Further developments have taken place in the field of international foreign exchange since this book was written. These can be summed up as follows:

Since the Sixteenth General Meeting of the IMF held in 1961, the United States has taken a greater interest in the foreign exchange market. As a matter of policy, the United States had long made a point of exchanging foreign-held dollar balances for gold at the fixed price of $35 an ounce. Other countries, for their part, endeavoured to stabilize their rates against the dollar by operations on the foreign exchange market.


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Copyright information

© Shigeo Horie 1964

Authors and Affiliations

  • Shigeo Horie
    • 1
  1. 1.Bank of TokyoJapan

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