61. The Message Behind JCBs Announcement On Currency Intervention came on January 28th when the following made headlines. The Bank of Japan is mullingending its massive yenselling interventions in the currency market by http://www.gold-eagle.com/editorials_04/lee031904.html

Printer Friendly Version Email this Article The Message Behind JCBs Announcement on Currency Intervention John Lee We wonder why the JCB ( Japanese Central Bank ) stepped out on Monday and announced its decision to stop currency intervention by the end of March. Surely if JCB's desire is to have a weak yen, the last thing it wanted to do is invite the currency traders to come and short the dollar against the yen. This announcement reminded us of what the Bank of England did two years ago to secure a low price for its gold sale. i.e. tell people what you are going to do before you do it. It doesn't make sense. The news came shortly after 12pm est on Monday. The yen/dollar rate buckled 1%+ immediately after the news. Surprisingly, the yen/dollar rate recovered within minutes. What happened? First let us share a real-life story we read - 3 young Canadian backpackers spent 1 hour planning their day in a tiny sandwich shop at a Tokyo subway station. Keep in mind the restaurant was tiny with very limited seating. It was a busy lunch hour. While the backpackers were busy figuring out their route, the shop owner stepped out of the register, approached the backpackers and said

62. Rule 3-20 -- Currency For Financial Statements Of Foreign Private Issuers prominent disclosure of this fact shall be made in the the effects of changing pricesupon its financial position (d)Notwithstanding the currency selected for http://www.law.uc.edu/CCL/regS-X/SX3-20.html

Securities Lawyer's Deskbook published by The University of Cincinnati College of Law Regulatory History Search Page Suggestions Main Table of Contents ... Home Accounting Rules Form and Content of Financial Statements Regulation S-X Rule 3-20 Currency for Financial Statements of Foreign Private Issuers (a) A foreign private issuer, as defined in Rule 405 , shall state amounts in its primary financial statements in the currency which it deems appropriate. (c) If the financial statements of a foreign private issuer are stated in a currency of a country that has experienced cumulative inflationary effects exceeding a total of 100 percent over the most recent three year period, and have not been recast or otherwise supplemented to include information on a historical cost/constant currency or current cost basis prescribed or permitted by appropriate authoritative standards, the issuer shall present supplementary information to quantify the effects of changing prices upon its financial position and results of operations. Form 20-F (e) The issuer shall state its primary financial statements in the same currency for all periods for which financial information is presented. If the financial statements are stated in a currency that is different from that used in financial statements previously filed with the Commission, the issuer shall recast its financial statements as if the newly adopted currency had been used since at least the earliest period presented in the filing. The decision to change and the reason for the change in the reporting currency shall be disclosed in a note to the financial statements in the period in which the change occurs.

63. Uzbekistan: Will Currency Finally Be Made Convertible? Some progress was made in 2002, in particular by The lack of a freely convertiblecurrency is frequently the Uzbek government will deliver on its promises this http://www.uzland.uz/2003/july/11/12.htm

Uzbekistan: Will currency finally be made convertible? Radio Liberty July 10 Rustam Azimov, Uzbekistan's deputy prime minister and economy minister, recently told journalists in Tashkent that Uzbekistan will introduce full currency convertibility by November. Interfax quoted Azimov on 27 June as saying: "Uzbekistan plans to wrap up the process of fully liberalizing the currency market by the end of the year. Then, it will make commitments on conversion in current international transactions." This is not the first time that a top Uzbek official has promised to abolish all currency exchange restrictions, however. President Islam Karimov pledged to restore currency convertibility in 2000 but failed to do so. As a result, the IMF closed its Tashkent office in April 2001. Uzbekistan also missed two other deadlines last year to introduce convertibility and make other changes to liberalize trade and agriculture. The International Monetary Fund (IMF) consequently declined to renew an economic reform program in Uzbekistan. Uzbekistan's decision is part of the latest economic action plan unveiled by the government in an effort to satisfy the demands of the IMF. Under the plan, all barriers to currency convertibility will be lifted, including exchange limits and trade restrictions. The current requirement that companies pre-register import contracts with the government also will be lifted. The plan is expected to be approved by mid-September, when an IMF mission is due in Uzbekistan.

64. Uzbek Government Makes Public Its Plan To Introduce Currency Convertibility The Uzbek government on Thursday made public its plan to introduce free convertibilityof the national currency, a move aimed at demonstrating its commitment http://www.uzland.uz/2003/july/04/10.htm

Uzbek government makes public its plan to introduce currency convertibility Associated Press July 3 The Uzbek government on Thursday made public its plan to introduce free convertibility of the national currency, a move aimed at demonstrating its commitment to taking this long-awaited economic step. Last week the former Soviet republic's government made a fresh pledge to remove restrictions on currency transactions and set November as the new deadline for this step. It will allow the country to sign Article 8 of the International Monetary Fund's charter, which requires members to guarantee free convertibility of their currencies. The IMF withdrew its representative from Uzbekistan in 2001 due to frustration over the government's reluctance to reform the economy. It returned last year, but relations have not been fully restored. The main dispute has been over the Uzbek government's reluctance to allow convertibility of the national currency, the som, a practice that has encouraged a black market in currency trading and hampered foreign investment. The government set several earlier deadlines for lifting currency restrictions that it failed to meet.

65. IHT: China's Currency Is Vilified As Global Economies Slip But Beijing has made it clear in its pronouncements that At most, Chinese officialsmay offer Snow a loosening of some currency controls, or promises to http://www.iht.com/articles/107738.htm

This site requires Javascript to be turned on. ?" TARGET="_top"> ?" BORDER=0 WIDTH=468 HEIGHT=60> Sections Front Page Business Business Asia by Bloomberg Technology ... Article Index Regions Americas Asia - Pacific Europe Publishing Partners Services Currency Converter Weather International Funds Sponsored Sections ... Help Search Articles by Day Monday Tuesday Wednesday Thursday ... Weekend China's currency is vilified as global economies slip Elizabeth Becker and Edmund L. Andrews/NYT NYT Tuesday, August 26, 2003 WASHINGTON With unemployment high and U.S. manufacturers reeling from three years of misery, politicians around the country have suddenly focused on a new villain to blame for their troubles: China and its allegedly undervalued currency. In South Carolina, the Republican governor, Mark Sanford, now cites Chinese exchange rates as a major threat to his state's struggling textile industry. In Erie, Pennsylvania, executives and workers at scores of companies are planning a protest on next Monday's Labor Day holiday over "unfair competition"- and one of the biggest single targets will be the seemingly obscure matter of the Chinese yuan. And in Washington, the Bush administration is gearing up to put direct political pressure on China next week when Treasury Secretary John Snow makes a trip through Asia.

66. Sthelenaonline - A Currency Of Our Own is making much needed revenue from having its own currency Re A currency Of Our Own(Score 1) by vince (vince The revenue made by HMG which is not mentioned is http://www.sthelenaonline.com/modules.php?name=News&file=article&sid=74

67. Kurt Schuler | A Currency Board Beats IMF Rx both Indonesia and the IMF want—a sound currency to support The IMF then made matterseven worse its first attempt to help banks created panic because the IMF http://www.independent.org/tii/news/980218Schuler.html

The Wall Street Journal February 18, 1998 A Currency Board Beats IMF Rx By Kurt Schuler Misguided Opposition To be fair to the IMF, almost all other observers also misforecast Indonesia. But the institution should learn from the past. Its approach in Indonesia has simply not ended the currency crisis or the steep decline of the economy. Notice that not one of these items would attempt to stabilize the exchange rate. Indonesia could fulfill every part of the IMF program, yet still have a rapidly depreciating rupiah. Not all of the bad news about the Indonesian economy is known yet, but the currency crisis does not seem to be the fault of the usual suspect, excessive deficit spending by the government. Rather, the crisis results from uncertainty about Southeast Asia generally and the Indonesian government specifically, and about how much further the government and the central bank will let the rupiah depreciate. Central banking in Indonesia, as elsewhere, lacks built-in restraints. Bank Indonesia is free to print as much money as it wishes. Providing a stable currency through Bank Indonesia is therefore a tricky business. During the nearly 50 years that Bank Indonesia has existed, the rupiah has fallen to less than a millionth of its original value against of the U.S. dollar. People have little reason to hold rupiah, even at interest rates of 40% or 50% a year, rather than trustworthy U.S. dollars. A currency crisis of this magnitude threatens to make the IMF program irrelevant, because the waves of the crisis are sinking the Indonesian economy. The prices of imports have risen, inflation is following and businesses that owe dollar-denominated debt cannot replay it. A chain of bankruptcies has begun. Bankrupt business cannot replay their bank loans, so the banking system faces collapse. The government will be tempted to socialized these losses by using new money printed by Bank Indonesia to compensate the losers. The likely result is yet higher inflation and a deeper recession than Indonesia is already entering.

68. Explaining Currency: New Zealand's Bank Notes And Coins Reserve Bank is liable to pay on currency it issues cases, individual assessmentsof notes may need to be made. a note, the Reserve Bank will pay its full value http://www.rbnz.govt.nz/currency/money/0060617-04.html

Explaining currency: New Zealand's bank notes and coins A brief history of New Zealand's currency Early days Before the first Europeans arrived in New Zealand, Maori did not use currency. Items of value were traded by barter. When Europeans first settled here, Maori and Pakeha traded in this way as well, until coins started to appear around the 1830s. From this time, traders from all nations and European colonists brought to New Zealand a variety of coins, mostly British. There weren't many bank notes around at that time, generally because the notes were of higher value than were needed for transactions. Early bank notes were issued by individual banks and payable (usually in gold or coin) only by those banks. At first, there were few printing facilities in New Zealand, so the durability of coins was a real advantage. In early 1840, William Hobson, New Zealand's first Governor, proclaimed that British laws should apply to New Zealand. British coins became subject to the Imperial Coinage Act, 1816 (UK) after the introduction of the English Laws Act in 1858. Because of this Act, British coins in use since 1840 retrospectively became legal tender. In the 1840s and 1850s there was an extreme shortage of coins, especially copper coins. Traders tried the issue of low value paper notes to remedy this situation but this was soon abandoned. Instead, as this shortage intensified throughout the 1850s, businesses in Auckland and Dunedin decided to issue the first copper tokens in 1857. In all 48 traders throughout New Zealand (mostly retailers such as merchants, grocers, drapers and milliners) decided to issue their own penny and halfpenny tokens. Tokens were profitable for the traders because the cost of producing them was well below their nominal face value and many were never cashed in or were lost. They were also a good source of advertising as each token carried the business's name and service. Tokens were last issued from Christchurch in 1881 and their use gradually declined during the 1880s

69. In Re New York Currency Research - March 31, 1998 Respondent New York currency Research Corporation petitions us to reconsider ouropinion and any error in the manner in which the Division made its request for http://www.cftc.gov/ogc/oporders98/ogcnycrc1fop.htm

UNITED STATES OF AMERICA Before the COMMODITY FUTURES TRADING COMMISSION In the Matter of                                                                                            CFTC DOCKET NO. 98-3 NEW YORK CURRENCY                                                     ORDER RESEARCH CORPORATION  Respondent New York Currency Research Corporation petitions us to reconsider our opinion and order of February 6, 1998, in this administrative enforcement action and stay the sanctions imposed therein. Our decision imposed a cease and desist order and a $110,000 civil monetary penalty. On March 4, 1998, the Division of Enforcement ("Division") filed an opposition to respondent’s motion for reconsideration and a stay. On March 5, 1998, we issued a temporary stay of the sanctions pending our decision on respondent’s motion for reconsideration. For the reasons set forth below, we grant respondent’s motion for reconsideration, vacate our finding that respondent violated Regulations 4.23 and 4.33, 17 C.F.R. §§ 4.23 and 4.33 (1997), and otherwise reaffirm the findings made and the sanctions imposed in our previous order. In addition, the temporary stay of sanctions entered on March 5, 1998, is lifted, and the sanctions imposed in the Commission’s order of February 6, 1998, shall take effect 15 days from today’s date. Finally, respondent’s request for a further stay pending review by the United States Court of Appeals is denied.

70. Currency Conundrum When Europe s first unified currency made its debut in January 1999, it was a causefor celebration and a coup for the region, which believed a common currency http://waw.wardsauto.com/ar/auto_currency_conundrum/

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71. RR-3065: "THE SINGLE CURRENCY AND EUROPE'S ROLE IN THE WORLD ECONOMY" ASSISTANT of EMU membership, a number of countries made longoverdue The single currency isnow a fact, and Europe s size as the US economy, and its external trade as a http://www.ustreas.gov/press/releases/rr3065.htm

FROM THE OFFICE OF PUBLIC AFFAIRS April 6, 1999 RR-3065 "THE SINGLE CURRENCY AND EUROPE'S ROLE IN THE WORLD ECONOMY" ASSISTANT SECRETARY FOR INTERNATIONAL AFFAIRS EDWIN M. TRUMAN REMARKS TO THE WORLD AFFAIRS COUNCIL As Europe embarks upon the era of the euro, it is interesting to step back and ask "what does this really change?" Is the single currency important in its own right or is it merely shorthand for describing more important issues of economic policy and performance in Europe? For the rest of the world, is the "euro area" more important than the sum of its parts? It is important to note, before I offer you my perspective on these questions, that the U.S. Government has not had a grand "official policy" or "viewpoint" on European monetary union precisely because we have had no direct role in the project. This has always been a European endeavor in which we are very interested observers. At the same time, we have an important stake in the economic and financial success of monetary union because a prosperous Europe is good for American prosperity and for the world economy. The single currency is now a fact, and Europe's policy choices increasingly will affect not only Europe, but the rest of the world. Euroland's aggregate economy is of roughly similar size as the U.S. economy, and its external trade as a share of GDP is roughly equivalent. In the United States, we are used to the consequences of our size and the economic and financial responsibilities as well, at least in the sense that we are used to being criticized for not being sufficiently sensitive to the effects of our policy decisions on the rest of the world. Although Euroland as a whole is not more important in the world merely as a result of EMU, its policy decisions henceforth will have greater repercussions because they will apply to all member countries simultaneously, and the constituent economies will increasingly expand and contract together.

72. Debevoise | Publications the deposit is made (step (ii) above) might not be the same bank; the latter maynot be licensed by the CBR to purchase or sell hard currency (in its own name http://www.debevoise.com/publications/pubsdetail.asp?pubid=115055732001&typeid=4

73. Chinese Currency Manipulation Based on the IMF definition, China has clearly been manipulating its currency formercantilist purposes. The Bank of China has made protracted large scale http://www.mapi.net/html/testimony2.html

Logout "Chinese Currency Manipulation": Testimony of Ernest H. Preeg, Ph.D., before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, May 1, 2002 Thank you, Mr. Chairman, for this opportunity to appear before your Committee to address the impact of the dollar on the U.S. balance of trade, economic growth, and long-term economic stability. I will focus my presentation heavily on one particularly disturbing aspect of the trade deficit, namely currency manipulation to commercial advantage by some trading partners, and in particular by China, the nation with whom we have the largest and most lopsided trade deficit. To put this issue in broader context, however, I begin with brief comments on three basic concerns I have about the chronic and very large overall U.S. trade deficit. Three Basic Concerns About the Trade Deficit My third and even longer term—but no less important—concern about the trade deficit and the consequent buildup of foreign debt is the social inequity we are imposing on our children and grandchildren. A current account deficit of $500 billion per year means we are living beyond our means by roughly 5 percent of GDP, mostly for immediate personal consumption and to a lesser extent for investment. This consumer binge is being paid for through foreign borrowing comparable to the current account deficit, and the resulting $3-$5 trillion buildup of foreign debt is being left to our children and grandchildren to service indefinitely or to pay off fully in principal. With a younger generation of Americans already concerned about paying rising Social Security and Medicare commitments to the current older generation, the foreign debt buildup is one more intergenerational income transfer being undertaken essentially by stealth.

74. E. Domingo Solans: The Changeover To The Euro Currency Based on the positive experience we have so far made with the common European currencyand its smooth introduction, we can be confident that we will cope with http://www.ecb.int/key/03/sp031113.htm

The changeover to the euro currency Eugenio Domingo Solans, Member of the Governing Council and of the Executive Board of the European Central Bank, Lecture delivered at the Bank of Korea, Seoul, 13 November 2003. I am grateful for the invitation to speak to you about the introduction of a common European currency and thereby sharing my experience with you on one of the most important events in European integration. The transition of the banking and financial community from the participating national currencies to the euro was completed, as planned, after the irrevocable fixing of the euro conversion rates. This can definitely be regarded as a remarkable success. The smooth migration of all electronic systems and procedures attested to the quality of the preparatory work that had been carried out both by the financial sector and by the central banks, under the guidance of the European Monetary Institute and, as of mid-1998, the European Central Bank (ECB). During the preparatory phase of the changeover there was of course some concern like the occurrence of a major technical failure. As a reaction to these concerns, an ad hoc Changeover Weekend Committee was set up by the Governing Council of the ECB. Its tasks were to prepare contingency measures, which would be activated in the event of a breakdown of the "core infrastructure". Eventually, no incidents occurred after the irrevocable fixing of the conversion rates for the euro. On 4 January 1999 the Eurosystem announced the successful completion of its first main refinancing operation.

75. Committee On Waterproofing The Fractional Currency of the process, and I therefore continued its use until was closed and work on thefractional currency stopped to have the report of the commission made as soon http://www7.nationalacademies.org/archives/Waterproofing_the_Fractional_Currency

Jump to Top News Jump to Science in the Headlines Search: Subscribe to our FREE e-newsletter! NATIONAL ACADEMY OF SCIENCES NATIONAL ACADEMY OF ENGINEERING INSTITUTE OF MEDICINE ... A History of the First Half-Century of the National Academy of Sciences 1863-1913 , pp. 261-264.] In 1875 the Government was making use of a secret, patented process for water-proofing the paper on which the fractional currency and funded-loan bonds were printed. The principal feature of the process was that the paper was sized after having been printed upon. During the first session of the 44 th Congress, the committee of the House of Representatives on Expenditures in the Treasury Department requested the Secretary of the Treasury to submit answers to a series of questions relating to the printing of the securities of the United States. The last two questions in the series, which numbered twenty-two in all, were as follows: [House Misc. Doc. no. 163, 44 th Congress, 1

76. Review Of The Currency Regime of capital transactions, in compliance with its fundamental objective purchasing offoreign currency by resident and non resident legal entities is made based on http://www.bnro.ro/En/Legi/R_val/

HOME Banking Regulations Currency Regulation CURRENCY REGULATION Regulation No. 1/30 January 2004 (Published in Monitorul Oficial al României, part I, No.117/10 February 2004) Available in Romanian version only Note: PDF files can be viewed and printed using Acrobat Reader, preferably version 4.0 or higher. Download may take up to a few minutes conditional on your Internet connection. Acrobat Reader is available for free from www.adobe.com/products/acrobat/readstep2.html Summary: Pursuant to its Statute, the National Bank of Romania sets and oversees the application of the foreign exchange regime on the territory of Romania. ESTABLISHMENT OF FOREIGN EXCHANGE REGIME Main prerogatives of the National Bank of Romania: to formulate and apply the exchange rate policy; to draft the balance of payments and other papers on the country's international investment position; as regards the exchange rate: to set the exchange rate of the domestic currency for its own operations on the foreign exchange market; to calculate and publish the average exchange rates of the foreign exchange market for statistical purposes; the exchange rate of the interbank foreign exchange market shall be set freely depending on the demand for and supply of foreign exchange;

77. Beijing's New Diplomatic Currency scene and can shape the world through its economic relevance and diplomatic currency. Thecountry s economic growth has made it far more important to http://www.stratfor.com/corporate/Story.neo?storyId=222590

78. 33-12-209. Foreign Investments And Foreign Currency Exposure. debt rating of SVO 1 or 3% of its admitted assets not be considered denominated ina foreign currency if the or contracts to exchange all payments made on the http://data.opi.state.mt.us/bills/mca/33/12/33-12-209.htm

33-12-209. Foreign investments and foreign currency exposure. (1) Subject to the limitations of , an insurer may acquire foreign investments or engage in investment practices with persons of or in foreign jurisdictions if the investments or investment practices are of substantially the same types as those that an insurer is permitted to acquire under this chapter, other than of the type permitted under and if, as a result of and after giving effect to the investment, the aggregate amount of foreign investments then held by the insurer under this subsection (1): (a) does not exceed 20% of its admitted assets; and (b) in a single foreign jurisdiction does not exceed 10% of its admitted assets as to a foreign jurisdiction that has a sovereign debt rating of SVO 1 or 3% of its admitted assets as to any other foreign jurisdiction. (2) (a) Subject to the limitations of , an insurer may acquire investments or engage in investment practices denominated in foreign currencies, whether or not they are foreign investments acquired under subsection (1) or additional foreign currency exposure as a result of the termination or expiration of a hedging transaction with respect to investments denominated in a foreign currency, if the aggregate amount of investments then held by the insurer under this subsection (2) denominated in: (i) foreign currencies does not exceed 10% of its admitted assets; and

79. 33-12-309. Foreign Investments And Foreign Currency Exposure. debt rating of SVO 1 or 5% of its admitted assets not be considered denominated ina foreign currency if the or contracts to exchange all payments made on the http://data.opi.state.mt.us/bills/mca/33/12/33-12-309.htm

33-12-309. Foreign investments and foreign currency exposure. (1) Subject to the limitations of , an insurer may acquire foreign investments or engage in investment practices with persons of or in foreign jurisdictions if the investments or investment practices are of substantially the same types as those that an insurer is permitted to acquire under this chapter, other than of the type permitted under and if as a result of and after giving effect to the investment the aggregate amount of foreign investments then held by the insurer under this subsection (1): (a) does not exceed 20% of its admitted assets; and (b) in a single foreign jurisdiction does not exceed 10% of its admitted assets as to a foreign jurisdiction that has a sovereign debt rating of SVO 1 or 5% of its admitted assets as to any other foreign jurisdiction. (2) (a) Subject to the limitations of , an insurer may acquire investments or engage in investment practices denominated in foreign currencies, whether or not they are foreign investments acquired under subsection (1), or additional foreign currency exposure as a result of the termination or expiration of a hedging transaction with respect to investments denominated in a foreign currency if: (i) the aggregate amount of investments then held by the insurer under this subsection (2) denominated in foreign currencies does not exceed 15% of its admitted assets; and

80. Dynamite Conspiracies And Currency Speculation - B.P. O'Dowd (1904) is the key to the later accusations made against the connection of this Chicagoaffair in its origin with the state of the American currency has been http://www.takver.com/history/aia/aia00010.htm

DYNAMITE CONSPIRACIES AND CURRENCY SPECULATION It is not my desire to ask for space in your paper for propagandist purposes. Recently in various quarters certain accusations have been made against the Anarchists into which other sections of socialists have been drawn, to which accusations I would ask the honor of a reply for the defence. Without further preliminary I will set to work to dispose of the accusation that a policy of violence is related to the philosophy of Anarchism or that it is resorted to in connection with the movement. In point of fact throughout the history of the movement with the exception probably of Caserio Santo and Le Breton (Camille Henry) the whole of the dynamite or allied affairs have had their origin in a single quarter, outside the Anarchist movement, no matter whether they occurred in France, England, Spain, America, or any other country, even to Australia ... His murder was alleged to be a disappointed office seeker but the murderers of Banquo in Shakespeare's Macbeth were people with real or supposed grievances against the victim, whilst Macbeth was the instigator of their crimes. I have left out many details which would make the narrative too long for this place, but the essential features are the foregoing; and this Chicago business is the key to the later accusations made against the Anarchists, it being the first case in which that sort of thing was charged to them ... The possible connection of this Chicago affair in its origin with the state of the American currency has been mentioned, and this will appear more probable as we proceed. It is well known that a central group of financiers, existing in Europe, carries its speculative operations all over the world, taking advantage of any temporary conditions which may embarrass the local capitalists. In relation to colonial loans, in Truth of August 1st, '03 I find this passage.

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