??Ms.Johnson and Mr.Black continue their discussion of theInternational Monetary System 。

约翰逊小姐和布莱克先生持续谈论世界钱银准则。

Black ：Is that when the Smithsonian Agreement was signed ?

布莱克：史密森协议就是在那时签定的吧?

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

约翰逊：对，是在1971年12月签定的。在史密森协议和随后的一些协议的辅导下，固定的外汇汇率准则改动为起浮汇变幻无率准则。在这个准则中，以各种钱银价值的不坚决来恢复世界出入差额的平衡。

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

布莱克：那么，您是说，如今外汇汇率是依照供需规则安适是改变?

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：也不完尽是这样。实践上，咱们如今树立了一个受控制的起浮汇率准则，即许多人称之为：受捆绑的起浮外汇准则“。

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

就是说，尽管依照世界出入差额的要素，汇率有很大程度的活络性，

central banks still intervene in the market by buying or selling large amounts of foreign currenciesto prevent wide-ranging fluctuations.

但中心银行仍然运用买进或卖出许多外币的办法来避免大高低的外汇起浮，以此来干与外汇商场。

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

布莱克：他们为啥要这样做呢? 不受捆绑的汇率起浮会不会非常好些呢?

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

约翰逊：不受捆绑的汇率起浮意味着各种钱银的比价能以涨价或贬价来恢复世界出入差额的平衡。

Therefore ，a country’s international trade position could be affected by an appreciation of itscurrency 。

因而，一个国家的外贸方位会因为它的钱银的增值而遭到影响了。

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

布莱克：噢，我理解了。因而政府也有必要思考到国内的财务和政治需要。

J:Yes，that’s right .That’s why it takes a great deal of international cooperation to make the presentsystem work 。

约翰逊：对，是这样的。这就是为啥需要许多世界间协作才会使得这个现行准则发扬作用。