The Bank of England's latest Quarterly Bulletin, published last week, shows that the Bank has yet to build back its official reserves since its massive--but futile--efforts to prop up the British pound in September. Total reserves dropped from £44.45 billion in August to £42.67 billion at the end of September--a bit over the £2 billion that press reports have alleged the Bank spent around Black Wednesday. But reserves continued to fall over the subsequent months, the figures show--in October

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