1.   Argentine bonds plummeted in recent weeks after speculation that Hong Kong may devalue its currency led to concerns that other emerging markets currencies are also overvalued.

2.   Currencies became overvalued.

3.   In the past, African countries often tolerated soaring inflation and overvalued their currencies, keeping exports uncompetitive on world markets.

4.   Many believe that their national currencies are already overvalued despite recent substantial declines against the dollar.

5.   Meanwhile, the German and Swiss central banks Friday indicated their currencies were overvalued.

6.   Speculation late last month that Hong Kong could be forced to devalue its currency raised concerns that other emerging market currencies are overvalued, sparking a worldwide market crash.

7.   The currency is not overvalued, and exchange reserves remain high.

8.   The currency was already overvalued.

9.   The persistent gap has led to speculation that the Czech currency is overvalued.

10.   The short-term answer appears to be no, even in Brazil and Argentina, which are thought to have overvalued currencies.