/Article/Archive/2005/ 1 1/ 17/ 13959

The IMF divides the current exchange rate systems of various countries into eight categories [2]:

1. Abandon the exchange rate system of independent legal tender (there is no exchange arrangement for independent legal tender)

That is, a country does not issue its own currency, but takes the currency of other countries as the only legal tender; Or in a monetary union, all members use a common legal tender. For example, countries in the euro zone.

2. Currency board system.

A country or region first determines the legal exchange rate between local currency and a foreign exchange (usually US dollars), and then issues local currency with 100% foreign exchange reserves as a guarantee according to this law, and keeps the legal exchange rate between local currency and foreign exchange unchanged. The earliest currency board system was established in Mauritius on 1849. Since 1990s, there has been a revival of currency board system in some countries, such as Argentina/KOOC-0/99/KOOC-0/,Estonia/KOOC-0/992, Lithuania/KOOC-0/994, Bosnia and Bulgaria/KOOC-0/997. Hong Kong also implements a currency board system.

3. Traditional fixing pin device.

A country pegs its currency to a foreign currency or a basket of foreign currencies at a fixed exchange rate, and the exchange rate fluctuates within a narrow range of 1%. More than 30 countries fall into this category.

4. The pegged exchange rate within the horizontal range.

Different from the third category, the fluctuation range is wider than that of 1%. For example, Denmark's rate is 2.5%, Cyprus's is 2.25%, Egypt's is 3%, and Hungary's is 15%.

5. Crawling nails (crawling nails)

The monetary authorities of a country make small adjustments to the exchange rate from time to time with a fixed and pre-published value, or make small adjustments to the exchange rate according to multiple indicators.

6. Crawling range (exchange rate within crawling range)

The exchange rate of a country's currency remains within the fluctuation range around the central exchange rate, but the central exchange rate is adjusted from time to time with a fixed, pre-announced value or according to multiple indicators. For example, the crawling rate of Israel is 22%, that of Belarus is 5%, and that of Uruguay is 3%.

7. Managed floating, no pre-determined exchange rate path, no pre-announced exchange rate trajectory.

The monetary authorities of a country actively intervene in the foreign exchange market to influence the exchange rate, but they do not promise or announce the track of the exchange rate in advance.

8. Independent floating exchange rate system.

The local currency exchange rate is determined by the market. The purpose of occasional intervention by monetary authorities is to mitigate exchange rate fluctuations and prevent inappropriate fluctuations, rather than setting exchange rate levels.

Various exchange rate systems

kind

Name of exchange rate system

Number of countries (regions)

1 class

Give up independent legal tender

40

Category 2

Currency board system

eight

Category 3

Fixing nail

40

Category 4

Horizontal amplitude tracking

five

Category 5

Crawling and nailing

four

Category 6

Crawling amplitude

six

Class 7

Management floating

Forty two.

The eighth category

Independent floating

40

It should be pointed out that although the China administration announced the implementation of a managed floating exchange rate system (Category 7), the IMF classified the exchange rate system of China (Mainland China) into Category 3, namely the fixed pegged exchange rate system, according to the actual performance of the exchange rate.

Judging from the proportion of countries (regions) with various exchange rate systems, the distribution of various exchange rate systems is uneven, mainly focusing on four categories: giving up independent legal tender (including euro zone 12 countries), fixed peg system, managed floating system and independent floating system. The total number of these four countries (regions) accounts for nearly 90% of all 185 member countries (regions). Judging from the economic scale of countries (regions) with various exchange rate systems, it is also very unbalanced. Among them, the eighth category (independent floating exchange rate system) accounts for 65% of global GDP. Followed by 1 (no independent legal tender), the economic scale accounts for 20% of the world. The sum of the other six economies only accounts for15% of the world [4].

2.BCD is both. If I had to choose one, I would choose B.

According to the general classification method of international financial markets, the off-balance-sheet business of commercial banks includes traditional financial products and newly innovative financial products in recent years. Traditional financial products include three parts: first, traditional intermediary business, including credit business, leasing business and agency business; The second is external guarantee business, including customer loan repayment, bill acceptance, letter of credit use guarantee, etc. Third, loan and insurance commitments, including revocable and irrevocable. New and innovative financial products include financial futures, forward interest rate agreements and swaps.

Make sure it's d

An example of the role of international wealth transfer means is war reparations.