31.  At that point, national mints will begin making new coins and banknotes to replace the marks, francs, guilders and other local currencies of participating nations.

32.  BankBoston insists it is well protected from tumultuous Latin markets because most of the business is transacted in local currencies and protected from dollar-based devalutations.

33.  Banks and retailers are giving away euro pocket calculators to convert back and forth with the local currency.

34.  Banks are required to let their customers keep their accounts in either euros or the local currency, and all interbank transfers will be cleared in euros.

35.  Because the company is selling electricity to provincial power authorities, all its earnings are in local currency.

36.  Because Hong Kong dollar forward rates are rising, the risk of holding the local currency has increased.

37.  Because these employees are paid in local currencies, fewer dollars are needed to meet the payroll when the currency is devalued.

38.  Both factors depress demand for the local currency.

39.  All these sales are made in U.S. dollars, he points out, so local currencies are not an issue.

40.  A currency board has to begin with enough reserves to support the local currency in circulation.