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External sources (not reviewed)

[...] [...] and growth in value-added tax rebates [...]

[...] with currency appreciation, helped to [...] [...]

A 10% strengthening of HK$ against AUD at the reporting date would decrease in equity and profit or increase in loss by the amount shown above.

Such carry-trade operations may have negative consequences in terms of currency appreciation in the short-run and currency crises in the long-run (for a discussion of carry trade see A/66/164).

There may be investment returns for the rich and salary increases for the middle classes, coupled with the appreciation of their stocks and properties.

One aspect of this problem is the “Dutch disease”, whereby increased natural resource revenue causes rapid currency appreciation which results in decreased competitiveness of and thus decline in other exports.

Meanwhile, there are long-term risks relating to competition and foreign currency transaction as a result of the appreciation of RMB.

[...] [...] currency is appreciating.

To moderate exchange-rate volatility and appreciation, especially in situations of historically low effective rates of exchange, some countries deployed measures that included reserve accumulation (Argentina, Brazil, Colombia, Costa Rica, Guatemala, Mexico and Peru) and sought to stem capital inflows (by means of taxes and restrictions in Brazil, which increased the financial transaction tax on foreign investment in fixed-income instruments — first to 4% and then, in October, to 6%) and increased outflows (Chile and Peru raised the overall limit on pension fund investments abroad).

Developing countries’ external competitiveness had come under pressure, owing to appreciation of their currencies prompted by increased capital inflows that necessitated capital controls.

At 31 December 2009, 2010 and 2011 and 30 June 2012, with all other variables held constant, if US$ had strengthened/weakened against Renminbi by 5%, the Tianduan Group’s and Tianduan’s profit for the year of 2009, 2010 and 2011 and the period of 30 June 2012 would have been favourably/unfavourably impacted by approximately RMB15,000, RMB25,000, RMB178,000 and RMB26,000 respectively as a result of the translation of those Non-Functional Currency Items.

The investment objective of the Sub-Fund is to achieve capital appreciation and income generation by primarily (i.e. not less than 80% of its net assets) investing in the PRC Renminbi (“RMB”) fixed income securities.

[...] further accelerate rising cost of living.

[...] [...] dong (VND) has been depreciating.

The directors do not expect the appreciation of the RMB against the HK$ to have any material adverse effect on the operation of the Group.

[...] [...] exchange value or a revaluation of such currency [...] [...]

Currently, the share of renewable sources in the primary energy balance is not substantial (it does not exceed 5%).

[...] [...] have further room to appreciate.

The goal of the tour was to actively promote the internationalization of Taiwan’s medical services since 2009 to the global promotional marketing, promotional medical achievements accumulated for decades in Taiwan, high-tech medical equipment, the reasonably price they are charged at and the integration of Traditional Chinese Medicine therapy divisions of medical services and other advantages.

However, invest in the Fund might incur exchange rate risk if RMB (CNH) is not the base currency of the investors. Investors might suffer lost when they convert their investment proceed to base currency which appreciates against RMB.

[...] [...] the estimated valuation of the Post-IPO Interest to the Guaranteed Value’’.

partially offset by the receipt of an interim insurance payment of AUD 19 million arising from the Train 1 HPAL autoclave pipeline failure in May 2010.

[...] [...] and appreciating the value of multiple uses of [...]

US Dollar average exchange rate by 8.5% also had a negative impact on the cost of export sales during the period.

The management considers the Target Group is not exposed to significant foreign currency risk as the directors do not expect the appreciation of the RMB against the HK$ to have any material adverse effect on the operation of the Target Group.

[...] [...] charges and currency revaluation; and income from [...]

At 31 December 2010, if HK dollars had weakened/strengthened by 5% against Singapore dollars with all other variables held constant, equity would have been HK$36.1M (2009: HK$16.5M) higher/lower, mainly as a result of foreign exchange gains/losses on translation of Singapore dollar-denominated available-for-sale financial assets, interests in associates and loans to associates.

[...] [...] exchange rate appreciation and inflationary [...]

At 31 December 2007, if HK dollars had weakened/strengthened by 5% against the UK pound with all other variables held constant, equity would have been HK$1.5 M (2006: HK$1.4 M) higher/lower, mainly as a result of foreign exchange gains/losses on translation of UK pound-denominated operations.