此范文为中译英

原文：

固定汇率制度的优点：可以保持投资者对这一货币的信心，减少汇率风险，并因此而鼓励国内储蓄和投资，减少资本流出，可以减轻伴随货币贬值而带来的通货膨胀压力，为实施非扩张性货币政策提供了一个可信的信号保证，并限制政府为弥补财政赤字而向中央银行借款或任意印制钞票。
固定汇率制度的缺陷：这一制度对来自外部的经济振荡和不均衡不能作出调整；实行固定汇率制的国家不能实行独立的货币政策，也不可将其货币贬值以提高进口成本，因此这就削弱了政府平衡外汇收支或降低出口商品及服务成本的能力；固定汇率制也是金融投机的固定对象；在固定汇率制度下，由于大量的资本流入，为维持汇率稳定，中央银行必须干预，结果是导致外汇储备的增加和货币存量的内生性扩张，如果不能采取有效的冲销政策，则在一定条件下，货币供应量的迅速增加，将引致物价迅速上涨，产生通货膨胀。

译文：

The merits of fixed exchange rate system: it can maintain the investor’s confidence in this currency, decrease exchange rate risks, and therefore it will encourage domestic savings and investments, decrease capital outflow, lighten the inflation pressure brought by currency depreciation, which provides a credible symbol guarantee for non-dilatation currency policy, and limits the government to make loan from the central bank or print banknotes at will for making up financial deficits.
The limitation of fixed exchange rate system: this system cannot make adjustment to the economic vibration and disequilibrium from outside; the countries implementing fixed exchange rate system cannot carry out independent currency policy, it cannot devaluate its currency for improving import cost either, therefore it weaken the government’s capability to balance the income and expenses of foreign exchanges or to reduce costs of export commodities and service. Fixed foreign exchange rate system is also the fixed object of financial speculation; under the fixed exchange rate system, due to the large capital influx, in order to maintain stable exchange rate, the central bank must make interference, it will result in increase of foreign exchange reservation and the internal expansion of currency deposit. If there are no effective countervailing policies, under certain conditions, the currency supply amount increases rapidly, which will cause the prices increase rapidly and will cause inflation.