As a result of the 1875 gold specifications system, which equated the financial value of different countries to 1 oz. gold, and the rate at which gold fxcm-markets.com/gold-malaysia/ was converted between two currencies of various denominations became the basis for standard exchange rates.

A result of world wars was the introduction of a gold standard. It led to the setting of an exchange rate set by the government for currency reserves. US Dollars, only gold-backed currency.

In 1971, however, the US stated that it was going to end the Bretton Woods (the system of trading US Dollars for gold) and so ended it. It is this that led to the acceptance and approval rate fluctuations in foreign currency rates and, therefore, gave rise the the Foreign exchange market that we now know.

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