Which of the Following Statements Is False

Which of the following statements is false?

A) The Board of Governors of the Federal Reserve System authorizes member banks to accept drafts that arise in the course of certain types of international transactions.
B) Multinational corporations may engage in foreign exchange management for speculative purposes, as well as for defensive purposes.
C) Arbitrage in the foreign exchange market is the simultaneous purchasing of commodities or securities in one market and selling them in another where the price is higher.
D) All the above statements are correct.