THE international agreement last December that devalued the dollar and established a new set of exchange rates for major currencies was delicately balanced. It stipulated not only what the dollar was worth in terms of other currencies, but how many German marks a Dutch guilder would buy, how many Japanese yen a French franc would equal, and so on. It was inevitable that sooner or later doubts about the value of at least one of these currencies would put the system to a severe test. The test came last week, when an explosion...
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