Second, the system is unstable, because it makes the major reserve currency’s value dependent on US macroeconomic policy and the vagaries of the US balance of payments and associated domestic deficits. Since the abandonment of gold-dollar parity in 1971, the world has experienced increasingly intense cycles in the value of the dollar and the US current account.
其次，当前的国际储备体系是不稳定的，因为它使主要储备货币的价值依赖于美国的宏观经济政策以及美国国际收支和相关的国内赤字的变化。自从1971年黄金－美元平价被抛弃以来，世界经历了美元价值和美国经常账户日益剧烈的周期波动。美元已经失去了任何作为储备资产都应该具备的东西：稳定的价值。中国中央银行行长最近也强调了这个基本观点。