汇兑

It had been a long journey from the gold standard of the 19th century, via the restored gold-exchange standard of the 1920s, the monetary chaos of the 1930s, the Bretton Woods system of adjustable exchange rates of the 1950s and 1960s, the termination of dollar convertibility into gold in 1971, and the monetary targeting of the 1970s and 1980s.

这是一段漫长的旅途，从19世纪的金本位开始，历经上世纪20年代的金汇兑本位制、30年代的金融混乱、50年代和60年代实行浮动汇率制的布雷顿森林体系、1971年结束美元与黄金的兑换，以及70年代和80年代的货币目标制。

It had been a long journey from the gold standard of the 19th century, via the restored gold-exchange standard of the 1920s, the monetary chaos of the 1930s, the Bretton Woods system of adjustable exchange rates of the 1950s and 1960s, the termination of dollar convertibility into gold in 1971, and the monetary targeting of the 1970s and 1980s.

从19世纪的金本位制，上世纪20年代的恢复金汇兑标准，30年代的货币混乱，五六十年代的布雷顿森林体系的可调节汇率制，到1971年结束美元对黄金的可兑换性和七八年代的货币目标政策，金融业已经走过了一个漫长的旅程。

To be in bad position leaves economic environment, be like a state of 3 quarters profit quite beautiful, if domestic CEO Sun Jian explains, newspaper of the money before this once appeared deficit, because,basically be to before the conformity of the public house of 7 bottles of stars that buys, exchange loss and the early days that open a hotel newly are run wait for an element, and finish already basically to the conformity of hotel of 7 bottles of stars now, and hotel of the new-blown before this also has been on the right path to begin profit, performance of newspaper of 3 quarters money is natural and so good.

对于在经济环境不良状态下，如家三季度盈利状况颇佳，如家CEO孙坚解释，此前财报曾经出现亏损，主要是因为对于之前并购的七斗星酒店的整合、汇兑损失和新开酒店的前期运作等因素，而现在对于七斗星酒店的整合已经基本完成，而此前新开的酒店也都已经走上正轨开始盈利，所以三季度财报表现自然不错。

Nan Shan's profitability improved greatly in 2006 and H107 due to a normalised expense margin and reduced foreign exchange losses.

在费差益回复正常以及汇兑损失减少下，南山人寿的获利水准在2006年及2007上半年呈现大幅改善。

Despite a national trend toward economic integration, the needs of state making during this turbulent period of Shandong's history prompted local authorities to restrict the movement of specie across administrative boundaries, leading to marked regional variations in both the silver-copper ratio and local interest rates that illustrate a real political constraint on the spread of purely market forces.

尽管国内经济趋向于整合，但是山东当时动荡不安的历史状态使得当地的当局迅速设立关卡以限制硬币的流通，并导致了银两—铜币汇兑比率和当地利率显著的地区变化——这显示了真实的政治力量对纯粹经济力量扩张的约束。

So its practice was ended unsuccessfully under the criticism of monetarists. After the seventies of 20th century, most of the developed countries turned to the rule of monetary targeting.

从货币政策的实践来看，目标规则更受各国货币当局的青睐。19世纪末开始的金本位制以及后来的金汇兑本位制、布雷顿森林体系、欧洲货币体系都可以看成一种汇率目标规则。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。