1.4 Monetary System 货币制度

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问题讨论：

Monetary system is the structure, system and organization in money circulation set by law of a country 

1. The Silver Standard 银本位制

Underthe silver system, the standard money was minted with silver. Silver coins hadunlimited power of legal tender, and could be minted, exported and importedfreely. But as an independent monetary system, the silver system existedneither widely nor for a long time.

在银本位制下，标准货币由白银铸造。银币具有无限的法定货币权力，可以自由铸造、出口和进口。但银本位制作为一种独立的货币体系，既不广泛也不长期存在。

2. The Bimetallic Standard 复本位制

Thebimetallic standard was the typical monetary system during the early period ofdevelopment of the capitalism. Under this system, both gold and silver wererecognized by law as monetary metals. When the bimetallic standard was fit nomore for the economic development, it was replaced by the gold standardinternationally.

复本位制是资本主义发展初期典型的货币制度。在这种制度下，黄金和白银都被法律承认为货币金属。当复本位制不再适应经济发展的需要时，国际上取而代之的是金本位制。

3. The Gold Standard  金本位制

Fromthe 19th century, the U.K. took the lead in transforming its monetary systemfrom the bimetallic standard to the gold standard which was a system based ongold. The U.S. followed suit in 1830s, then did other major capitalistcountries in 1870s. From then on, the world had entered into an age of the goldstandard system.

从19世纪开始，英国率先将其货币体系从双金属本位制转变为以黄金为基础的金本位制。美国在19世纪30年代效仿，其他主要资本主义国家在19世纪70年代效仿。从此，世界进入了金本位制时代。

Thegold standard had three forms which are: the gold coin standard, the goldbullion standard and the gold exchange standard.

金本位制有三种形式，即金币本位制、金块本位制和金汇兑本位制。

4. Inconvertible Credit Money Standard  不可兑换的信用货币制度

It is a system that has no metal standard money. Bank notes that do not have the provision of gold content are the legal tender and cannot be converted into gold. There is no need of gold or silver and foreign exchange as reserve for issuance of bank notes. The bank notes are put into circulation by government’s law so that they have unlimited power of legal tender and are the final means of payment.

Bank notes that do not have the provision of gold content are the legal tender and cannot be converted into gold.

没有含金量的纸币为法定货币，不能兑换成黄金。

The bank notes are put into circulation by government’s law so that they have unlimited power of legal tender and are the final means of payment.

纸币是国家法律规定的流通货币，具有无限的法定货币权力，是最终的支付手段。

5. China’s Monetary System  中国的货币制度 

The issuance of RMB on December 1st, 1948 marked the founding of China’s RMB system. 

First, RMB is the legal tender. Yuan is its unit. RMB has no relation with gold, nor any foreign currencies. It’s convertible credit money undercertain conditions. 

Second, RMB is the sole legal money in China. Third, the issuance of RMB is highly concentrated and the People’s Bank of China (PBC)holds the right of issuance of RMB. RMB is issued through the channel of purchasing gold, silver, foreign exchange and granting loans by the PBC.

1948年12月1日人民币的发行标志着中国人民币体系的建立。

人民币是法定货币。它的单位是元。人民币与黄金无关，也与其他任何货币无关。它是在一定条件下可兑换的信用货币。人民币是中国唯一合法货币。人民币的发行高度集中，中国人民银行持有人民币的发行权。人民币由中国人民银行通过购买金银、外汇、发放贷款等渠道发行。

Checkpoint:

Why have most countries suffered sustained inflation since adoption of inconvertible credit money system?