Working capital is measured through the difference between resources in cash or readily convertible into cash (Current Assets), and cash requirements (Current Liabilities).

The renminbi is still non convertible.

Second, China will have to make its currency convertible.

The regular resources cash balance at the end of 2004 was 329 million, consisting of 318 million in convertible currencies and 11 million in non convertible currencies.

Table 5 Non convertible currencies held at 31 December 2004

(The yuan should be included as soon as China makes its currency convertible.)

Bank reserves were in silver coins, and banknotes were convertible solely into silver.

Contingent convertible bonds, or cocos, have been proposed as a solution to this problem.

The equivalent of 1,491,424 ( 1,099,180) is held in currencies classified as non convertible, as follows

The financial plan for 2004 recommended a minimum regular resources convertible cash balance of 79 million.

That the exported goods are furnished against foreign currency convertible within three months of the date of shipment.

Table 5 shows details of the United States dollar equivalent of non convertible currencies held at 31 December 2004.

The lesson of the 1960 s suggests that a fully convertible renminbi could rapidly become a major international reserve currency.

Resource assets account for roughly 50 of total government assets, with operating assets amounting to 39 and administrative (or non operating) assets comprising another 6 .

(a) Assets of the debtor, including the debtor's interest in encumbered assets and in third party owned assets

In China, this proportion of fixed, illiquid assets exceeds 90 . Resource assets account for roughly 50 of total government assets, with operating assets amounting to 39 and administrative (or non operating) assets comprising another 6 .

Financial contributions to accounts established under Article 18 shall be payable in freely convertible currencies and shall be exempt from foreign exchange restrictions.

Assets freeze

Assets freeze

Liquid assets are assets that resemble cash, because they can easily be converted into cash and used to buy other assets.

A description of the nature of the assets frozen (i.e. bank deposits, securities, business assets, precious commodities, works of art, real estate property and other assets) The value of assets frozen

Some of the amino acids are convertible (with the expenditure of energy) to glucose and can be used for energy production just as ordinary glucose.

Identification(s) of the person of entities whose assets have been frozen A description of the nature of the assets frozen (i.e., bank deposits securities, business assets, precious commodities, work of art, real estate property and other assets) The value of assets frozen.

No such funds, financial assets or economic assets have been frozen or unfrozen.

(a) The balance between equity type assets and other assets, such as bonds

Parties could be asked to agree that annual contributions be fixed in euros and the equivalent of the euro amount be paid in any convertible currency.

freezing of assets

The assets freeze

Any assets frozen?

Any assets frozen?

Second, China will have to make its currency convertible. Third, the position of the euro will strengthen over time as more countries will join the euro zone.

Note 13 Other assets

Assets constituting the estate

Recent moves toward renminbi internationalization, a more open capital account, and wider currency trading bands leave little doubt that the endgame is a market based, fully convertible renminbi.

They may have overvalued some of these assets but the assets are, by and large, still there.

In this context, the decision to retain the CFA franc, a freely convertible common currency that is pegged to the euro at a significantly overvalued exchange rate, is dubious.

While China has taken minor measures to slow the increase in its dollar denominated holdings, it has been unwilling to risk a fully convertible currency for domestic political reasons.

UNICEF internal liquidity guidelines recommend a year end regular resources convertible cash balance equal to at least 10 per cent of projected regular resources income for the following year.

Return and disposal of assets

Zombie assets would be destroyed.

Scope of the assets freeze

Not applicable (no assets located) ____________

The allotment of common assets

Financial and economic assets freeze

Financial and economic assets freeze