The European Monetary System and the Exchange Rate Mechanism (ERM) are created.

1978年欧洲货币体系与汇率机制（ERM）创建。

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When the Bank of England was trying to keep the pound in the Exchange Rate Mechanism in 1992, it had to use its limited foreign-exchange reserves to buy sterling.

1992年英国央行为了保住英镑在汇率机制中的地位就不得不利用它有限的外汇储备来购买白银。

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Since 1994, the exchange rate mechanism in China has been "a floating exchange rate under supervision" in name but a fixed exchange rate connected with US dollar in practice.

我国1994年以后的汇率机制，在名义上是“有管理的浮动汇率制”，但实际上却是一种与美元挂钩的固定汇率制度。

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Jon Huntsman, the U.S.ambassador to China, called the move "a genuine attempt by China to address its exchange rate mechanism."

VOA: standard.2010.06.21

Back in 1979, Europe launched what was called the Exchange Rate Mechanism, or ERM.

FORBES: Is It 1992-93 Again For Europe?

Various attempts to fix one European currency against each other, such as the Exchange Rate Mechanism, crumbled in the face of divergent economic performances in the countries concerned.

ECONOMIST: Currencies

He was an adviser to Chancellor Norman Lamont during the Exchange Rate Mechanism crisis of the early 1990s and headed the inquiry into whether former Home Secretary David Blunkett misused his position.

BBC: Sir Alan Budd and Hector Sants on New Year Honours list