Under the Bretton Woods Agreement, preventing the appreciation of a currency would result in

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Under the Bretton Woods Agreement, a country was obligated to maintain the value of its currency within 1% of the agreed parity. If a currency appreciated, the country was required to sell its currency in exchange for gold or dollars to prevent the appreciation. This would result in a reserve inflow and a reduction in dollar securities.

Under the Bretton Woods Agreement, Preventing the Appreciation of a Currency