currency

Hi all

Agree that the AUS:CNY is important. I also expect that there will continue to be some voality in regards to this. I also figure that at around these levels MES is cheap no matter which way you look at it.

That said, I am still looking to the imminent decoupling of Yaun against the yanky $. Lower costs, improved balance sheet (Large chunk of loans in US), sign of a stronger domestic market, better pricing power, blah, blah.

Beijing still making noises about holding off for a few months till Europe 'crisis' passes but this is something that will happen and I expect that it to start in second half of this year.

Cheers