作业帮懂国际金融的高手来,帮忙翻译一下,谢谢了.
来源：学生作业帮 编辑：作业帮 分类：英语作业 时间：2024/05/21 07:17:16
懂国际金融的高手来,帮忙翻译一下,谢谢了.
In Figure 3.2A , consider an officially declared “par value” of $2.00 , at which the pound is substantially overvalued relative to its market-clearing rate of $1.60 per pound . British officials have announced that they will support the pound at 1 percent below par(about $1.98) , and the dollar at 1 percent above par(about $2.02) . In Figure 3.2A , they are forced to make good on this pledge by officially intervening in the foreign exchange market , buying ￡50 billion (and selling $99 billion , equal to ￡50 billion times $1.98 per pound ) . This intervention fills the gap AB between nonofficial supply and demand at the $1.98 exchange rate . Only in this way can they bring the total demand for pounds , private plus official , up to the 320 billion of sterling money supplied . If their purchases of pounds with dollars fall short , total demand cannot meet the supply and the price will fall below the official support price of $1.98 . However , British officials wanting to defend the fixed exchange rate may not have sufficient reserves of dollars to keep the price fixed indefinitely , a point to which we will return several times in the rest of the book .
Another case of official intervention in defense of a fixed exchange rate is shown in Figure 3.2B . Swiss government officials have declared that the par value of the Swiss franc(SFr) shall be 50 cents in U.S. currency , and that the support points are 50.5 cents and 49.5 cents . As the demand and supply curves are drawn , the franc is substantially undervalued at this fixed rate , relative to the market-clearing rate of $0.60 per franc . To defend the fixed rate , government officials must intervene in the foreign exchange market and sell 100 billion francs to meet the strong demand at 50.5 cents . If the Swiss government officials cannot tolerate buying enough dollars to plug the gap AB and keep the exchange rate down at 50.5 cents , they may give up and let the price rise .
Changes in exchange rates are given various names depending on the kind of exchange rate regime prevailing . Under the floating-rate system a fall in the market price (the exchange rate value ) of a currency is called a depreciation of that currency ; a rise is an appreciation . We refer to a discrete official reduction in the otherwise fixed par value of a currency as a devaluation ; revaluation is the antonym describing a discrete raising of the official par . Devaluations and revaluations are the main ways of changing exchange rates in a nearly fixed-rate system , a system where the rate is usually , but not always , fixed .
In Figure 3.2A , consider an officially declared “par value” of $2.00 , at which the pound is substantially overvalued relative to its market-clearing rate of $1.60 per pound . British officials have announced that they will support the pound at 1 percent below par(about $1.98) , and the dollar at 1 percent above par(about $2.02) . In Figure 3.2A , they are forced to make good on this pledge by officially intervening in the foreign exchange market , buying ￡50 billion (and selling $99 billion , equal to ￡50 billion times $1.98 per pound ) . This intervention fills the gap AB between nonofficial supply and demand at the $1.98 exchange rate . Only in this way can they bring the total demand for pounds , private plus official , up to the 320 billion of sterling money supplied . If their purchases of pounds with dollars fall short , total demand cannot meet the supply and the price will fall below the official support price of $1.98 . However , British officials wanting to defend the fixed exchange rate may not have sufficient reserves of dollars to keep the price fixed indefinitely , a point to which we will return several times in the rest of the book .
Another case of official intervention in defense of a fixed exchange rate is shown in Figure 3.2B . Swiss government officials have declared that the par value of the Swiss franc(SFr) shall be 50 cents in U.S. currency , and that the support points are 50.5 cents and 49.5 cents . As the demand and supply curves are drawn , the franc is substantially undervalued at this fixed rate , relative to the market-clearing rate of $0.60 per franc . To defend the fixed rate , government officials must intervene in the foreign exchange market and sell 100 billion francs to meet the strong demand at 50.5 cents . If the Swiss government officials cannot tolerate buying enough dollars to plug the gap AB and keep the exchange rate down at 50.5 cents , they may give up and let the price rise .
Changes in exchange rates are given various names depending on the kind of exchange rate regime prevailing . Under the floating-rate system a fall in the market price (the exchange rate value ) of a currency is called a depreciation of that currency ; a rise is an appreciation . We refer to a discrete official reduction in the otherwise fixed par value of a currency as a devaluation ; revaluation is the antonym describing a discrete raising of the official par . Devaluations and revaluations are the main ways of changing exchange rates in a nearly fixed-rate system , a system where the rate is usually , but not always , fixed .
在图3.2A,考虑一正式宣布“平价两美元的价值”,实质上是一英镑相对于它进行估值过高的1.60美元的速度每磅.英国官员宣布他们会支持英镑对1%低于票面价值(1.98美元),而美元在1%水准之上(大约为2.02美元).在图3.2A时,就会被迫通过保证有正式对外汇市场的干预,购买￡50亿美元(和销售99美元亿美元,相当于50亿次￡19.8美元每磅).这种干涉填补了nonofficial AB之间供求19.8美金兑换率.只有这样,我们才能会总需求量磅,私人加上官员3200亿个,纯正的货币供给.如果他们用美元购买磅,暂时不能满足需求总量的供应和价格都低于得到官方的支持,价格为$ 1.98.然而,英国官员希望保卫在固定汇率可能没有足够储备金美元来把价格固定无限期点,我们将把几次其余的书.
另例官方干预防御的固定汇率如图3.2B.瑞士政府官员已经宣布票面金额的SFr瑞士法郎(50美分)美国,货币,支持点50.5美分,49.5%美分.供给曲线的需求都被吸引是被大幅低估了法郎在这个利率固定,相对于为$ 0进行每法郎.来保卫他们的固定利率,政府官员必须干预外汇市场与卖到100亿法郎来满足需求的旺盛在50.5美分.如果瑞士政府官员也不能忍受购买足够的美元来把差距乘积AB与将汇率保持在低水平,可以在50.5美分放弃,让物价上涨了.
外汇汇率变化是给你们
另例官方干预防御的固定汇率如图3.2B.瑞士政府官员已经宣布票面金额的SFr瑞士法郎(50美分)美国,货币,支持点50.5美分,49.5%美分.供给曲线的需求都被吸引是被大幅低估了法郎在这个利率固定,相对于为$ 0进行每法郎.来保卫他们的固定利率,政府官员必须干预外汇市场与卖到100亿法郎来满足需求的旺盛在50.5美分.如果瑞士政府官员也不能忍受购买足够的美元来把差距乘积AB与将汇率保持在低水平,可以在50.5美分放弃,让物价上涨了.
外汇汇率变化是给你们