Word: franc
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Dates: during 1970-1979
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...price of gold that had long been pressed by Charles de Gaulle. The large French gold reserves ($3.5 billion worth at latest count) thus increased in value by 8.6% though the gains are largely theoretical for the time being, since the U.S. has stopped trading in gold. France also kept its currently prosperous trading position. The franc was not required to revalue upward at all (though it rose against the dollar by the 8.6% amount of Washington's devaluation). More important, the West German mark was set at a value 5% higher than the franc, giving French exports...
Monetary Brew. The negotiated realignment among major powers will increase the worth of Japanese yen by 17% in terms of the "old" dollar; in all, the West German mark will go up 13.5% against the dollar, and the Dutch guilder and the Belgian franc will rise 11.5%. The French franc and British pound will be formally unchanged; but, with the dollar's devaluation, they will go up 8.6% relative to U.S. money. Italy and Sweden will devalue their currencies slightly, by 1% each, but still end up 7.6% higher than the dollar. In return, Treasury Secretary John Connally said...
...different foreign currencies go up against the dollar, and against each other. Canada, which expects to come out of the reshuffle with a dollar priced slightly below the U.S. dollar, will be helped far more by removal of the U.S. surcharge than it will be hurt by American devaluation. France will have to surrender some of the export advantage it has gained over Germany, because the realignment will close part of the gap that yawned between the franc and the mark during the months of currency fluctuation. For both countries, the franc-mark relationship is vastly more important than...
...official level relative to the dollar, but it has two other goals. One is to force the Japanese yen up by a higher percentage in order to reduce the price advantage that Japanese goods hold over German merchandise in export markets. The Germans also want to push the French franc up as much as possible in order to minimize any French advantage over Germany in trade within Europe...
...French are in an embarrassing position. They have loudly insisted on dollar devaluation for two reasons: an increase in the gold price would raise the value of France's $3.5 billion official gold stock, and would please the nation's legion of gold hoarders, who possess many votes. The French, however, do not want too big a U.S. devaluation; they indicate that 7% to 8% is the most they could take. A U.S. devaluation means an equivalent rise in the value of the franc, and the French want to limit that rise. They are reaping trade gains...