According to the way of exchange rate determination, the international exchange rate system includes three forms, namely, fixed exchange rate system, free floating exchange rate system and managed floating exchange rate system.
(1) Fixed exchange rate system. It means that the exchange value of national currencies is calculated according to some units accepted by the same company, and their currency exchange rates are basically unchanged, or governments promise to limit exchange rate fluctuations to a small range.
(2) Free floating exchange rate system. It means that the exchange rate of currency is completely determined by market forces and fluctuates with the change of supply and demand in the foreign exchange market, and the government no longer undertakes any obligation to maintain the exchange rate.
(3) Managing the floating exchange rate system. It is a floating exchange rate between the fixed exchange rate system and the free floating exchange rate system. Under the managed floating exchange rate system, the proportion of money is basically determined by market supply and demand, but central banks of various countries often intervene in the foreign exchange market to avoid large fluctuations in exchange rates.
The development process of the international exchange rate system is as follows:
(1) fixed exchange rate system under the gold standard
From the late19th century to the First World War, countries successively implemented the gold standard system, and its exchange rate system was called the fixed exchange rate system under the classical gold standard system. The main features are:
(2) The crisis and collapse of the fixed exchange rate system under the gold standard.
From the end of World War I in 19l8 to the outbreak of World War II in 194O, the international exchange rate system took the following three forms:
& lt 1 & gt； The fluctuation period of exchange rate ranges from 19 18 to 1925.
The standard payback period of<2> gold is 1925-l93 1 year.
& lt3>1931-1940 managed floating exchange rate period.
From 1929 to 1933, a worldwide economic crisis broke out in the west. In order to cope with the domestic crisis, all countries tried to get rid of the shackles of the fixed exchange rate system and strengthen the management of their own currencies, which led to the global collapse of the gold standard system.
(3) The fixed exchange rate system under the Bretton Woods system 1944-l97 1 year.
1In July, 944, 44 countries held the "Monetary and Financial Conference of United and Alliance Countries" in Bretton Woods Town, New Hampshire, USA, and reached an agreement with the International Monetary Fund to establish an international monetary system centered on the US dollar. Under this system, the dollar is equal to gold, and the exchange rates of other currencies are calculated on the basis of the dollar or gold, which is unified; The exchange rate determination and fluctuation range of various countries are clear and stable; Under certain conditions, the currency parity is allowed to change greatly, which is flexible and adjustable. On the one hand, it avoids the excessive rigidity of the fixed exchange rate system under the gold standard, on the other hand, it establishes a new and stable exchange rate system.
(4) Diversification of international exchange rate system.
Since 197 1, the international community has entered the stage of coexistence of diversified exchange rate systems. Although the floating exchange rate system is widely implemented in major industrial countries, the exchange rate arrangements vary greatly among countries. In fact, a mixed international exchange rate system has been formed. Some countries have a free floating exchange rate, some countries are pegged to a certain currency or a basket of currencies, and some countries have a managed floating system.