The pound is the name of the national currency and monetary unit in Britain. Sterling is mainly issued by the Bank of England, but there are also other issuers. What is the most commonly used symbol for the pound? . What is the currency code of ISO 42 17 adopted by the International Organization for Standardization? (British pound). In addition to Britain, the currencies of British overseas territories are also denominated in pounds, and the exchange rate with pounds is fixed at 1: 1.
As Britain is the earliest industrialized country in the world and once dominated the international financial industry, the pound was once the most widely used currency in international settlement business. After World War I and World War II, Britain's economic status has been declining, but due to historical reasons, Britain's financial industry is still very developed, and the pound still occupies a very high position in the settlement of foreign exchange transactions. The pound is printed with donation figures and royalties.
Extended data
The British pound is the standard unit of currency in Britain, issued by the Bank of England and established in 1694. The original units of secondary currency were shillings and pennies, 1 pound was equal to 20 shillings, 1 shilling was equal to 1 2p, 197 1 February 15. The Bank of England adopted a new currency rounding system, and the unit of secondary currency was changed to new pence.
There are 5 10, 20 and 50 notes in circulation, as well as 1, 2,5 1 0, 20,50 new pence and1and 2 pound coins.
182 1 year Britain officially adopted the gold standard system, and the pound became the standard monetary unit in Britain, with 7.32238 grams of pure gold per 1 pound. 19 14 when the first world war broke out, Britain abolished the gold standard, gold coins stopped circulating, and Britain stopped exchanging gold.
1925 On May 3rd, Britain adopted the gold bar standard, but due to the world economic crisis, 193 1 was forced to give up on September 30th. The pound has evolved into a non-cash note. However, due to the need of foreign exchange control, the gold content of the pound is still stipulated in 1946+02+08 as 3.585438+034g.
By the beginning of the 20th century, the pound had become the most important international payment means and reserve currency in the capitalist world. After World War I, the status of the pound as an international reserve currency tended to decline and was gradually replaced by the dollar.
During the outbreak of World War II, Britain implemented strict foreign exchange control and fixed the exchange rate of the pound at the level of 1 pound against US$ 4.03. Britain announced that the pound was freely convertible. Due to the rapid loss of foreign exchange reserves, foreign exchange control was resumed in August of the same year.
1September 1949, Britain announced that the pound depreciated by 30.5%, and the exchange rate of the pound against the US dollar depreciated to 2.80 US dollars.
1967165438+1October 18, the pound depreciated again, the exchange rate against the US dollar fell to 2.40 US dollars, and the gold content of the pound also fell to 2. 1328 1 gram.
After the floating exchange rate of 197 1 US dollar was implemented in August1May, the pound began to determine the exchange rate against the US dollar on the basis of unchanged gold content. In the same year, 65438+February 18, after the official depreciation of the US dollar, the new official exchange rate of the British pound against the US dollar appreciated to 1 British pound against US$ 2.6057. The real exchange rate can fluctuate in the range of 1 GBP to 2.547 1 USD to 2.6643 USD, with a fluctuation range of about 4.5%.
1973, 19 In March, eight countries in Western Europe formed a joint floating group, and Britain continued to float independently. The following year, 65438+ 10, the real exchange rate of the pound was made into a managed floating exchange rate mechanism. In the same year, the pound area was reduced to include only Britain, Ireland, Cayman Islands and Channel Islands. The gold reserves issued by sterling are at least equivalent to more than 2.65 billion pounds.
1990, 10 10. On 8 October, the pound joined the European monetary system, and its fluctuation range against the exchange rates of various currencies in the monetary system was 6%.
1992 September 16, Britain announced that the pound was temporarily separated from the European monetary system.
20 13 on February 22nd, Moody's Credit Rating Company officially announced that it would downgrade Britain's credit rating from Aaa to Aa 1. After the United States 20 1 1 and France 20 12, it is now Britain's turn to downgrade. This is the first time that Britain has lost the highest rating from a senior rating agency.
In fact, Moody's lowered the rating outlook of British sovereignty and central bank from stable to negative as early as February 20 12. After a year of observation, Moody's officially downgraded. Looking back, in March, Moody's gave the UK the highest rating of Aaa, 1978, and both Standard & Poor's and Fitch gave the UK the highest AAA rating, but the latter two had a negative rating outlook for the UK, so it is estimated that the UK will be re-evaluated.
Moody's summarized three key reasons for the downgrade; First of all, the UK's medium-term growth prospects continue to be weak, and Moody's predicts that it will continue to grow weakly in the next five years.
Secondly, the limited medium-term growth prospects pose a challenge to the government's fiscal consolidation plan, which will last until the next Congress. Finally, to make matters worse, Britain's debt is high and increasing, and the digestibility of the government's balance sheet is gradually deteriorating, which cannot be reversed before 20 16.
2065438+May 29, 2005 According to foreign media reports on the 28th, the British government submitted and published a bill on "Britain's referendum on leaving the EU" to the House of Commons, including a statement on the referendum, and promised to hold a vote before the end of 20 17.
Referendum time: 2065438+June 23rd, 2006.
Referendum data:
5 1.9% and * *15.7 million people agreed to leave the EU.
48 1% agreed to stay in Europe, * * * 1458000 people.
201610/8 foreign media: China tourists spend 300% in London.
influencing factor
Bank of England (BOE): Bank of England. Since 1997, BOE has obtained the function of making its own monetary policy. The government takes the inflation target as the standard of price stability, generally measured by the retail price index (RPI-X) excluding mortgage loans, and the annual increase is controlled below 2.5%.
Therefore, although monetary policy is formulated independently of government departments, BOE still has to meet the inflation standards set by the Ministry of Finance.
Monetary Policy Committee (MPC): Monetary Policy Committee. This Committee is mainly responsible for setting the interest rate level.
Interest rate: interest rate. The main interest rate of the central bank is the lowest lending rate (basic interest rate). In the first week of each month, the central bank will use interest rate adjustment to send a clear monetary policy signal to the market. Changes in interest rates usually have a greater impact on the pound. At the same time, JD.COM will also formulate monetary policy by adjusting the transaction interest rate of government bonds purchased from discount banks (designated financial institutions that trade money market instruments) every day.
Phnom Penh bond: Phnom Penh bond. British government bonds are also called gilt-edged bonds. Similarly, the spread between the yield of 10-year gilt bond and the yield of other countries' bonds or US Treasury bonds in the same period will also affect the exchange rate between the pound and other countries' currencies.
3-month Europound deposit: 3-month Europound deposit. Sterling deposits of non-British banks are called European sterling deposits. The difference between its interest rate and the European deposit rate of other countries in the same period is also one of the factors affecting the exchange rate.
Ministry of Finance: Ministry of Finance. Its function of formulating monetary policy gradually weakened from 1997. However, the Ministry of Finance still sets inflation targets for the Bank of England and decides on the appointment and dismissal of key personnel of the Bank of England.
The relationship between the pound and the European Economic and Monetary Union: The pound is often under pressure because of Prime Minister Tony Blair's remarks about the possibility of joining the single European currency, the euro. If Britain wants to join the euro zone, British interest rates must be reduced to euro interest rates.
If the public votes to join the euro zone, the pound must depreciate against the euro for the development of domestic industrial trade. Therefore, any talk about the possibility of Britain joining the euro zone will depress the exchange rate of the pound.
Economic data: Economic data. The main economic data of Britain include: initial unemployment rate, initial unemployment rate, average income, retail price index without mortgage, retail sales, industrial production, GDP growth, purchasing managers' index, manufacturing and service industry survey, money supply (M4), income and house price balance.
3-month Europound futures contract (short-term pound): 3-month Europound deposit futures (short-term pound). The futures contract price reflects the market's expectation of the European pound deposit interest rate in three months. The price difference with other countries' futures contracts in the same period will also cause changes in the exchange rate of the pound.
Financial Times 100 index. Major British stock indexes. Unlike the United States and Japan, the British stock index has little influence on the currency. However, there is a strong correlation between the Financial Times index and the Dow Jones index.
Crossover rate effect:? The influence of cross exchange rate. Cross exchange rate will also have an impact on the exchange rate of the pound.