy its own currency to prevent depreciation. This intervention can be costly and may deplete a country’s foreign reserves if not managed carefully.Moreover, while a fixed exchange rate can provide short-term stability, it may also lead to long-term economic issues. For example, if a country's economy experiences inflation that is higher than that of the country to which its currency is pegged, the fixed exchange rate can become unsustainable. In such cases, the government might face pressure to devalue its currency, leading to a loss of credibility and potential financial crises.Countries with a fixed exchange rate often face challenges related to monetary policy independence. Since the exchange rate is tied to another currency, the country may have limited control over its interest rates and inflation targeting. This phenomenon is known as the 'impossible trinity' in economics, which states that a country cannot simultaneously maintain a fixed exchange rate, free capital movement, and an independent monetary policy. Therefore, nations opting for a fixed exchange rate must carefully consider their economic conditions and external factors before committing to this system.In conclusion, a fixed exchange rate can offer stability and predictability for trade and investment, particularly for export-driven economies. However, it also comes with significant responsibilities and potential risks that require careful management. Policymakers must weigh the benefits against the drawbacks, considering both current economic conditions and future implications. Ultimately, the choice between a fixed exchange rate and a more flexible exchange rate system depends on a country's specific economic goals and circumstances.

固定汇率的概念是指一种货币体系，其中一个国家的货币价值与另一种主要货币（如美元或黄金）挂钩或固定。这种货币政策旨在提供国际价格的稳定性，并减少可能对贸易和投资产生不利影响的货币波动风险。对于依赖出口的国家而言，固定汇率制度可以带来好处，因为它为外国买家创造了一个可预测的环境。例如，如果一个国家的货币与美元固定在某个汇率，出口商可以自信地定价他们的商品，而无需担心货币价值的突然变化会影响他们的利润。然而，维持固定汇率需要国家中央银行进行重大干预。该银行必须在外汇市场上买入或卖出自己的货币，以保持汇率稳定。如果本国货币的需求增加，中央银行必须出售其储备以维持固定汇率。相反，如果供给过剩，银行必须购买自己的货币以防止贬值。这种干预可能代价高昂，如果管理不当，可能会耗尽一个国家的外汇储备。此外，虽然固定汇率可以提供短期稳定，但也可能导致长期经济问题。例如，如果一个国家的通货膨胀率高于其货币挂钩的国家，那么固定汇率可能变得不可持续。在这种情况下，政府可能面临贬值货币的压力，从而导致信誉下降和潜在的金融危机。拥有固定汇率的国家通常面临与货币政策独立性相关的挑战。由于汇率与另一种货币挂钩，该国可能对其利率和通货膨胀目标的控制有限。这种现象在经济学中被称为“不可三位一体”，即一个国家无法同时维持固定汇率、自由资本流动和独立的货币政策。因此，选择固定汇率的国家必须在承诺这一制度之前仔细考虑其经济状况和外部因素。总之，固定汇率可以为贸易和投资提供稳定性和可预测性，尤其是对于以出口为驱动的经济体。然而，它也伴随着重大责任和潜在风险，需要谨慎管理。决策者必须权衡利弊，考虑当前经济条件和未来影响。最终，选择固定汇率还是更灵活的汇率制度，取决于一个国家特定的经济目标和情况。