Under the Bretton Woods system each country established a par value for its currency in relation to the dollar.And the U.S.dollar was pegged to gold at

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The U.S. dollar was pegged to gold at a rate of $35 per ounce under the Bretton Woods system. This means that other countries' currencies were also fixed in relation to the dollar based on their established par value.

Under the Bretton Woods System Each Country Established a Par