The franc appreciated to 25 to the dollar last week, its highest since 1925, a rise of 20% in gold value since November. Premier Poincaré thereupon decided to peg the franc against further rise or decline. By his order the Bank France announced that until further notice it would buy or sell any number of francs at 25 to the dollar. Instantly speculation in the franc ceased. Frenchmen sighed with relief for a further rapid rise would have raised the gold price of French goods so much that French exporters would have been ruined.
...
To continue reading:
or
Log-In
