英语翻译A structural shift in the international financial archit

英语翻译
A structural shift in the international financial architecture can be traced to the 1970s with the breakdown of the Bretton Woods system in the 1970s and the subsequent switch to floating exchange rates.The collapse of pegged exchange rates,in particular,created a strong demand from customers of banks for the hedging of exchange rate risks on a routine basis,while the transition from a situation of low and stable inflation and interest rates to one characterized by high and variable rates increased the need for firms to hedge their potential risk exposures.The increased demand for such risk management services meant that in addition to their traditional intermediary role,banks were called upon to provide such services.For example,companies that borrowed in their domestic currency,derived income in other currencies from their foreign operations and banks could help such companies to control their foreign currency risk.Similarly,technology-intensive firms for whom unpredictable short-term revenues imposed severe constraints on their research and development (R&D) budgets,approached banks that provided products designed to hedge overseas income and plan R&D over longer period.This meant that banks had to increasingly diversify out of their traditional banking operations and provide fee-based services,implying higher incomes although at greater risks.The growth of off-balance sheet activities was a natural outgrowth of banks providing such risk management services.

在国际金融体系的结构性转变,可追溯到同布雷顿森林机构在20世纪70年代以及随后切换到浮动汇率制度崩溃的20世纪70年代.在固定汇率的崩溃,特别是建立了一个由银行客户对汇率风险对冲例行的强烈需求,而从低而稳定的通货膨胀率和利率的情况和过渡到高的特点之一浮动利率增加了企业的需要,以对冲潜在的风险.对于这种风险管理服务需求的增加意味着,除了传统的中介角色,银行被要求提供这种服务.例如,公司在其国内货币借款,源于其海外业务收入和其他货币的银行可以帮助这些公司能够控制其外币风险.同样,实施技术密集型企业为他们不可预知的短期收入他们的研究与发展（R＆D）的预算严重限制,找银行提供设计,以对冲在较长时期的海外收入,并计划研发的产品.这意味着,银行不得不日益多元化,其传统银行业务,并提供收费服务,虽然面临更大的风险意味着更高的收入.对资产负债表以外活动的增长是一个提供这种服务的银行风险管理的自然结果.