Question：Suppose that the government of the UK is committed to a policy of keeping the exchange rate for the Pound sterling against the US Dollar at or very near a particular level.
At the same time, suppose that the UK has a large balance of payments deficit.
Which of the following measures would you expect the government and the central bank of the UK to be pursuing?
A. Raising interest rates, buying foreign currencies, selling the Pound sterling.
B. Raising interest rates, selling foreign currencies, buying the Pound sterling.
C. Reducing interest rates, selling foreign currencies, buying the Pound sterling.
D. Reducing interest rates, buying foreign currencies, selling the Pound sterling.
The correct answers are: Raising interest rates, selling foreign currency, and buying the Pound sterling.
解析：When there is a balance of trade deficit for the UK, there will be pressure on the Pound sterling to depreciate in value unless there are inflows of foreign investments into the Pound sterling, creating a demand for the Pound sterling in the currency markets. Demand for the Pound sterling can be increased by raising interest rates, and (to a lesser extent) using the country’s official reserves of foreign currencies to buy the Pound sterling.
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