Revenue rose by 18.2 percent at constant exchange rates (stripping out the effects exchange rate changes).
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These are unleveraged rates, which mean that with 10 times leverage, for example, net of any exchange rate changes, the interest income would be that much higher.
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The yields on such instruments were fairly low, making investors very sensitive to any exchange-rate changes.
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As Asia's economies expand and become more integrated, big exchange-rate changes have more economic impact than they used to.
With exchange-rate changes of this magnitude, the risk is that currencies may move too fast and perhaps even too far.
Exchange-rate changes will negatively impact some gold miners as their costs rise in foreign currencies in light of weaker U.S. dollar.
Since it takes time for exchange-rate changes to affect trade, the gap is likely to widen further: the full impact of the dollar's rise over the past two years has yet to be felt.
Changes in the exchange rate also reduced the value of European payments made under the Common Agricultural Policy (CAP), he suggested.
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Stress tests of the largest 17 commercial banks showed that most of the banks seem resilient to isolated shocks, including a sharp reduction in real estate and other asset values, shifts in the yield curve, and changes in the exchange rate.
The Nikkei Currency Index series plots changes in the effective exchange rate against a base value of 100 for the value in 2005.
The ADB's economists find that trade in parts is much less sensitive to changes in the real exchange rate than trade in finished products.
This is the value of an exchange-rate peg in an economy such as Hong Kong's: adjustment to external shocks takes place through changes to domestic prices, rather than through exchange-rate levels.
This week, China has been rife with rumours that the government is considering changes to the yuan's exchange rate.
He has also said that wages need to rise, though that will have to be accompanied by changes in prices and the official exchange rate.
Sergey Ignatiev, the man expected to become the new head of Russia's central bank, has said he does not want to see any "serious" changes to the country's exchange rate policy.
The chief advantage is that this outlaws any national discretion in the conduct of monetary policy: interest rates and the money supply adjust automatically to changes in economic circumstances, with the exchange rate totally fixed.
Supporters of the new government also say that it will try to make economic reform more palatable to Congress: whereas Mr Mahuad proposed the new exchange-rate regime as part of a package including telecoms and energy privatisation and changes in the labour laws, the new team may try to do things in stages.
The way to correct these imbalances is not through massive exchange-rate movements of the sort that might be under way, but by policy changes in both Japan and the United States.
Our results are inherently unpredictable and may be materially affected by many factors, such as fluctuations in foreign exchange rates, changes in global economic conditions and consumer spending, world events, the rate of growth of the Internet and online commerce and the various factors detailed below.
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