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What was the first step of the cultural revolution in China?
U.S. Dollar
The official currency of the United States, widely used as a benchmark in international trade and considered a key global reserve currency.
Flexible Exchange-Rate System
A currency valuation system where the value of a currency is allowed to fluctuate in response to foreign exchange market mechanisms.
Foreign-Exchange Reserves
Stockpiles of foreign currencies maintained by a nation’s central bank. Obtained when the central bank sells local currency in exchange for foreign currency in the foreign exchange market.
Terms of Trade
This refers to the ratio at which a country's exports are exchanged for its imports, influencing the country's economic health.
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