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;

youdao

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.

youdao

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.

youdao