They learned how such arrangements could backfire long before investors fled Asia in 1997, spreading turmoil and eventually forcing Brazil to abandon its exchange-rate peg.

早在1997年投机客逃离亚洲以前，他们就学会了怎样安排可能会产生不良后果，前次亚洲金融风暴蔓延快速，最后还迫使巴西放弃紧钉美元的汇率。

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When Argentina broke its peg with the dollar in 2001, it decreed that bank deposits should be switched at a more favourable exchange rate than loans, in an effort to appease savers.

在2001年，阿根廷退出美元系统以后，宣布为了安抚救助者，决定银行的存款利率高于贷款利率。

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The yuan has risen 3.2% against the dollar since June 19, when China pledged to increase exchange-rate flexibility, effectively ending a two-year-long peg to the dollar.

人民币对美元懂6月19日以来已经升值了3.2%，当时中国承诺提高汇率灵活性，事实上结束了长达两年的盯住美元策略。

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Some money-watchers have suggested that while Hong Kong continues to publicly stand by the linked-exchange rate peg of its currency to the U.S. dollar, behind the scenes it may be looking for alternatives.

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The main argument for flexible exchange rates that led to their widespread adoption in the early 1970s was that they allow domestic policymakers to adopt policies appropriate to domestic conditions without the artificial constraint of an exchange rate peg.

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One is the rigidity of its exchange-rate peg, and the strength of the dollar.

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