Central banks currently hold 70% of their foreign-exchange reserves in longer-term securities and 30% in deposits.

ECONOMIST: Sterling strength: Reserve power | The

Whatever benefits the long term may bring, the first result of his lifting of controls on prices and foreign exchange was 103% inflation last year and a precipitous fall in living standards.

ECONOMIST: Venezuela

At the same time emerging economies' behaviour, particularly the accumulation of massive foreign-exchange reserves, has distorted capital markets by artificially pushing down long-term interest rates.

ECONOMIST: The rise of emerging markets: Be worried | The

Other stocks should be contemplated as long-term plays because of the transaction costs:Your broker must go through an Aussie counterpart, adding overseas commissions and foreign-exchange spreads to the U.S. brokerage fee.

FORBES: Aussie Stock Guide