China s foreign-exchange reserves now total $2.4 trillion, of which about 70% are thought tobe in dollars. In 1971 the central banks of America s trading partners had amassed a rathersmaller hoard, of about $40 billion. But that was enough to buy the gold in Fort Knox threetimes over, if America upheld its commitment to sell the metal at $35 an ounce. Britain srequest to exchange dollars for gold on August 13th 1971 was the last straw. Although theUS government attached no great importance to the gold as such, a run on this gold wouldhave been a sorry spectacle, wrote George Shultz and Kenneth Dam, two prominenteconomic officials in the Nixon administration, in their book Economic Policy Beyond theHeadlines. On August 15th Nixon, in effect, announced that America was now unwilling todo what it would soon be incapable of doingconverting dollars into gold at the agreedexchange rate.
中国的外汇存底现在总计达2.4万亿美元,其中大约70%是存成美元。在1971年时,美国贸易伙伴的央行累积的美元不多,大约只有四百亿美元。可是如果美国信守当时美元和黄金的兑换率,35美元兑一盎司黄金,这些美元已然足够可以买下三倍诺克斯堡库存的所有的黄金。英国在1971年8月13日要求将其持有美元兑换黄金是压倒骆驼的最后一根稻草。两位尼克松幕僚的重要经济官员,乔治˙舒尔茨和肯尼˙丹,在他们的书头条背后的经济政策中说,虽然美国政府不认为黄金非常重要,但是如果发生黄金挤兑却也实在难看。在 8月15日,尼克松实际上宣布了美国政府不愿意履行其即将没有能力履行的事--将美元按既定的汇率兑换黄金。
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