there are non-residents who are willing to hold an unhedged exposure to that currency. China has made some progress in this area, but, to date, that progress remains relatively limited. There have, for example, been some reports of non-residents issuing RMBdenominated bonds in the offshore market and swapping the proceeds into their home currencies.
According to the European Car Assembly Association, similar research projects take much longer to complete in Germany than in the United States because of shorter working hours and less flexible working conditions. As a result, they argue that German automobile manufacturers are less able to exploit the shorter product life cycles associated with more fashionable and high-tech cars.