英语翻译The system of fixed exchange rates worked well until the

英语翻译
The system of fixed exchange rates worked well until the late 1960s and early 1970s.At that time a number of countries devalued their currencies.This meant that their currencies were now worth less in terms of gold.England in 1967,France in 1969,and United States in 1971 and 1973,devalued their currencies.This caused an almost unprecedented turbulence in the foreign exchange markets.In addition,countries such West Germany and Holland revalued their currencies (increased the par value of their currencies in terms of gold).Intervention by central banks became very costly.Foreign currency and gold reserves were detained.Countries had to buy their own currency with gold and foreign exchange in order to keep its value above the minimum intervention point,as agreed at Bretton Woods.
It is not surprising,then,that the world saw a return to a floating exchange rate system.Central banks were no longer required to support their own currencies.England,France (only temporarily),Italy,Japan,and the United States all floated their currencies.Western Europe,united in the Common Market,moved to preserve the fixed-rate system but allowed a widening of the intervention points to within 2.25 percent of the par value of currencies.This system became known as the snake since these currencies move up and down together against currencies outside the snake.The British and the Italians,now members of the Commom Market,are expected to eventually join their currencies to the snake.

固定汇率体系运行很好,直到20世纪60年代后期和70年代早期.那时候,很多国家货币贬值,那意味着对于黄金来说,那些货币没那么值钱了.英国式在1967年,法国是在1969年,美国是在1971年和1973年,纷纷将其货币贬值.这是外汇市场出现了空前的混乱.还有,有些国家像西德和荷兰重新给其货币定价,(相对于黄金增加了其货币面值).央行的干预花费很大.外币和黄金储备被扣留.各国必须用外币和黄金买他们自己的货币才能保证他们的货币价值超出了布雷顿森林体系规定的最低干预点.
毫不惊奇的是,后来世界见证了浮动汇率体系的回归.中央银行不再要求各国支持他们自己的货币.英国,法国(暂时）,意大利,日本,美国先后浮动了他们的货币价值.西欧,形成了一个共同市场,提议保护固定汇率体系,但是允许货币在其面值的2.25%内浮动而不受干预.这个系统以迂回而闻名.因为西欧内的货币价值一起上上下下的浮动共同对抗外面的浮动.英国人和意大利人现在已加入共同市场,有望最终加入这个迂回的货币体系中.