An international monetary system in which virtually all international transactions take place in convertible currencies with gold bullion little used for this purpose, but each currency is freely convertible into gold at a fixed rate (and into other currencies) is known as the:

Question

Quizplus · Accepted Answer

The gold exchange standard is a system where currencies are pegged to gold but the actual transactions are carried out using convertible currencies. Each currency is freely convertible into gold at a fixed rate, facilitating international trade and investment by providing stability and predictability in exchange rates.

An International Monetary System in Which Virtually All International Transactions