The British pound, which has been ailing for decades, has begun to show signs of returning health. And its new strength is reflected in reports both at home and abroad. Last week the Federal Reserve Bank of New York announced that the British have entirely repaid more than $625 million borrowed from the U.S. last summer in order to help sterling escape devaluation. In a long-distance diagnosis, the Reserve Bank's Charles A. Coombs, vice president in charge of foreign operations, said that the pound has "moved through crisis to convalescence."
In his semi-annual report on U.S. foreign-currency operations, Coombs explained that the...
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