Ok, let's say the China label business is transacted in $US. Then please tell me how that is hurting their margins. Given the graph I displayed they are now receiving MORE $NZ (or $A) for each tin priced at the same $US or Yuan amount.
This is a Net tailwind for margins for CSL, A2M, SDI and other exporters. I politely suggest you do a couple of sums with a tin priced at say US$10 using exchange rate at $0.69c (start of April) and $0.64c (yesterday).
For the same $US amount they're now getting around 8% more in $NZ per tin (without hedging). Take out the cost of production (mostly in $NZ) and that change in exchange rate is a decent margin tailwind.
Ok, let's say the China label business is transacted in...
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