Question: Explain the role of foreign exchange rates in conducting business globally. What are the risks involved in conducting business in a currency other than a company's home currency? How can companies try to mitigate these risks? What are the issues involved in foreign currency transactions versus foreign currency translation? What have been the recent developments in the Chinese Renminbi during the past two decades? How have these developments changed international business in china? Who would benefit from these developments? Based on your personal understanding of China, what do you think China will do in the near future with regard to their currency?