The Bretton Woods monetary system refers to the international monetary system centered on the US dollar. 1944 In July, representatives of major western countries established the system at the United Nations International Monetary and Financial Conference. Because the meeting was held in Bretton Woods, New Hampshire, the United States, it was called the Bretton Woods system.

As a supplement to 1944 Bretton Woods Conference, GATT and the agreements adopted at the Bretton Woods Conference are collectively called the Bretton Woods System. That is, the multilateral economic system with foreign exchange liberalization, capital liberalization and trade liberalization as the main contents constitutes the core content of the capital group.

System characteristics

1. Under the international gold standard, currencies of all countries are freely convertible, and there is generally no restriction on international payment. Under the Bretton Woods system, many countries can't realize free currency exchange, and their external payments are limited.

2. Under the gold standard, the international reserve assets are mainly gold.

3. Under the international gold standard, countries practice free multilateral settlement. Many countries implement foreign exchange control and adopt bilateral trade and payment arrangements.

Under the international gold standard, the movement of gold is completely free. Under the Bretton Woods system, the flow of gold is restricted to some extent. Countries that implement gold exchange standards also allow residents to exchange foreign exchange (pounds, francs or dollars) for gold in Britain, the United States and France. The United States only allows foreign countries to exchange dollars for gold in the United States under certain conditions, and does not allow foreign residents to exchange dollars for gold in the United States.

Reference to the above content: Baidu Encyclopedia-Bretton Woods System