These are macro plays where you have to be comfortable with their corporate accounting, currency and the prevailing party in power.

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With most of our large companies doing a large share of their selling abroad, currency accounting profits only add to the joy.

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Yet in fact money is a creature of the state, and when our debts are denominated in our own currency those accounting numbers mean nothing in and of itself going forward, functionally speaking.

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While CDB's primary mandate is to support China's domestic development, with foreign currency-denominated lending accounting for only 21% of outstanding loans at the end of 2011, it is also tasked with supporting the development of China's interests overseas.

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None of this is to gloss over the fact that international investing does carry risk of currency fluctuation, questionable accounting practices (which Americans are by no means immune to at home, either) and, for some countries, political instability.

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Are my accounting system and my financial software able to cope with the single currency?

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