The development and evolution of the system: 1. The international gold standard from 1880 to 1914.
The first international system in history was the monetary system successively implemented from the 19th century to before the First World War.
2. 1918-1939, the restoration of the international gold standard.
Gold is still the basis of the international monetary system. The paper money of each country still has gold content, and replaces gold to perform the function of circulation, clearing and payment means.
But gold can only be used as a last resort payment to maintain stability.
3. 1944 to 1973.
The International Monetary Fund agreement established the dollar-centered international gold standard, which was pegged to gold and each country’s currency was pegged to the U.S. dollar and established a fixed price relation. 4. 1973-1976, the transition period to the floating exchange rate system.
The international financial market once again started to sell dollars, buy the old West German marks, and then buy gold.
Ultimately leading to the collapse of the post-World War II dollar-centric system.
5, 1976-present, Jamaican system.
After the collapse of the Bretton Woods system, the Jamaica Agreement was adopted in 1976, which confirmed the legitimacy of floating exchange rates after the collapse of the Bretton Woods system and continued to maintain the principle of global multilateral free payment.
