EIU Country Analysis

FROM THE ECONOMIST INTELLIGENCE UNIT SOURCE: Business China

COUNTRY VIEW FROM THE ECONOMIST INTELLIGENCE UNIT OUTLOOK FOR ####-## DOMESTIC POLITICS: The ruling Communist Party of Vietnam is facing a number of major challenges as it strives to maintain its grip on the polity. The party is due

FROM THE ECONOMIST INTELLIGENCE UNIT OVERVIEW: The political outlook has become highly uncertain after the president, Mamadou Tandja, introduced a new constitution greatly extending his powers and held an election, boycotted by the opposition, which gave him control of the

FROM THE ECONOMIST INTELLIGENCE UNIT China#;s state-asset watchdog, the State-owned Assets Supervision and Administration Commission (SASAC) has demanded that state-owned enterprises (SOEs) exercise tighter control on derivatives trading. In a notice (Guozifapingjia [####] No. ###) issued

FROM THE ECONOMIST INTELLIGENCE UNIT Frequent crackdowns on counterfeiting, aided by stronger laws and tougher court sentencing, have discouraged some infringers, but not enough to satisfy rights holders Over the past few months China has tightened existing laws on intellectual

FROM THE ECONOMIST INTELLIGENCE UNIT Oil monopoly Naftna Industrija Srbije (NIS), majority owned by state-owned Russian gas giant Gazprom, has completed its loan portfolio restructuring, thus increasing the repayment period of loans and lowering interest rates, the company has

FROM THE ECONOMIST INTELLIGENCE UNIT OUTLOOK FOR ####-## DOMESTIC POLITICS: The ruling Communist Party of Vietnam is facing a number of major challenges as it strives to maintain its grip on the polity. The party is due to hold

FROM THE ECONOMIST INTELLIGENCE UNIT China#;s State Administration of Industry and Commerce (SAIC) has published two sets of procedural rules for the implementation of the Anti-monopoly Law, which took effect in August ####. Both sets of rules, which

FROM THE ECONOMIST INTELLIGENCE UNIT The China Banking Regulatory Commission has relaxed restrictions on foreign banks wanting to expand business on the mainland. However, the new measures, which took effect on October #st ####, apply only to Hong Kong-incorporated

The ruling Communist Party of Vietnam has stepped up efforts to quash political dissent in the country. The moves confirm a marked break from the years preceding Vietnam#;s entry into the World Trade Organisation (WTO) in January ####, when

The ongoing debate in Vietnam over whether to continue to stimulate the flagging economy or to move to prevent the return of #####;s chronic inflation problem appears to be over for now, with a victory for the pro-growth

FROM THE ECONOMIST INTELLIGENCE UNIT Post-earthquake reconstruction work continues to drive fixed-asset investment growth in Sichuan, ensuring that the province is on track to meeting the Economist Intelligence Unit#;s GDP forecast of ##.#% in ####. (Excerpts

FROM THE ECONOMIST INTELLIGENCE UNIT The China Securities Regulatory Commission (CSRC) issued draft amendments to the "Measures for the Administration of Securities Registration and Clearing" for public discussion last month. Members of the public were given two weeks (until October

Country Report Vietnam November #### Economist Intelligence Unit ## Red Lion Square London WC#R #HQ United Kingdom The Economist Intelligence Unit The Economist Intelligence Unit is a specialist publisher serving companies establishing and managing operations across national borders. For ##

FROM THE ECONOMIST INTELLIGENCE UNIT OUTLOOK FOR ####-## DOMESTIC POLITICS: Mr Karimov dominates the political scene, and there is little prospect of democratisation over the forecast period. Mr Karimov, who was last elected for a seven-year term in

FROM THE ECONOMIST INTELLIGENCE UNIT DOMESTIC POLITICS: The political outlook in Niger has become highly uncertain following a series of actions by the president, Mamadou Tandja, that is tantamount to a seizure of power. Since May Mr Tandja has dissolved

Country Monitor Weekly briefing service for international executives Disorderly exit Monetary-policy normalisation is likely to be uneven, stoking financial-market volatility Internet delivery Country Monitor is available over the Internet. The content is the same as the printed version

A weekly report to managers of East European operations Business Eastern Europe November #nd #### Vol XXXVIII, No. ## EU Green light for Lisbon Page # Ukraine Reckless spending may threaten IMF deal Page # Business outlook Romania: shrinking economy

FROM THE ECONOMIST INTELLIGENCE UNIT China#;s state-asset watchdog, the State-owned Assets Supervision and Administration Commission (SASAC) has demanded that state-owned enterprises (SOEs) exercise tighter control on derivatives trading. In a notice (Guozifapingjia [####] No. ###) issued

FROM THE ECONOMIST INTELLIGENCE UNIT Current assessment The non-performing loan (NPL) ratio fell to #.#% at the end of September ####, with the value of NPLs also falling. However, concerns are high over the risks associated with the

Policy towards private enterprise and competition ####-##: Regional government efforts to develop local corporate champions impedes foreign firms#; access. The anti-monopoly law is used largely to hinder foreign acquisitions, but domestic firms also face lawsuits under its auspices

FROM THE ECONOMIST INTELLIGENCE UNIT Post-earthquake reconstruction work continues to drive fixed-asset investment growth in Sichuan, ensuring that the province is on track to meeting the Economist Intelligence Unit#;s GDP forecast of ##.#% in ####. (Excerpts

FROM KELLOGG SCHOOL OF MANAGEMENT Many advertising media present a series of ads featuring brands in unrelated categories. For instance, while browsing through a magazine or watching TV, consumers can be exposed to an ad for a Gucci perfume that

FROM RICHARD IVEY SCHOOL OF BUSINESS Say on Pay has become a lightning rod for shareholder protest. Despite the loud cries, however, many shareholders have approved pay as usual for CEOs. Perhaps the fault lies with these same shareholders, who

As of October ##th the Bank of England (BoE, the central bank) had purchased assets totalling £###.#bn (US$###bn) under its programme of quantitative easing (QE), with the vast majority (##.#%) being government bonds (gilts). The BoE has

FROM KNOWLEDGE@WHARTON Faint rumblings have begun in the social networking landscape. Facebook acquired smaller rival FriendFeed in August. Friendster, viewed as an also-ran in the U.S., has refocused its operations on the Asia-Pacific region, where it

Country Report Niger November #### The Economist Intelligence Unit ## Red Lion Square London WC#R #HQ United Kingdom The Economist Intelligence Unit The Economist Intelligence Unit is a specialist publisher serving companies establishing and managing operations across national borders. For

The passing of the annual party conference season in late September and early October (the last before next year#;s general election) appears to have had little impact on the standing of the main political parties. A rolling average of

FROM THE ECONOMIST INTELLIGENCE UNIT OUTLOOK FOR ####-## DOMESTIC POLITICS: The Yemeni government will struggle to cope with disparate and deepening security and socioeconomic challenges, which will not only undermine stability, but even threaten the disintegration of the state

FROM THE ECONOMIST INTELLIGENCE UNIT Please see graphic below SOURCE: Business China

FROM THE ECONOMIST INTELLIGENCE UNIT SOURCE: Business China

FROM INSEAD KNOWLEDGE The great divide between sales and marketing has been exacerbated by the recession, and the marketing camp seems to be losing the good fight. "What#;s happened is marketing is (that it#;s) not standing up too

FROM THE UNIVERSITY OF CHICAGO BOOTH SCHOOL OF BUSINESS Universities and the Evolution of Knowledge Networks Universities can help boost a mature industrial economy by reinvigorating the flow of new ideas in the community. But universities can approach this task

FROM THE ECONOMIST INTELLIGENCE UNIT Frequent crackdowns on counterfeiting, aided by stronger laws and tougher court sentencing, have discouraged some infringers, but not enough to satisfy rights holders Over the past few months China has tightened existing laws on intellectual

FROM THE ECONOMIST INTELLIGENCE UNIT Better-than-expected third-quarter growth has put to rest doubts that China will meet its GDP target this year, but caution remains on the quality of the stimulus-induced expansion China#;s economy has

Country Risk Service Uzbekistan November #### Economist Intelligence Unit ## Red Lion Square London WC#R #HQ United Kingdom Uzbekistan at a glance: ####-## OVERVIEW The president, Islam Karimov, will retain a tight grip on power, with few prospects for

Country Report Uzbekistan November #### Economist Intelligence Unit ## Red Lion Square London WC#R #HQ United Kingdom The Economist Intelligence Unit The Economist Intelligence Unit is a specialist publisher serving companies establishing and managing operations across national borders. For ##

Country Risk Service China November #### Economist Intelligence Unit ## Red Lion Square London WC#R #HQ United Kingdom China at a glance: ####-## OVERVIEW The prospect of serious political reforms in ####-##remains remote, and the Chinese Communist Party

Country Risk Service Yemen November #### Economist Intelligence Unit ## Red Lion Square London WC#R #HQ United Kingdom Y emen at a glance: ####-## OVERVIEW Ongoing security problems in Yemen, exacerbated by the activities of militant Islamist groups, continued

Country Forecast China November #### Economist Intelligence Unit ## Red Lion Square London WC#R #HQ United Kingdom China at a glance: ####-## OVERVIEW The prospect of serious political reforms in ####-##remains remote, and the Chinese Communist Party (CCP

FROM THE ECONOMIST INTELLIGENCE UNIT SOURCE: Business China

FROM THE ECONOMIST INTELLIGENCE UNIT Post-earthquake reconstruction work continues to drive fixed-asset investment growth in Sichuan, ensuring that the province is on track to meeting the Economist Intelligence Unit#;s GDP forecast of ##.#% in ####. (Excerpts

FROM THE ECONOMIST INTELLIGENCE UNIT The China Banking Regulatory Commission has relaxed restrictions on foreign banks wanting to expand business on the mainland. However, the new measures, which took effect on October #st ####, apply only to Hong Kong-incorporated

FROM THE ECONOMIST INTELLIGENCE UNIT Frequent crackdowns on counterfeiting, aided by stronger laws and tougher court sentencing, have discouraged some infringers, but not enough to satisfy rights holders Over the past few months China has tightened existing laws on intellectual

FROM THE ECONOMIST INTELLIGENCE UNIT The China Securities Regulatory Commission (CSRC) issued draft amendments to the "Measures for the Administration of Securities Registration and Clearing" for public discussion last month. Members of the public were given two weeks (until October

FROM THE ECONOMIST INTELLIGENCE UNIT China#;s State Administration of Industry and Commerce (SAIC) has published two sets of procedural rules for the implementation of the Anti-monopoly Law, which took effect in August ####. Both sets of rules, which

FROM THE ECONOMIST INTELLIGENCE UNIT China#;s state-asset watchdog, the State-owned Assets Supervision and Administration Commission (SASAC) has demanded that state-owned enterprises (SOEs) exercise tighter control on derivatives trading. In a notice (Guozifapingjia [####] No. ###) issued

Country Report Yemen November #### Economist Intelligence Unit ## Red Lion Square London WC#R #HQ United Kingdom The Economist Intelligence Unit The Economist Intelligence Unit is a specialist publisher serving companies establishing and managing operations across national borders. For ##

Country Report United Kingdom November #### Economist Intelligence Unit ## Red Lion Square London WC#R #HQ United Kingdom The Economist Intelligence Unit The Economist Intelligence Unit is a specialist publisher serving companies establishing and managing operations across national borders. For

Policy towards private enterprise and competition ####-##: The government plays more of a role in the financial sector through its recent nationalisation of two banks and purchase of stakes in others, and supports employment in the non-financial sector

Policy towards private enterprise and competition ####-##: The National Party-led administration will increase private-sector involvement in the provision of government services. Regulatory tie-ups with Australia are considered. ####-##: Privatisations may occur. More progress is made

After months of negotiations between the social partners, in mid-October #### the government agreed to increase the state pension age from ## to ##. This move has long been under discussion in public debate, given concerns about the long

FROM THE ECONOMIST INTELLIGENCE UNIT Japan#;s retail sales revenue fell by #.#% year on year in September, to post the smallest contraction this year. The year-on-year rate of decline slowed to -#.#% in the third

FROM THE ECONOMIST INTELLIGENCE UNIT SOURCE: Business Latin America

FROM THE ECONOMIST INTELLIGENCE UNIT Sanofi Pasteur, a division of Sanofi-Aventis (France), has guaranteed the supply of #m doses of flu vaccine to Mexico by the end of November to combat a possible resurgence of the AH#NI flu virus

FROM THE ECONOMIST INTELLIGENCE UNIT In a controversial step that has upset financial markets and raised concerns about government intervention, on October ##th the government imposed a #% tax on foreign capital inflows directed towards portfolio investments in fixed income

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on September ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS Initially the Tunisian dinar will remain pegged to a basket of currencies, of which the euro accounts for around

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS Despite the unstable political situation, the baht has strengthened against the US dollar in recent months, and in early

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October #, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS The Syrian pound has been broadly stable the global recession against a strong US dollar, and as the world

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS In September the Canadian dollar, also known as the loonie, averaged C$#.###:US$#, which was around

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October #, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS The leu fell to a historic low of Lei#.#:US$# and of Lei#.#:EUR# in February

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October #, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS We expect the currency to weaken as the current-account deficit widens in ####, but assuming a planned US

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on September ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS In #### the peso was relatively stable against the US dollar, after depreciating by more than ##% in the

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS The South African rand, to which the Namibia dollar is fixed at parity, has appreciated steadily since the end

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October #, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS Over the forecast period the central bank will seek to address the overvaluation of the currency, which according to

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on September ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS The bearish outlook for Mexico#;s reform process combined with falling oil production will sustain downward pressure on the

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October #, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS We expect the Tanzanian shilling to be broadly stable over the forecast period, an improvement on a rocky performance

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October #, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS The leu came under downward pressure in late #### and early ####, under the impact of global financial and

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS The SBV has managed to keep the dong fairly stable (in the formal market) in recent months. In early

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on September ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS Having been virtually pegged to the dollar since end-####, at around YR###:US$#, the riyal has begun

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on September ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS The Lebanese pound is likely to remain pegged to the dollar within a trading band of LP#,###-#

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS The Central Bank is committed to the maintenance of the dinar#;s peg to the dollar, despite the associated

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS The euro appreciated markedly against the US dollar between early #### and the middle of ####. It softened in

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October #, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS The Bank of Latvia (BoL, the central bank) aims to keep the lat within a band of ±#% around

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS The CBC frequently intervenes in foreign-exchange markets in response to movements in the currencies of competitor countries and

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS Diminishing risk aversion and increased confidence in Hungary has enabled the forint to rise to around Ft###:EUR# since

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on September ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS The euro appreciated markedly against the US dollar between early #### and the middle of ####. It softened in

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October #, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS Banque d#;Algerie (BdA, the central bank) will continue to operate a managed float of the Algerian dinar, the

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on September ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS The Hong Kong Monetary Authority (HKMA, which performs some of the functions of a central bank) has repeatedly affirmed

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on September ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS After the turbulence experienced by the naira in late #### and early #### the CBN is likely to want

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October #, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS The koruna will remain vulnerable to global market developments, although the Czech Republic#;s relatively prudent policies should shield

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS The peso will weaken slightly from its current levels in real trade-weighted terms in ####-##, moving from

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS The CFA franc will remain pegged to the euro at a rate of CFAfr###.##:EUR# during the forecast

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS As a result of structural weaknesses in the Dominican Republic#;s external accounts, our projections for the currency are

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS We expect the taka to be kept in a managed floating exchange-rate system throughout the forecast period. BB

FROM THE ECONOMIST INTELLIGENCE UNIT The Bank of England has reached the £###bn limit of its unconventional quantitative easing programme, amid continued uncertainty over its effectiveness. Large-scale asset purchases by the UK central bank have undoubtedly played a role

FROM THE ECONOMIST INTELLIGENCE UNIT Japan#;s consumer prices fell by #.#% year on year in September, matching the declines of the two preceding months, while core prices (which exclude fresh food) dropped by #.#%. Food prices fell

FROM THE ECONOMIST INTELLIGENCE UNIT Thailand#;s merchandise exports fell by #.#% year on year in September, which is a markedly better performance than the ##.#% contraction seen in August. This took export revenue to US$##.#m

FROM THE ECONOMIST INTELLIGENCE UNIT Japan#;s retail sales revenue fell by #.#% year on year in September, to post the smallest contraction this year. The year-on-year rate of decline slowed to -#.#% in the third

FROM THE ECONOMIST INTELLIGENCE UNIT Japan#;s consumer prices fell by #.#% year on year in September, matching the declines of the two preceding months, while core prices (which exclude fresh food) dropped by #.#%. Food prices fell

Country Report Equatorial Guinea November #### Economist Intelligence Unit ## Red Lion Square London WC#R #HQ United Kingdom ]] ]] ] ]] ]] ] ]] ]] ] The Economist Intelligence Unit The Economist Intelligence Unit is a specialist publisher serving companies establishing and managing operations across national borders. For

Country Forecast Slovenia November #### Economist Intelligence Unit ## Red Lion Square London WC#R #HQ United Kingdom Slovenia at a glance: ####-## OVERVIEW The Social Democrats (SD) head a ruling coalition that includes two other centre-left parties, For

Country Forecast Netherlands November #### The Economist Intelligence Unit ## Red Lion Square London WC#R #HQ United Kingdom Netherlands at a glance: ####-## OVERVIEW The governing coalition consisting of the Christian Democratic Appeal (CDA), the Labour Party (PvdA) and

FROM THE ECONOMIST INTELLIGENCE UNIT German retail sales by volume fell by #.#% month on month in September, the second successive month of decline (according to seasonally and working-day adjusted data). Adjusted data show that the year-on

FROM THE ECONOMIST INTELLIGENCE UNIT Japan#;s consumer prices fell by #.#% year on year in September, matching the declines of the two preceding months, while core prices (which exclude fresh food) dropped by #.#%. Food prices fell

FROM THE ECONOMIST INTELLIGENCE UNIT Venezuela has accused Colombia of spying. The government of President Hugo Chavez says that Colombia#;s domestic espionage agency (Departamento Administrativo de Seguridad, DAS) has carried out espionage in Venezuela and has issued a diplomatic

FROM THE ECONOMIST INTELLIGENCE UNIT Peru#;s GDP growth surprised on the upside in August. After contracting by #.#% year on year in July, Peru#;s economy posted positive growth of #.##% a month later. The improvement was

FROM THE ECONOMIST INTELLIGENCE UNIT Countercyclical policies have weakened Brazil#;s public finances this year, albeit more mildly than elsewhere, and attention is now turning to the fiscal position in ####, when election-related spending may test investor confidence in

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October ##, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS The Australian dollar has been volatile since the onset of the global financial crisis. After approaching parity with the

COUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT These forecasts were prepared on October #, #### PREVIOUS AVAILABLE SIX MONTHS CURRENCY ANALYSIS The euro appreciated markedly against the US dollar from #### up to the middle of ####, but softened in