1.   And as the currency appreciates and inflation abates, holders of that debt stand to make money.

2.   As Asian currencies appreciated against the dollar, their import bills -- which are in the U.S. currency -- shrank.

3.   As a sign of that, many Asian currencies were largely appreciating between November and April, when U.S. investors were beating their retreat from Asian stock markets.

4.   Banks sometimes borrow pesos to buy dollars, hoping that the U.S. currency will appreciate.

5.   Countries with pegged exchange rates have fared badly in previous crises, as have those whose currencies had appreciated rapidly and eroded their competitiveness.

6.   Foreign investors usually prefer to invest in countries where the currency is appreciating.

7.   Singapore is betting on visitors from countries whose currencies have appreciated against the Singapore dollar.

8.   Some economists and government officials advocate a widening of the band even though that would probably cause the currency to appreciate.

9.   That could prove tricky given the slowdown in economic growth in Germany and other countries whose currencies have appreciated.

10.   The central bank has insisted that interest rates remain high and the local currency appreciates to dampen economic growth and help quell inflation.