Floating rates preferred
NZPA-Reuter Washington Economic officials from the ten largest industrial countries have concluded, in a draft report, that the present system of floating currency exchange rates is preferable to a fixed exchange rate system. “The deputies agree that at present there is no viable alternative to a system based on the floating of key currencies,” they said in a draft report obtained by Reuters. “An immediate return to fixed exchange rates among these currencies, however conceived, appears unrealistic and undesirable,” the report added. The report, which has been two years in preparation, will be formally presented at a June 21 meeting in Tokyo of Finance Ministers from the 10 nations.
The document generally backs the policies of the Reagan Administration, which has been resisting French suggestions that the world monetary system be overhauled ■
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Press, 24 May 1985, Page 10
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135Floating rates preferred Press, 24 May 1985, Page 10
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