The renminbi is still non convertible.

Second, China will have to make its currency convertible.

Taking note of the note by the Secretary General on innovative sources of financing for development,A 59 272.

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

Note by the Secretary General on financing of the support account for peacekeeping operations and financing of the United Nations Logistics Base at Brindisi, Italy (A C.5 59 33)

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

Takes note of the reports of the Secretary General on the financing of the support account for peacekeeping operations 1

(bbb) Note by the Secretary General on the financing of the support account for peacekeeping operations and the financing of the United Nations Logistics Base at Brindisi, Italy (A C.5 59 33).

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 present note has benefited from consultations with staff of the major institutional stakeholders in the financing for development follow up process.

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

Takes note of the note by the Secretary General on the financing arrangements for the United Nations Peacekeeping Force in Cyprus1 and the related report of the Advisory Committee on Administrative and Budgetary Questions 2

Taking note of the report of the Secretary General on the follow up to and implementation of the outcome of the International Conference on Financing for Development, prepared in collaboration with the major institutional stakeholders,A 59 270. and the note by the Secretary General on innovative sources of financing for development,A 59 272.

Takes note also of the report of the Secretary General on funding options and modalities for financing operational activities for development of the United Nations system

It is important to note that some Member States indicated institutional obstacles in their national legislation, which would not allow them to support this financing modality.

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

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

Taking note of the Monterrey Consensus of the International Conference on Financing for Development,Report of the International Conference on Financing for Development, Monterrey, Mexico, 18 22 March 2002 (United Nations publication, Sales No. E.02.II.A.7), chap. I, resolution 1, annex.

Taking note further of the Monterrey Consensus of the International Conference on Financing for Development,Report of the International Conference on Financing for Development, Monterrey, Mexico, 18 22 March 2002 (United Nations publication, Sales No. E.02.II.A.7), chap. I, resolution 1, annex.

Taking note further of the Monterrey Consensus of the International Conference on Financing for Development,Report of the International Conference on Financing for Development, Monterrey, Mexico, 18 22 March 2002 (United Nations publication, Sales No. E.02.II.A.7), chap. I, resolution 1, annex.

Taking note of other relevant reports of the Secretary General on the follow up to and implementation of the outcome of the International Conference on Financing for Development,

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.

Taking note of the reports entitled The State of the World's Cities 2004 2005 Globalization and Urban Culture and the Global Report on Human Settlements 2005 Financing Urban Shelter,

Taking note also of other relevant reports of the Secretary General on the follow up to and implementation of the outcome of the International Conference on Financing for Development,

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.

Financing

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.

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.

Terrorist financing

Financing challenges

(f) Took note of the establishment of a special account by the Director General, as described in document IDB.30 12 for the purpose of financing UNIDO's share of the security enhancements.

(d) Takes note of the establishment of a special account by the Director General as described in document GC.11 10 for the purpose of financing UNIDO's share of the security enhancements.

We welcome the creation of the Digital Solidarity Fund within the framework of the World Summit on Information Society and note with satisfaction the public and private contributions made for its financing.

We note that the Security Council, in its Resolution 1617, strongly urged all Member States to implement the FATF Forty Recommendations on Money Laundering and the Nine Special Recommendations on Terrorist Financing.

Takes note of the contribution provided by the multi stakeholder dialogues on sovereign debt organized by the Financing for Development Office of the Department of Economic and Social Affairs of the Secretariat

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.

25. Takes note of the contribution provided by the multi stakeholder dialogues on sovereign debt organized by the Financing for Development Office of the Department of Economic and Social Affairs of the Secretariat