题目内容
The fixed exchange rate system collapsed in 1973, primarily due to speculative pressure on the dollar following a rise in U.S. inflation and a growing U.S. balance of trade surplus.
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Under Bretton Woods system, the U.S. dollar was its central currency. The value of every other currency was allowed to devaluate as long as it was pegged to the U.S. dollar.
Since 1973 the world has operated with a floating exchange rate regime, and exchange rates have become more volatile and far less predictable.
In recent history the value of the U.S. dollar has been determined by both market forces and government interventions.
The value of the U.S. dollar rose rapidly on the foreign exchange market between 1980 and 1985 and then fell rapidly between 1985 and 1988.
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