In the Bretton Woods system devised for the post-war world, Western economies fixed their exchange rates to the dollar, which was in turn pegged to the price of gold.

在为战后世界量身定制的布雷顿森林体系中，西方各个经济体将其汇率固定到了接着盯住了金价的美元上面。

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The initial phase of inflation is low bond yields, then as the boom reveals itself to be false and price inflation begins to work its way into the system, rates rise to reflect inflation risk.

FORBES: Why Interest Rates Tell Lies About Inflation, Growth And Just About Everything Else