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The equipment is to be delivered 90 days before the payment is made.
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British banks were also expanding overseas, London was the world centre for insurance and commodity markets and British capital was the leading source of foreign investment around the world; sterling soon became the standard currency used for international commercial transactions. For example, suppose an American company sells electrical equipment to a buyer in France for one million euros.
FUJI XEROX VERSANT 80 PRESS USER
At that point the UK was the primary exporter of manufactured goods and services and over 60% of world trade was invoiced in pound sterling.
A reserve currency (or anchor currency) is a currency that is held in significant quantities by governments and institutions as part of their foreign exchange reserves.
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