Short answers, pulled from the story.
The United States removed its currency from the gold standard in 1971. This decision altered how nations interact with money across borders and ended the convertibility factor of the US dollar.
International finance examines the dynamics of the global financial system today. It looks at exchange rates between sovereign countries, balance of payments, foreign direct investment, and political risk when moving capital abroad.
Paper money became legal tender under the Yuan dynasty starting in 1276. The Ministry of Finance managed note issuance throughout the Ming dynasty until 1644 before fiat currencies were adopted globally.
Delegates from 44 nations gathered in Bretton Woods, New Hampshire after World War II. They sought rules for international trade following decades of negotiation which led to the creation of the International Monetary Fund and World Bank.
Multinational corporations manage foreign exchange exposure through transaction exposure during immediate payment settlements, economic exposure affecting long-term competitive positioning, and translation exposure impacting how financial statements appear on paper.