A Background to Foreign Exchange
For most people, the term foreign exchange conjures up a vision of a holiday spent abroad, crossing national frontiers and culminating in an accumulation of surplus assorted foreign coins and low value notes, so coveted by the child collector. In the context of the EEC, these might comprise varying denominations of national currency units, such as the franc, guilder, krone, mark, peseta and lira, interspersed with lower denominations of centime, cent, ore and pfennig thrown in for good measure. But there is much more to foreign exchange — conversion of one currency into another — in its application to international trading than in its relation to travel and tourism, despite the expansion of the latter into a global industry involving the same two-way flow of currencies.
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