There is not enough foreign exchange to cover basic imports.

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"The monetary board has no plans of changing the basic exchange-rate policy, " Singson insisted July 9, the day the stock market fell 4.1% because of worries about the central bank's ability to fight speculators.

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With 179 new 52-week highs and 113 new 52-week lows on the New York Stock Exchange in a rising trend, the basic requirements were met.

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Countries like the UK, Germany and Austria are missing quite basic data needed to ensure information exchange can work.

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One last thought: Although the Roach-Frankel duo went on to address currencies and exchange rates, the two never got to a basic risk factor in the current fragile period: What if the U.S. dollar, under the weight of private and public misallocation of resources, were to collapse?

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The company recently sold out of its position in the iShares FTSE Xinhua China 25 (FXI) exchange traded fund, a large cap fund made up primarily of financial services and basic materials.

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Globalisation has not altered the basic limits: monetary policy can be used to regulate the domestic economy or to regulate the exchange rate, but it cannot successfully accomplish both goals at once.

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But Dino Kos, a former chief of markets at the Federal Reserve Bank of New York who now works for Portales Partners, a research firm, notes that the yuan does not meet one of the most basic requirements of a reserve currency: other countries cannot use it to intervene in foreign-exchange markets because it is not freely convertible.

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