Sterling rises

PUBLISHED : Thursday, 31 October, 1996, 12:00am
UPDATED : Thursday, 31 October, 1996, 12:00am
 

Sterling sprinted to 17-month highs against the US dollar amid talk of buying by the People's Bank of China and purchases linked to a large corporate deal.


It bounced even higher when the Bank of England surprised the market with a 0.25 point rise in official interest rates. Sterling jumped to US$1.6244 and 2.4553 deutschemarks before tightening.


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