The PVF allows the investor to receive an up-front payment (typically, 75-85% market value) in exchange for delivery of a variable amount of shares or cash in the future, at which time the capital gain is realized for tax purposes and the tax on the capital gain is paid.

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With this sort of contract, the owner of a big, highly appreciated stock position gets an upfront payment from an investment firm--typically for 75% to 85% of the value of his shares--in exchange for agreeing to deliver a variable number of shares or cash in the future, with the exact amount dependent on how the stock performs.

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It is pitching a new ventilation system that would fill a mine with sensors, dampers and louvers along with variable speed fans that will send only the right amount of air to the mine tunnels.

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This is a flow variable and so should largely exclude currency valuation effects, but the drawback is that it will usually overstate the amount of official FX intervention as it includes monthly foreign exchange transactions by the PBoC and commercial banks.

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