As well as lowering business costs, direct convertibility may pave the way for New Zealand's central bank to diversify some of its foreign-exchange assets into Chinese government bonds.

WSJ: New Zealand, China in Talks on Convertibility of Currencies

However, most global trade, Asia's external debt, foreign-exchange liquidity and financial assets are still denominated in dollars.

ECONOMIST: The dollar's dive

This portfolio can be used to embrace all manner of investments such as Bonds, Commodities, Equity, Foreign Exchange, Loans and Options plus less transparent assets such as Derivatives, Exchange Traded Funds, Film Box Office Sales Human Resources, Real Estate, Structured Products, Trade Marks, Patent and Marketing Rights.

FORBES: Innovation In Investment Vehicles

As a result, all the developing countries have their foreign exchange reserves in dollar-denominated assets.

FORBES: Cause of U.S. Trade Deficit: Money Flows Uphill

The picture is less clear for Asian countries, which, led by China and Japan, account for about half of the world's foreign-exchange reserves and sovereign-wealth assets.

ECONOMIST: The flows are neither as big nor as scary as they once seemed

We sifted through the performance figures of foreign-country exchange-traded funds with significant assets that have been trading for at least 15 years.

FORBES: Foreign Stocks Look Like Junk, Step Up To American Quality

Holders of precious metals or other major tradable (fungible) assets worldwide need to monitor the foreign exchange rate of the currency in which their asset is held.

FORBES: Comex Gold Firmer on Follow-Through Strength from Friday's Strong Gains

Our establishment of a foreign exchange investment company will not have any adverse effect on dollar-denominated assets.

NPR: Chinese Cash Moves Could Roil Markets

On the non-operating side, the rapid depreciation of the Korean won against the US dollar in September resulted in foreign exchange-related losses of around 420 billion won due to translation of foreign currency- denominated assets and liabilities.

ENGADGET: Samsung's Q3 2011 overall profit falls despite incredible phone sales