The European Monetary System and theExchangeRateMechanism (ERM) are created.
1978年欧洲货币体系与汇率机制(ERM)创建。
2
When the Bank of England was trying to keep the pound in theExchangeRateMechanism in 1992, it had to use its limited foreign-exchange reserves to buy sterling.
1992年英国央行为了保住英镑在汇率机制中的地位就不得不利用它有限的外汇储备来购买白银。
3
Since 1994, theexchangeratemechanism in China has been "a floating exchange rate under supervision" in name but a fixed exchange rate connected with US dollar in practice.