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One of the most striking aspects of the decade before the credit crisis was not just the strength of sterling but its stability. As recently as last November, Mervyn King, governor of the Bank of England, claimed that anyone searching for a stable trade-weighted exchange rate "couldn't do better than look at sterling". But in the past year the pound has been anything but stable as it has lurched down, most recently against the dollar.rnIn July New York shopping trips and American holidays were still in vogue for Britons as sterling remained around $2. By September the pound was trading around $1.80. In recent weeks the decline has been stomach-churning as the pound tumbled to a closing price of $1.55 on October 27th, although two days later it bounced back, ending at $1.63.rnSterling's fall against the dollar followed, and has now overtaken, an earlier fall against the euro in late 2007 and the early part of this year (see chart). Together they have driven down sterling's trade-weighted index (in which the dollar has a weight of 16.6% compared with the euro's 53 .1%) by some 15% in the past year. This index has been at its lowest point since late 1996, shortly before Labour won power.
机译:信贷危机爆发前十年中,最引人注目的方面不仅是英镑的实力,还在于其稳定性。直到去年11月,英格兰银行行长默文·金(Mervyn King)声称,寻求稳定的贸易加权汇率的任何人“都比看英镑做得更好”。但是在过去的一年中,英镑一直处于稳定状态,因为它一直在下跌,最近一次是兑美元。7月,由于英镑仍在2美元左右,纽约购物旅行和美国假期仍在流行。到9月份,英镑交易价格约为1.80美元。最近几周,英镑下跌至10月27日的收盘价1.55美元,跌幅令人不安,尽管两天后英镑反弹,收于1.63美元。斯特林兑美元汇率随后跟随下跌,如今已超过早些时候。 2007年底和今年年初对欧元的汇率下跌(见图表)。在过去一年中,它们共同推动了英镑的贸易加权指数(其中美元占16.6%的权重,而欧元占53 .1%的权重)下降了约15%。该指数一直处于1996年底以来的最低点,即工党上台前不久。

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    《The economist》 |2008年第8604期|34|共1页
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