Exchange controls i.e. restrictions imposed by governments on the freedom with which foreign exchange can be obtained, were first introduced in the 1930’s, following the breakdown
　　of the go1d standard and the general unwillingness of countries to accept freely floating rates of exchange．Exchange controls are provided for in the statutes of most countries, although often applying only to“capital flows”rather than to current payments (payments for imports and exports)．Until
　　October 1979 a number of such controls were still being operated by the UK authorities．Prior to that date the principal 1egislation was the Exchange Control Act of 1947 which empowered the Treasury，through the Bank of Eng1and，to administer transactions between residents of this country and non—residents including control over the purchase of both gold and foreign currencies．
　　The justification of the need for exchange control regulations is that large short term capital flows can have an unsettling influence on exchange rates．The Swiss and German authorities, in particular, have been anxious to control the inflow of foreign capital, with the Swiss resorting, until recently, to a system of negative interest rates on non-resident deposit accounts．In the case of the UK，exchange controls were used to protect the balance of payments and international reserves and to vulnerability to rapid movements of volatile funds in and out of the country．Many developing countries and communist nations have different rates of exchange for trade on the one hand and for tourist expenditure on the other．There are also in many countries，widespread control on the availability of currency for tourists．Official attempts to separate the markets for essential and non—essential transactions have in many cases，however，led to black markets which have tended to offset the effect of controls．
　　New Words & Terms
　　exchange control外汇管理，外汇管制 restriction n．限制，约束的
　　obtain v．获得；买到 breakdown
　　n．失败，崩溃；分类细账
　　inflow n．流入；流入量 foreign capital外资
　　standard n．标准；(货币制度的)本位 resort v．求助；凭借，采取手段
　　negative a．消极的，否定的，负的 gold standard金本位制
　　floating of exchange浮动汇率
　　vulnerability n．缺点，弱点；易损性
　　statute n．法令，法规，章程 capital flow资本流动
　　volatile a．易变的 current
　　payment经常开支
　　volatile fund游资
　　legislation[ded3iglei／9n]n．立法
　　non-essential a．非基本的，非主要的 resident n．居民
　　non-resident n．非居民 widespread
　　a．流传广的；遍及的
　　foreign currency外汇 offset
　　v．抵销；补偿
　　justification n．合理性 black
　　market黑市，黑市交易
　　unsettling a．扰乱的，使人不安 tend v．倾向；趋向
　　Phrases
　　provide for规定 in
　　particular特别是，尤其是
　　apply…to…适用于 resort
　　to求助；凭借，诉诸，采取某种手段
　　have an influence on对…有影响
　　Proper Names
　　United Kingdom of Great Britain and Northern
　　Ireland大不列颠及北爱尔兰联合王国(英国)
　　Exchange Control Act外汇管理法 Treasury英国财政部
　　Swiss瑞士的
　　Notes
　　1．Exchange controls i．e．restrictions imposed by
　　governments o the freedom with which foreign exchange can be
　　obtained，were first introduced in the 1930’s，following the
　　breakdown of the gold standard and the general unwillingness
　　of countries to accept freely floating rates of exchange．
　　外汇管理，即政府部门对自由获得外汇的约束，是20世纪30年代最先采用的，也是金本位制崩溃及许多国家普遍不愿接受自由浮动汇率的结果。”
　　“restrictions imposed…obtained”为“exchange
　　controls”的同位语。“imposed by…can be
　　obtained”过去分词短语后置作定语。“following the breakdown…floating rates
　　of exchange．”现在分词短语作状语，为补充说明。
　　 2．Prior to that date the principal legislation was the
　　Exchange Control Act d 1947 which empowered the
　　Treasury，through the Bank of England，to administer
　　transactions between residents of this country and
　　non-residents including control over the purchase of both gold
　　and foreign currencies．
　　在此日期(1979年10月)之前，主要立法是1947年制定的外汇管理法。此法令授权财政部通过英格兰银行来管理本国居民和非居民间的交易，如黄金和外汇的买卖。
　　“that date”前照应，指1979年10月。“which
　　empowered…”为定语从句限定"Exchange Control Act”。“through the Bank of
　　England”为插入语，作补充说明。“including control…foreign
　　currencies”分词短语作状语，补充说明transaction。
　　3．The Swiss and West German authorities，in particular，have
　　been anxious to control the inflow“foreign capital，with the
　　Swiss resorting，until recently，to a system of negative
　　interest rates on non-resident deposit accounts．
　　瑞士和西德当局尤其想控制外资的流入，直到现在瑞士还对非居民存款账采取鱼负利率制。
　　“withtheSwi9resorting…deposit
　　accounts”为带有介词“with”的分词独立结构，表伴随情况。如：
　　The density of air varies directly as pressure，with
　　temperature being constant．
　　在温度恒定的情况下，空气的密度随压力的改变而改变。
　　4．In the case of the UK，exchange controls were used to
　　protect the balance of payments and international reserves and
　　to reduce sterling’s vulnerability to rapid movements of
　　volatile funds in and out of the country．
　　英国也使用外汇管制来使国际收支臻于平衡和国际储备得到维护，同时也使英镑少受变化无常的资金迅速进出国境的流动所带来的损害。
　　“to protect…”和“to reduce…”两个并列不定式结构，作目的状语。
　　Exercises to the Text
　　I．Answer the following questions．
　　1．What do you mean by exchange controls?
　　2．Why were exchange controls introduced in 1930’s?
　　3．What was the principal legislation called before 19797，
　　4．What power did the Treasury get from this legislation?
　　5．Why are exchange control regulations needed?
　　6．What steps does the Swiss take to control the inflow of
　　foreign capital?
　　7．What was the purpose Of using exchange controls in
　　Britain?
　　8．What will some controls in developing countries result in?
　 Ⅱ．Spell out the words according to the initial letter and the definition given．
　　1．n a．a person not living in a certain place，esp．in a country
　　2. n b. less than zero
　　3. s c. law passed by Parliament or other
　　law-making bodies
　　4. u d. making upset
　　5. v e. weakness
　　6. o f. balance, make up for
　　7. l g. a law or set of laws
　　8. v h. of a quickly changing nature
　　9. b i. a sudden failure in effectiveness or
　　operation, collapse
　　10. j j. a good or proper reason for doing
　　sth.
　　III．Fill in the blanks with the words or phrases given below. Change the form if necessary．

　　1. The law imposes on the export of
　　high-technology goods.
　　2. means official control in the foreign
　　exchange dealings of a country.
　　3. Most developing countries exchange control
　　to bring the balance of payments into equilibrium(均衡).
　　4. The of the exchange control regulations is
　　often entrusted to a central bank.
　　5. In China, the People’s Bank of China exercises the
　　foreign exchange control laws and .
　　6. Authorized banks and dealers are to handle
　　all foreign currency transactions in accordance with the
　　government’s exchange control regulations.
　　7. It is usually the bank’s duty to insure that receipts
　　and payments of are generated by valid legal
　　transactions.
　　8. The control may also regulate the use of
　　domestic currency owned by foreign residents.
　　9. This could chemical products which need to be analysed or to metals which need to be tested for strength.
　　10. provide, at least in theory, an automatic mechanism for the elimination of surpluses and deficits on the balance of payments.
　　 IV．Fill in the missing words with the words given. Change the form if necessary.

　　 Exchange control is the regulation and supervision of dealings in foreign by the government. Those having foreign exchange are to surrender it to the exchange control (usually the central bank)，and those needing foreign exchange have to to the exchange control authority for an exchange . In allocating foreign exchange，the exchange control authority will usually preference to importers of essential raw materials and .There are complicated exchange regulations，non-observance of is punishable at law．Partial exchange control of controls on capital movements．These are usually on capital and exports，which are necessary to preserve the country’s foreign exchange reserves．Sometimes，however，a country has to restrictions on capital imports to prevent an excessively large inflow of foreign funds．
　　V．Translate the following sentences．
　　1．Exchange control restricts the right of holders of a currency to exchange it for other currencies．
　　2．Besides the control on the import and export of goods，there are some other methods used for exchange control．
　　3．The regulations also call upon(呼吁) all units and individuals having the right to disclose any violation of these Regulations．
　　4．Reward shall be given according to the merits of the disclosure，and penalties shall be imposed on violators．
　　5．China pursues the policy of centralized control and unified management of foreign exchange by the state．
　　6．一国外汇管理的宗旨主要是限制资本外流和保持国际收支平衡。(aim)
　　7．象中国这样一个发展中国家，实行外汇管理是必要的。(necessary，carry out)
　　8．国家外汇管理总局(State Administration of Exchange Contr01)是被授权行使外汇管理职责的机关。(authorize)
　　9．个人需要的外汇，应向中国银行提出申请。(apply to…for)
　　10．外汇不得私下随意(at will)买卖，也不允许任何人通过非法手段将外汇占为已有。(neither…nor…)