Furthermore, developing countries could not borrow in their own currencies because world currencies were the currencies of industrial countries.

Exchange of currencies

Non convertible currencies

(h) Translation of currencies

(f) Translation of currencies.

Ideally, Asian currencies would rise much more than 15 while European currencies would rise less.

You have a similar trend with currencies currencies going through an extreme time of stability.

Some countries devalued their currencies.

Wanted Chinese Leadership on Currencies

Decrease in non convertible currencies

Change in non convertible currencies

Note 2. Non convertible currencies

Moreover, some emerging market currencies are joining the club of international currencies for the first time.

A World of Multiple Reserve Currencies

That is also true of currencies.

(d) Translation and conversion of currencies

those currencies for operational purposes 18.6

Also this rise of local currencies.

Tensions are rising over currencies as well.

G. Utilization of accumulated non convertible currencies

B. Payment of contributions in currencies other

Efficiency dictates the use of fewer and larger currencies (and foreign investors, understandably wary of weak and volatile currencies, demand it).

However, several Asian currencies have already appreciated significantly.

(d) Holdings of accumulated non convertible currencies 10.6

Table 9. Holdings of accumulated non convertible currencies

B. Payment of contributions in currencies other than

But that's just part of the story. You have a similar trend with currencies currencies going through an extreme time of stability.

This is particularly true with respect to lending in foreign currencies to economic agents that do not have revenues in those currencies.

However, some claims were presented in other currencies, and some others were presented in United States dollars after conversion from other currencies.

To be sure, all three currencies have their critics.

Since then, most emerging market currencies have rebounded sharply.

(b) Currencies held by UNDP in the currency of

depreciation of nonconvertible currencies. In 2004, the amount written off plus the adjustment for overvaluation of cash held in nonconvertible currencies totalled 2.7 million.

Moreover, the eurozone itself is a mini gold standard, with heavily indebted members unable to devalue their currencies, because they have no currencies to devalue.

So products were developed that allowed investors to borrow easily in several currencies at once and invest in a portfolio of high interest rate currencies.

During 1992, the currencies of Albania, Bulgaria, Czechoslovakia, Romania, and the Commonwealth of Independent States were removed from the list of accumulating non convertible currencies.

Currencies fell, interest rates rose, and credit default swaps soared.

In order for some currencies to depreciate, others must appreciate.

Table 5 Non convertible currencies held at 31 December 2004

(a) Present and forecasted amounts of disbursements in various currencies

(a) Present and forecasted amounts of disbursements in various currencies

Note 8. Investments in currencies other than United States dollars

The dollar, pound and euro are all government FlAT currencies.

And floating and fixed exchange rate regimes coexist uneasily, because volatility tends to affect the floating currencies (often the euro, and recently the Latin American currencies).

Given that the renminbi s real and expected rates of return are higher than the real rate of return of other currencies, it has become a positive carry against foreign currencies, reinforcing the tendency to hold assets in renminbi and liabilities in foreign currencies.