随商业复兴的出现，钱币兑换制度开始兴起，钱币真正成为商业的中介和一种商品；
As the renascence of commerce, the exchange system began to emerge, and the currency became the real agency of commerce and one kind of merchandise;
对于他们而言，更大的问题是如何处理资本的自由化制度，尤其是这些破坏利率和自由兑换的政策。
The trick for them will be to handle the liberalisation of capital regimes without wrecking interest- and exchange-rate policy.
当然，这些直接与今天相互关联是不准确的，劳的体系仅仅四年就分崩离析了；而当今的不兑换纸币制度已经运行了将近40年。
Of course, the parallels with today are not exact. Law’s system took just four years to collapse; today’s fiat money regime has been running for nearly 40 years.
委员会研究了双向兑换保证理论上的好处，也获悉多个其他货币发行局制度也有这种承诺。
Members examined the possible theoretical advantages of a two-way Convertibility undertaking and noted that a number of other Currency Board systems had such an undertaking in place.
自从平价体制制度废除后，基金组织成员间同意容许各国选择决定其本国货币兑换值的办法。
Since the abandonment of the par value system the membership of the fund has agreed to allow each member to choose its own method of determining an exchange value for its money.
自从平价体制制度废除后，基金组织成员间同意容许各国选择决定其本国货币兑换值的办法。
Since the abandonment of the par value system, the membership of the Fund has agreed to allow each member to choose its own method of determining an exchange value for its money.
委员会总结认为现行的制度行之有效，暂时无需在汇率偏强水平引入兑换保证。
The Sub-Committee concluded that the current system was working effectively and that it was not necessary to introduce a strong-side convertibility undertaking for the time being.
货币能以固定的比率兑换黄金的货币制度。
A monetary system of fixed exchange rates whose parities were set in relation to gold.
此外，中国的现行汇率制度也决定了，将外汇储备兑换成本币再支出是不可行的。
In addition, the nature of China's exchange-rate regime makes it impossible to plough the foreign reserves back into local currency spending.
此外，中国的现行汇率制度也决定了，将外汇储备兑换成本币再支出是不可行的。
In addition, the nature of China's exchange-rate regime makes it impossible to plough the foreign reserves back into local currency spending.
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