China, Vietnam and Kampuchea

bank) Otmar Emminger to talk of a de facto EMS being in operation. The only difference is that the central banks of the Nine have not been intervening, as the EMS would oblige them to Currencies, particularly in the EMS, can move 2.25 per cent on either side of the central pivotal rate, fixed in terms of the European Currency Unit which is a floating basket of EEC cur rencies. The Italian lira can move 8 per cent either side.