French Investors Gain From "Vendredi Noir" As ERM Currencies Crisis Subsides
BANKS
Foreign exchange gains from the "Vendredi Noir" crisis in the ERM on July 30, which brought the French franc back to earth, were ephemeral and hard-earned, sources say. The lion's share of the profits were taken on July 30 by investors --many of them French companies--two days before the decision to widen currency bands to 15 percent for all except the Deutsche mark and the guilder, according to London-based bankers.
With 15 percent bands, an ERM currency can theoretically be devalued by 30
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