unit 26 贬值Devaluation

Unit 26贬值

Devaluation Devaluation, in its various guises and different names, means a fall in the value of a currency. 贬值,在其各种名目和不同的名称,指一种货币的价值下跌。

According to Wikipedia: Devaluation is a reduction in the value of a currency with respect to other monetary units 。In common modern usage , it specifically implies an official lowering of the value of a country's currency within a fixed exchange rate system, by which the monetary authority formally sets a new fixed rate with respect to a foreign reference currency. In contrast, depreciation is most often used for the unofficial decrease in the exchange rate in a floating exchange rate system. The opposite of devaluation is called revaluation. 根据维基百科:货币贬值是一种货币相对于其他货币单位的价值降低在常见的现代用法,它特指一个正式降低一国货币的固定汇率制度中的价值,通过何种货币。机关正式树立了新的固定利率相对于外国的参考货币。相比之下,折旧是最经常用于非正式减少汇率在浮动汇率制度。贬值相反被称为重估。

Depreciation and devaluation are sometimes incorrectly used interchangeably, but they always refer to values in terms of other currencies. Inflation, on the other hand, refers to the value of the currency in goods and services (related to its purchasing power). Altering the face value of a currency without reducing its exchange rate is a redenomination, not a devaluation or revaluation. 折旧和贬值,有时可以互换使用,但他们总是指价值的其它货币而言。通货膨胀,另一方面,是指货币在商品和服务的价值(有关其购买力)。变造货币的面值不降低其汇率是一种货币面值,而不是贬值或升值。

Historical usage: Devaluation is most often used in a situation where a currency has a defined value relative to the baseline. Historically, early currencies were typically coins struck from gold or silver by an issuing authority which certified the weight and purity of the precious metal. A government in need of money and short on precious metals might abruptly lower[clarify] the weight or purity of the coins without any announcement, or else decree that the new coins have equal value to the old, thus devaluing the currency. This gave rise to Copernicus-Gresham’s Law, which stated that “bad money drives out good”, i.e., if pure gold coins and false coins are decreed to have equal value, people will use the false coins for currency and hide the good coins or melt them down into gold. 历史使用情况:货币贬值是最常见的一种情况,货币有一个定义的值相对于基准使用。从历史上看,早期的货币是典型的硬币从金色或银色的袭击由发证机关证明该贵金属的重量和纯度。在需要钱的政府和短期贵金属可能会突然降低[澄清]重量或硬币的纯度没有任何公告,否则法令,新的硬币具有同等价值的旧,因此贬值的货币。这引起了哥白尼,格雷欣法则,其中指出,“劣币驱逐良币”,也就是说,如果纯金币和假硬币下旨具有同等价值,人们会用假硬币的货币和隐藏好硬币或他们融化成黄金。

Later, paper currencies were used, and governments decreed them to be redeemable for gold or silver (a gold standard). Again, a government short on gold or silver might devalue by abruptly

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