pegged exchange rate

简明释义

固定的汇率

英英释义

例句

1.Investors often analyze the implications of a pegged exchange rate 固定汇率 before making investment decisions.

投资者在做出投资决策之前，通常会分析固定汇率的影响。

2.A pegged exchange rate 固定汇率 can provide predictability for international trade.

对于国际贸易来说，固定汇率可以提供可预测性。

3.The government decided to maintain a pegged exchange rate 固定汇率 to stabilize the economy during the crisis.

政府决定在危机期间维持固定汇率以稳定经济。

4.When a country has a pegged exchange rate 固定汇率, it ties its currency value to another major currency like the US dollar.

当一个国家拥有固定汇率时，它将其货币价值与另一种主要货币如美元挂钩。

5.Many countries adopt a pegged exchange rate 固定汇率 to avoid excessive fluctuations in their currencies.

许多国家采用固定汇率以避免其货币的过度波动。

作文

In the realm of international finance, understanding various exchange rate systems is crucial for both investors and policymakers. One such system is the pegged exchange rate, which refers to a country's practice of tying its currency's value to that of another major currency or a basket of currencies. This approach aims to provide stability in the foreign exchange market and reduce the volatility that often accompanies floating exchange rates. Countries with a pegged exchange rate can maintain more predictable economic conditions, which is particularly beneficial for trade and investment decisions. For instance, many developing nations adopt a pegged exchange rate to the US dollar, as it helps stabilize their own currencies against the fluctuations of the dollar. This stability can encourage foreign investment, as investors are more likely to commit funds in an environment where currency values are not subject to rapid changes. By pegging their currencies, these countries can also control inflation more effectively, since a stable exchange rate can limit price increases on imported goods. However, maintaining a pegged exchange rate is not without challenges. It requires a country to hold substantial foreign reserves to defend the peg. If the domestic currency comes under pressure due to economic factors or speculative attacks, central banks may need to intervene by selling their foreign reserves to maintain the peg. This can lead to significant financial strain, especially if reserves dwindle. Moreover, a pegged exchange rate can limit a country's monetary policy flexibility. For example, if a country needs to raise interest rates to combat inflation, a fixed exchange rate might hinder this action because higher interest rates could attract foreign capital and put upward pressure on the currency. Thus, the central bank may find itself in a difficult position, balancing the need for economic stability against the constraints imposed by the peg. Another consideration is that a pegged exchange rate can create a false sense of security. Countries may become complacent, believing that their currency will remain stable indefinitely. However, external shocks, such as global economic downturns or sudden shifts in investor sentiment, can quickly expose vulnerabilities in a pegged system. For instance, the Asian Financial Crisis of 1997 highlighted how countries with rigid exchange rate pegs faced severe economic turmoil when they could not adjust their currencies in response to market pressures. In conclusion, while a pegged exchange rate can offer advantages in terms of stability and predictability, it also presents significant risks and challenges. Policymakers must weigh these factors carefully when deciding whether to adopt a pegged system. Ultimately, the effectiveness of a pegged exchange rate depends on a country's economic fundamentals, its ability to manage foreign reserves, and the overall global economic environment. Understanding these dynamics is essential for anyone involved in international finance or trade, as the implications of a pegged exchange rate extend far beyond mere currency values.

在国际金融领域，理解各种汇率制度对投资者和政策制定者都至关重要。其中一种制度是固定汇率，指的是一个国家将其货币价值与另一种主要货币或一篮子货币挂钩的做法。这种方法旨在提供外汇市场的稳定性，并减少浮动汇率常伴随的波动。拥有固定汇率的国家可以维持更可预测的经济条件，这对于贸易和投资决策尤为有利。例如，许多发展中国家选择将其货币与美元的固定汇率挂钩，因为这有助于稳定其自身货币相对于美元的波动。这种稳定性可以鼓励外国投资，因为投资者更可能在货币价值不受快速变化影响的环境中投入资金。通过固定其货币，这些国家还可以更有效地控制通货膨胀，因为稳定的汇率可以限制进口商品价格的上涨。然而，维持固定汇率并非没有挑战。这要求一个国家持有大量外汇储备以维护汇率。如果由于经济因素或投机攻击，国内货币受到压力，中央银行可能需要通过出售外汇储备来干预以维持汇率。这可能导致重大的财务压力，尤其是在储备减少的情况下。此外，固定汇率可能限制一个国家的货币政策灵活性。例如，如果一个国家需要提高利率以应对通货膨胀，固定汇率可能会妨碍这一行动，因为较高的利率可能吸引外资并对货币施加上行压力。因此，中央银行可能发现自己处于一个困难的位置，需要平衡经济稳定的需求与固定汇率带来的约束。另一个考虑因素是，固定汇率可能会造成一种虚假的安全感。国家可能会变得自满，认为其货币将永远保持稳定。然而，外部冲击，例如全球经济衰退或投资者情绪的突然转变，可能会迅速暴露出固定体系中的脆弱性。例如，1997年的亚洲金融危机突显了那些拥有严格汇率固定的国家在无法根据市场压力调整其货币时所面临的严重经济动荡。总之，尽管固定汇率在稳定性和可预测性方面可以提供优势，但它也带来了重大风险和挑战。政策制定者在决定是否采用固定体系时必须仔细权衡这些因素。最终，固定汇率的有效性取决于一个国家的经济基本面、管理外汇储备的能力以及整体全球经济环境。理解这些动态对参与国际金融或贸易的任何人来说都是至关重要的，因为固定汇率的影响远远超出了单纯的货币价值。