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The investment, which also included a basket of currencies, worked on the thesis that the stocks would rise in value.
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While it is included in the commodities basket it is in fact a medium of exchange and one that is officially recognised (if not publicly used as such).
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In 2005, when China last released the yuan from its dollar peg, analysts believed that the U.S. dollar, the euro, the Japanese yen and the South Korean won dominated the basket, but that the basket also included the U.K. pound, the Thai baht and the Russian rouble.
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Switching the peg to a basket of currencies that included, say, the euro and yen as well would give the Gulf states a bit more protection against oil-price swings, but it is hardly a perfect fit.
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The result looked like a rush job: The cover was a hodgepodge that included a bowl of dog food, a picnic basket and gardening gadgets.
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