What are the characteristics of Jamaica's exchange rate system?

That is to say, gold is completely decoupled from currency, canceling the obligation that all countries must pay off their debts with gold, reducing the monetary role of gold, reducing its position in international reserves, and promoting the establishment of a diversified international reserve system.

(2) Diversified exchange rate system arrangements.

The basic goal of international economic cooperation is to maintain economic stability rather than exchange rate stability. The Jamaican system allows the exchange rate system to be diversified, and attempts to gradually replace the fixed exchange rate system with a more flexible floating exchange rate system around the world. The IMF divides diversified exchange rate system arrangements into the following three types: "hard peg", such as currency board system and monetary union system; "Soft nailing" includes traditional fixed nailing, crawling nailing, in-band floating and crawling floating in-band; "Floating exchange rate system" includes complete floating exchange rate system and various floating exchange rate systems with different degrees of control.

(3) A diversified international reserve system dominated by US dollars.

In the Jamaican system, a country's available international reserves are not only US dollars, but also international currencies such as gold reserves, euro, Japanese yen and British pound, reserve positions of the International Monetary Fund (IMF) and special drawing rights (SDR). Nevertheless, the dollar is still the main component of foreign exchange reserves in various countries, which shows that the fundamental contradiction of the original monetary system has not been fundamentally solved.

(4) Diversified balance of payments adjustment mechanism. IMF allows countries with unbalanced international payments to make independent decisions on the imbalance through exchange rate mechanism, interest rate mechanism and financing mechanism.