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Foreign exchange development history - exchange market evolution of development history - exchange market evolution gold remittance and Bretton woods system agreement
Bretton Woods Agreement was signed in 1944, intended to prevent the coin was save between countries, as well as limited international speculation, in order to stabilize the international currency. Before this agreement was signed, gold remittance standard system which is widely used since 1876 - is in charge of system international economy until the First World War. Gold remittance system, the currency was stable at under support the price of gold. Gold remittance system has abolished the old king and the president that the time value of the currency depreciates so illegal, which would lead to inflation.
However, the gold remittance standard system is certainly imperfect. Along with a growth reservations, this mass can import products from abroad, while the gold reserve exhausts country certain. It resulted in reducing the supply of currency, raise interest rates, economic activity will start to fall until it reaches the limit of recession. The Finally, the price of commodities falling in the valley, gradually draw other countries to stream in, massively rushes to buy this commodity country. This would throw gold into the country, this will increase the amount of supplies the country's currency, and it will reduce the interest rate, and create wealth. This is the so-called "prosperity -" Falling circulation pattern and gold remittance standard system, to the circulation freedom of trade and gold was broken by World War.
After the disaster several wars, the agreement of Bretton Woods has appeared. States that have signed the agreement agreed to maintain the local currency to U.S. dollar exchange rate, and report concerned the need gold, and only allow a small fluctuation. Countries are forbidden to depreciate value of the currency to trade good win, allowing only country not to depreciate more than 10%. Enter 50, the continued growth of international trade and fund causes change in scale which produces due to rebuilding after war, this causes the Bretton Woods system that determines the exchange rate to lose stability.
This arrangement was abolished in late in 1971, the U.S. dollar can not convert to gold. Until 1973, every major industrialized exchange rate currency fluctuation nation has been freed, mostly by regulating the foreign exchange market through supply and demand of currency amounts. Business volume, transaction speed and changing prices have reached an overall increase in 1970, to come together with emerging The report price fluctuations, brand new financial tool, the only market liberalization and trade liberalization can be achieved.
European market inflation:
One of the reasons why the exchange foreign developed rapidly was the rapid development of Euro dollar market. In a dollar-euro market, the U.S. dollar is stored beyond the border American banks. Similarly, the European market is refers to the property market currency deposited outside the owner's right. A Euro dollar market was formed in early 50's, then Russia deposited its oil revenues across the U.S. border, avoiding being frozen by the U.S. government. This has created a large U.S. Treasury offshore dollar national who is out of control the U.S. government. U.S. government has formulated a law to stop the U.S. dollar by lending money to foreigners. Because the degree of freedom market the dollar-euro is higher and the rate of return is greater, so it has great traction. Starting from the 80's, American company starts to borrow loans from the offshore market, they found that the European market is a center that consists of assets large amount of floating capital which could provide short-term loan.
London was once (until now still is) one of the main market offshore. In the 80's, the Bank of England to maintain its global center of finance industry dominant position, using the dollar as replacement for England to win pounds loan, so that it becomes a dollar-euro market center. position London's convenient geographical (market located between Asia and America) also helps to keep the European market position as dominant.