Britain’s transformation from international creditor to international debtor during the Great War gave the dollar a second wind in its battle with sterling. The British were forced to abandon gold convertibility in April 1919 – a tactical withdrawal intended to pave the way for Britain’s return to the former $4.8665 parity with the American dollar.
英国在第一次世界大战中从国际债权人沦为国际债务人，从而给了美元在与英镑的较量中的第二次生机。英国被迫在1919年4月放弃黄金兑换，这是英国准备回到从前一英镑兑换4.8665美元等价的战术性撤退。六年之后，在1925年4月，英国确认其货币信誉并且返回金本位制。但是英镑已经遭受了不可弥补的损害。