Exact(1)
Currency devaluations muddy the waters, but Hong Kong, with the statistical clarity of an unchanged currency, is a good yardstick: Malaysians are spending half what they did a year ago, Indonesians and Thais two-thirds, Singaporeans and Filipinos three-quarters.
Similar(7)
Profits in France were unchanged, adjusted for currency movements, and sales at Laury's Castorama business remained flat.
So while the broad mass of activities in Cannes remain unchanged – bar a currency crisis or two – subtle shifts in emphasis can have surprisingly far-reaching effects.
The central bank's statement on Sunday and the decision on Monday morning to leave the currency unchanged represented clear attempts to reassure the Chinese people that there would not be a disruptive change.
But China's determination to limit the rate at which the renminbi rises against other currencies, particularly the dollar, together with its decision to hold the currency unchanged on Monday morning at 6.8275 to the dollar, made further friction with the United States Congress more likely.
But the agency left its rating on Thailand's local-currency debt and short-term foreign-currency debt unchanged, citing the government's slow progress in cleaning up the country's banks and in selling state-owned enterprises.
The euro has been in place in 12 countries since Jan .1 and bankers estimate that the equivalent of several billion euros worth of marks, francs and other former national currencies remains unchanged.
This suggests that firms left their foreign-currency prices unchanged, reducing their domestic profit margins to maintain market share.This works both ways: when the pound plunged after Britain left Europe's exchange-rate mechanism in September 1992, British exporters ignored the chance to boost market share by cutting prices overseas.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com