首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
•Read the article below about foreign exchange trading. •Choose the best sentence to fill in each of the gaps. •For each gap 8-1
•Read the article below about foreign exchange trading. •Choose the best sentence to fill in each of the gaps. •For each gap 8-1
admin
2010-01-22
76
问题
•Read the article below about foreign exchange trading.
•Choose the best sentence to fill in each of the gaps.
•For each gap 8-12, mark one letter(A-G)on your Answer Sheet.
•Do not use any letter more than once.
Foreign Exchange Trading
Without foreign exchange trading, international trade itself could not exist. In former times trade was based on bartering—goods were exchanged for other goods. The introduction of precious metals (i.e., gold and silver) to pay for goods can be considered the forerunner of the foreign exchange market. The Greeks and Romans commonly used gold as a medium of exchange. Most world trade continued to be based on gold until the nineteenth century. But then industrialization in Western Europe and the United States had boosted world trade to such an extent that gold reserver were no longer adequate to meet the requirements. Governments introduced a par value of their respective local currencies in gold. Thus, the currencies were related to one another through a system called the gold standard. The gold standard system determined the value of all currencies based on gold. (8) The system worked well until World War I, when trade was interrupted. After the war, currencies fluctuated widely in terms of gold and, thus, in relation to each other. The value of currencies was meant to be regulated by supply and demand (the market mechanism), but speculators often interfered with this mechanism. So in an effort to create more stable exchange markets, some countries, notably the United States, England, and France, returned to the gold standard. (9) By 1971 it was the only country whose currency remained convertible into gold, and se, by declaring the dollar inconvertible, the gold standard was finally abolished.
In 1944 toward the end of World War Ⅱ, the Western industrialized nations realized that foreign trade would be necessary to quickly and effectively heal the wounds of war. To create a calm and stable foreign exchange market, the United States government called for a conference in the summer of 1944. It was held in Bretton Woods, New Hampshire. (10)
The Bretton Woods Agreement stipulated that all member countries would express the value of their currencies in gold. However, only the United States dollar was convertible into gold, at the price of $ 35 an ounce.
Central banks of the member countries were required to intervene in the foreign exchange markets to keep the value of their currencies within 1 percent of the par value. This intervention was achieved by buying or selling foreign exchange or gold. A given currency could, therefore, never rise above nor fall below fixed points, which are called intervention points. These are the prices beyond which the central bank intervenes. (11)
The system of fixed early 1970s. At that time a number of countries devalued their currencies. This meant that their currencies were now worth less in terms of gold. England in 1967, France in 1969, and the United States in 1971 and 1973, devalued their currencies, This caused an almost unprecedented turbulence in the foreign exchange markets. In addition, countries such as West Germany and Holland revalued their currencies (increased the par value of their currencies in terms of gold). Intervention by central banks became very costly. Foreign currency and gold reserves were drained. (12)
A This meant the values of different currencies could be compared in terms of one another.
B At this conference, both the International MONETARY Fund (IMF) and the International Bank for Reconstruction and Development were established.
C The Greeks and Romans commonly used gold as a medium of exchange.
D It is not surprising, then, that the world saw a return to such payment.
E Except for a brief period in the early 1930s, the United States stayed on the gold standard.
F Countries had to buy their own currency with gold and foreign exchange in order to keep its value above the minimum intervention point, as agreed a Bretton Woods.
G This is called the system of fixed exchange rates.
选项
答案
F
解析
转载请注明原文地址:https://kaotiyun.com/show/4lsO777K
本试题收录于:
BEC中级阅读题库BEC商务英语分类
0
BEC中级阅读
BEC商务英语
相关试题推荐
Readthearticlebelowaboutachainofcafes.Inmostlinesthereisoneunnecessaryword.Itiseithergrammaticallyincorrect
Readthearticlebelowaboutachainofcafes.Inmostlinesthereisoneunnecessaryword.Itiseithergrammaticallyincorrect
Readthearticlebelowaboutlaborshortage.Foreachquestion31—40,writeonewordinCAPITALLETTERSonyourAnswerSheet.
Readthearticlebelowaboutlaborshortage.Foreachquestion31—40,writeonewordinCAPITALLETTERSonyourAnswerSheet.
•Readthearticleaboutgoodsandservices.•ForeachQuestion31-40,writeonewordinCAPITALLETTERSonyourAnswerSheet.
Readthearticlebelowaboutmarketresearch.ChoosethecprrectwordtofilleachgapfromA,B,CorD.Foreachquestion(21-
Readthefollowingarticleonrecruitingandmanagingstaffandthequestions.Foreachquestion(15-20),markoneletter(A,B,
•Readthetextbelowabouttelevisionnetwork.•Inmostofthelines41—52thereisoneextraword.Itiseithergrammaticallyi
•Readthetextbelowfromabrochureforacompanythatrentsoutofficespace.•Inmostofthelines(41-52)thereisoneext
•Readthistextaboutinformation-orientedsociety.•Choosethebestsentencefromtheoppositepagetofilleachofthegaps.•
随机试题
下列关于垄断竞争市场特征的说法中,不正确的是()。
甲状腺疾病术前应指导病人进行下列哪种体位的训练()
新建商品房集中销售的开盘销售率取决于()。
国家发展改革委、建设部2006年发布的《建设项目经济评价方法与参数(第三版)》规定:建设项目经济评价包括()。
6,14,30,62,()
物业管理行业的行政管理主体是()。
A、2B、8C、9D、10C4×3-(5+2)=5,6×4-(2+4)=18,3×6-(2+7)=(9)。
“十三五”期间,我国将实施就业优先战略和更加积极的就业政策。下列有关说法正确的是:
火药的发明源于古代道士的()术。
甲因犯集资诈骗罪被法院判处无期徒刑并处没收财产,在以没收的财产偿还债务时应当
最新回复
(
0
)