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George restored his reputation through his adept handling of the United Kingdom's embarrassing withdrawal from the European Communities' exchange-rate mechanism in September 1992.
"Perceptions about the renminbi exchange rate in the international community are absolutely groundless," Li Daokui, a member of the central bank's monetary policy committee, recently said.
He warned that deep budget cuts on top of the falling exchange rate would lead to "an insidious grinding down of the UK research community".
Exchange rate.
The exchange rate.
The exchange rate may help.
The exchange rate is trickier.
The exchange rate helps.
First, the exchange rate quickly became overvalued.
The other is through the exchange rate.
What would the new exchange rate be?
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