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The rate should be fixed and remain in effect until the staff member's next salary review, unless currency fluctuations (greater than 10%) occur that will necessitate an earlier currency adjustment.
Indeed today, Deutsche Bank warned, "The currency adjustment and the losses accrued over the past few weeks on the securities portfolio could cause even some large banks to face very serious problems".
Sales fell 4% to $23.7 billion, while Wall Street was looking for $24.8 billion, prompting CEO Ginni Rometty to admit "[we] fell short on revenue". IBM saw its software sales rise 1% to $5.8 billion before currency adjustment, while services declined 3% to $9.5 billion.
The JJ Abrams film may sneak past Titanic's unadjusted $2.2bn, but even a flat currency adjustment gives it no chance of passing either the latter or Avatar's updated totals (both over $3bn).
Even the Asian Development Bank, not known for sticking its nose into such controversial issues, has been urging currency adjustment as a way of stimulating consumption, notably in China, and making trade cooperation easier.
The longer China shadows the dollar, the bigger the distortions and the risks from any currency adjustment.
Similar(43)
"Why Not a Global Currency". American Economic Review 91: 243-47.
The best alternative to a new global currency, Financial Times, March 31 , 2011
A Split-euro is the Solution for Europe's Single Currency, Financial Times, August 16, 2016.
Robert W. Hoge Lower Manhattan The writer is curator of North American coins and currency, American Numismatic Society.
URGES CONFERENCE ON WORLD CURRENCY; Senate Commission Declares Monetary Chaos in Europe Has International Effect.
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