1.Each member country of the IMF undertakes to establish a parity of its currency in terms of gold and the US dollar and to keep fluctuations of the dollar exchange rate -- or, more exactly, the spot rate within the limits of the band or fluctuation margin.國際貨幣基金組織的每一個成員國承擔著穩(wěn)定本國貨幣與黃金和美元平價的責任，并使美元匯率——或者，更準確地說——美元現(xiàn)匯匯率的波動限制在規(guī)定的幅度內(nèi)。
(1) International monetary Fund(IMF)國際貨幣基金組織
國際貨幣基金組織是政府間的國際金融組織。它是根據(jù)1944年7月在美國新罕布什爾州布雷頓森林召開的聯(lián)合國和聯(lián)盟國家國際貨幣金融會議上通過的《國際貨幣基金協(xié)定》而建立起來的。
國際貨幣基金組織的基本宗旨是通過對會員國提供資金，以解決會員國國際收支的暫時性不平衡，解決一國的國際收支逆差的問題。
(2)a parity of its currency in terms of gold and the US dollar本國貨幣與黃金和美元之平價
parity n.the equivalent in value of a sum of money expressed in terms of a different currency at a fixed, official rate of exchange等值；平價：用不同種貨幣以一個固定的官方交換匯率表示的一定貨幣的等量價值
in terms of :as measured or indicated by; in units of用…衡量或表示；用…的措辭
例：distances expressed in terms of kilometers as well as miles
用公里和英里來表示距離
(3)spot rate:即期匯率，即在外匯市場上,買賣雙方成交后,當日或在兩個營業(yè)日內(nèi)辦理交割所使用的匯率。
spot a.made, paid, or delivered immediately立即制定、支付或發(fā)送
例：a spot sale.
即時結(jié)清的買賣
of, relating to, or being a market in which payment or delivery is immediate現(xiàn)場交易的：貨到時付的或現(xiàn)付的，交易等當時支付現(xiàn)金的與市場相關(guān)的或市場的，在此種市場中現(xiàn)金支付和交割即時進行
例：the spot market in oil.
石油的現(xiàn)場交易市場
2. Each member country's central bank must, if necessary, buy or sell dollars to keep the dollar rate from falling below the lower or rising above the upper intervention point.每個成員國的中央銀行在必要時應買進或拋售美元，使美元匯率下降的幅度不低于最低點，或者上升的幅度不超過點。
(1)to keep…from to prevent or deter阻止，制止
例：tried to keep the ice from melting.
防止冰融化
(2)falling below the lower or rising above the upper intervention point為動名詞短語，做介詞from的賓語。
(3)lower or upper intervention point:在平價上下2.25%，即上下干預點
3.The parities can be changed if need be, but changes in excess of 10 per cent require the approval of the Fund. 如果需要，平價可以調(diào)整，但調(diào)整幅度超過10%，須經(jīng)基金組織批準。
(1)此句為并列復合句，but“但是，然而”，表示轉(zhuǎn)折或與預期相反。
(2)句中的The parities can be changed if need be，完整的句子是The parties can be changed if it need to be changed.此句為主從復合句，if“如果”，是連詞，引導條件狀語從句。
(3)in excess of 10 per cent是介詞短語，做后置定語，修飾前面的changes。
4.The growing demand for the currency of this country will cause its external value to appreciate, but since under a system of fixed or pegged parties，exchange rate fluctuation are limited----a point will be reached from which the currency will become increasingly undervalued.對該國貨幣需要的增加將使其貨幣的對外價值上漲，但是，因為在固定匯率或釘住關(guān)鍵貨幣的制度下，外匯匯率的波動是受到限制的—— 上漲到某一點后，該貨幣就會不斷貶值。
(1)此句為并列復合句，but“但是，然而”，表示轉(zhuǎn)折或與預期相反。
(2)句中的since under a system of fixed or pegged parties，exchange rate fluctuation are limited----a point will be reached from which the currency will become increasingly undervalued.此句為主從復合句，主句中a point will be reached from which the currency will become increasingly undervalued又包括一個由（from）which…引導的定語從句，修飾前面的point（先行詞）。
(3)since conj.inasmuch as; because既然；因為
例：Since you're not interested, I won't tell you about it.
既然你不感興趣，那我就不告訴你了。
5.If, on the other hand, a country has a higher inflation rate than the other countries, the opposite will be true and the currency of this country will become increasingly overvalued.另一方面，如果一個國家的通貨膨脹率高于其他國家，就會出現(xiàn)相反的情況，該國的貨幣就會不斷的升值。
(1)此句為主從復合句，if“如果，倘若”，表示在…的情況下。
(2)句中的the opposite will be true and the currency of this country will become increasingly overvalue為并列句，由and引導。
(3)if conj.in the event that如果，倘若：在…的情況下
例：If I were to go, I would be late.
倘若我去，就要遲到