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"Historically, the winners on the foreign exchange market are the big banks. Citicorp, for example, typically earns about $600 million a year from its currency trading operation. The losers? Central banks, for one. Recently the Bank of England bought pounds to _________ but the pound kept _______ and huge losses developed."

15. Citicorp would make money at the expense of the Bank of England by: a) selling pounds for future delivery b) selling pounds for immediate delivery c) buying pounds for future delivery d) buying pounds for immediate delivery