British pound sank by more than one percent against the dollar after the Bank of England intervened on the bond markets

The British pound sank on Thursday by more than one percent against the dollar after the Bank of England intervened on the bond markets to head off a fresh financial catastrophe.

Sterling slid as low as $1.0763 in early morning London deals, one day after the BoE snapped up long-dated government bonds in order to prevent a “material risk” to stability, reports BSS.

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