Original intention of Bretton Woods worth cherishing

Editor's note: This year marks the 75th anniversary of the Bretton Woods system. Zhao Ke, a researcher in international strategy at the National Academy of Governance, in an article in Beijing News on Thursday, comments:

After two world wars, the Western countries reached a consensus that the stability of currencies is of crucial importance to the stability of the global economy, and the stability of currencies entails an adjustable exchange rate system.

It was on this consensus that the Bretton Woods system was built by 44 countries, including China, to tie world currencies to the dollar, which, in turn, as the countries agreed, should be convertible into gold at $35 per ounce.