第一次民界大战之前，金本位制建立了固定汇率制，每个国家通过将本国货币与黄金挂钩来确定其货币的平价。

Before the First World War, the gold standard created a fixed exchange rate system as each country pegged the value of its currency to gold to establish its par value.

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例如，英国英镑在1949和1967年两度贬值。即使是固定汇率也允许平价两边在l %的波幅内波动。

For example, Britain devalued sterling in 1949 and again in 1967. and even a fixed rate was allowed to fluctuate within a band of 196 on either side of its parity.

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