Mervyn King's Statement to UK Treasury Committee

Bank of England Governor Mervyn King told the UK parliament's Treasury Select Committee on Thursday 25 March that he wants to update the trade-weighted sterling index and has been in talks about doing so.

In remarks, King said he had been in discussions with the International Monetary Fund to make the criteria more current to reflect not only updated trade flows but also the broad shift toward an economy based less on manufacturing and more on services.

"I think the present index we would very

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