Under the Bretton Woods System, central banks were committed to selling ________ in exchange for their own currencies.
A)gold
B)British pounds
C)US dollars
D)German marks

Question

Quizplus · Accepted Answer

Under the Bretton Woods System, central banks were committed to selling US dollars in exchange for their own currencies. The US dollar was chosen as the anchor currency and other currencies were pegged to it at fixed exchange rates. The central banks were required to maintain the exchange rate by buying or selling their currencies against the US dollar, and the US government committed to selling gold to other central banks at a fixed price of $35 per ounce.

Under the Bretton Woods System, Central Banks Were Committed to Selling