But these became unnecessary in an era of floating rates.
但是这在浮动汇率的时代就无关紧要了。
The move to floating rates has also had some interesting side-effects.
采取浮动汇率还产生了一些有趣的附带影响。
The Bretton Woods founders had believed that floating rates would be dangerously unstable.
布雷顿森林体系的创造者认为浮动汇率会极不稳定。
The inflexibility of currency pegs has long been cited as a reason for having floating rates.
人们早就把货币挂钩的不灵活性当做采取浮动汇率的一个理由了。
But floating rates eventually prevailed, particularly for the major currencies of the dollar, yen and D-mark.
但最终还是浮动汇率占据上风，尤其是对像美元、日元和德国马克这种主要货币来说。
However, currency crises didn't go away. In part, that was because the move to floating rates was not complete.
无奈事与愿违，货币危机并未因此而远去。从某种程度上讲，这是因为此次向浮动汇率制的转变并不彻底。
The Bretton Woods currency system gave way in 1973 to floating rates, with the dollar as the world's main reserve currency.
“布雷顿森林货币体系”在1973年让位于浮动利率，以美元作为世界主要储备货币。
Lufthansa's financial liabilities are 85 per cent financed at floating rates of interest and 15 per cent at fixed interest rates.
汉莎航空公司的金融负债的利息和每在固定利率浮动利率为百分之十五经费的百分之85。
Despite a notional commitment to floating rates, there have been several bouts of intervention; the latest came on August 4th, when the Japanese tried to drive down their currency.
尽管名义上致力于浮动汇率，但是有几次还是进行了干预；最近一次发生在8月4日，日本试图让自身的货币贬值。
The loan pricing of The Guangdong Development Bank are currently up to standard interest rate made by The People's Bank of China plus, or multiply, that is more common, floating rates.
广东发展银行目前的贷款定价是以人行规定的基准利率加上或者乘以浮动比率作为贷款价格，其中以基准利率乘以浮动比率更为常见。
Floating-rate mortgages last year reduced many borrowers' payment burden as the Bank of England dropped its base rate to 0.5% and lenders adjusted their standard variable rates downward in response.
去年英格兰银行将基准利率下调到0.5%，贷方也随之降低了可变利率，于是浮动利率按揭使得很多借方的还款压力得到了舒缓。
We argued that floating exchange rates would cause less disturbance than the fixed-rate regime.
我们认为，浮动汇率引发的动荡会比固定汇率少。
Borrowers on floating (variable) rates could swap with those on a fixed rate.
浮动利率(变化利率)借款人可以与那些固定利率的借款人进行掉期。
This is how we value our currency, and against all other currencies exchange rates are freely floating.
这是我们选择的确认自己的币值的方法，与所有其它外币的汇率是自由浮动的。
The end of Bretton Woods I was followed by a period of floating exchange rates.
在布雷顿森林体系I终结后，随之而来的是一个浮动利率时期。
The scale of the reserve accumulation demonstrates the obvious: these countries have refused to adopt the freely floating exchange rates many outside economists recommended.
外汇储备的规模表明了一个显而易见的事实：这些国家拒绝实行许多外部经济学家建议的自由浮动汇率制度。
But the lesson from both crises was: don't borrow from Banks at floating interest rates and don't borrow in somebody else's currency.
从两次危机里得到的教训是：不要以浮动利率从银行借贷，而且不要以他国货币借贷。
Money was allowed to flow freely across borders and, in an era of floating exchange rates, the constraints on credit growth were much reduced.
在浮动汇率时代，资金可以无国界自由流动，而且在浮动汇率时代信贷增长的管制也放松了。
That has undoubted appeal for policymakers in countries where floating-rate mortgages expose borrowers to the risk of payment shocks as rates rise.
对于那些采取浮动利率抵押贷款，利率增加时贷款人面临支付成本上升的国家的政策制定者来说，这无疑具有吸引力。
And to the extent that these countries have floating exchange rates, the result is real appreciation.
而鉴于这些国家施行浮动汇率制度，结果就造成了真实货币升值。
Even Milton Friedman, a fervent advocate of floating exchange rates, thought so.
即使是浮动汇率的狂热拥趸米尔顿·佛里德曼，也这样认为。
But this is mainly a world of floating exchange rates.
但这是个汇率浮动的世界。
In addition, the growth of the financial industry has coincided with the move to floating exchange rates and market liberalisation.
此外，金融业的增长与浮动汇率和自由市场的做法一致。
In addition, the central banks of free-floating currencies no longer had to raise interest rates to defend their exchange rates.
此外，采用自由流通货币的中央银行不需要再提息维护汇率了。
Floating rate bond: bond on which the coupon is established periodically and calculated with reference to short-term interest rates.
浮动利率债券：这种债券的息票是定期确定的，并参照短期资金利率来计算。
Mr Spence wants to replace the current hybrid of floating and fixed exchange rates-with "a new hybrid".
MrSpence想以一种“新混合体”替代通用的浮动汇率制和固定汇率制。
The history of world exchange rate systems shows us that the world community (in its majority) has in fact shifted from the system of fixed exchange rates to floating exchange rate system.
世界汇率制度的历史告诉我们，世界各地的社区(在多数)事实上已经从固定汇率制转向浮动汇率制度。
Time for freely floating exchange rates.
自由浮动汇率制的时代到来。
They believe that the frequent fluctuation of nominal and real exchange rates under the floating exchange rate regime will inevitably lead to the reduction in the volume of international trade.
他们认为，浮动汇率制度下名义汇率和实际汇率的频繁波动将不可避免地导致国际贸易量的减少。
They believe that the frequent fluctuation of nominal and real exchange rates under the floating exchange rate regime will inevitably lead to the reduction in the volume of international trade.
他们认为，浮动汇率制度下名义汇率和实际汇率的频繁波动将不可避免地导致国际贸易量的减少。
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