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Extra info for Money in International Exchange: The Convertible Currency System
Commercial banks make direct forward quotes (of the kind listed in the Technical Note to Chapter 1) only against the American dollar. The reason is clear enough. Forward trading involves the introduction of many markets, each corresponding to a maturity date in the future, no one of which has a terribly high volume of transactions. This lack of volume would become even more acute if direct forward markets were introduced between arbitrarily chosen pairs of convertible currencies, instead of funneling all trading through a common vehicle currency.
68, the Bank of England steps in and buys sterling for United States dollars. 72 need the Bank of England enter to sell sterling and buy dollars. 72 (as long as these official limits are themselves credible to the private market) so that only the commercial banks are active. 68, the Bank of England sells dollars only to the commercial banks at wholesale, who in turn intermediate or retail the dollars to their nonbank customers. Overall, therefore, the Bank of England need not be in the market continuously, and when it does enter at a support point, it can do so in a few large transactions.
S. dollar or the French franc; or they peg to a statistical index or a composite of currencies from the major industrial countries. S. dollar) is the financial instrument for adjusting the international value of the domestic currency to the weighted index of other currencies. The great majority of these 104 are the poor less developed countries of Latin America, Africa, and Asia with inconvertible currencies. 9 Why should one associate pegged exchange rates, for most of the 104 countries, with currency inconvertibility and with economic underdevelopment?