IntroductionThe institutional arrangements that countries adopt to govern exchange rates are known as the international monetary system国际
货币体系指各国所采取的汇率的体制安排When a country allows the foreign exchange market to determine the relative value of a currency, a floating exchange rate system exists当
一个国家允许外汇市场来决定其货币的相对价值，那么就需 要建立浮动汇率制度加以调节When a country fixes the value of its currency relative to a reference currency, a pegged exchange rate system exists当一个国家修正其
货币的价值使其成为了一种参考货币，那么就形成了联系汇 率制度山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University 1-3