第一次民界大战之前，金本位制建立了固定汇率制，每个国家通过将本国货币与黄金挂钩来确定其货币的平价。
Before the First World War, the gold standard created a fixed exchange rate system as each country pegged the value of its currency to gold to establish its par value.
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。
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.
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