HSBC 2004 Annual Report Download - page 313

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HSBC’ s management of structural foreign currency exposures is discussed in the ‘Financial Review’ section on
page 172.
HSBC’ s structural currency exposures as at the year-end were as follows:
Net structural currency exposures
2004 2003
US$m US$m
Currency of structural exposure
Euros ...................................................................................................................................... 19,054 17,785
Sterling ................................................................................................................................... 17,749 15,249
Hong Kong dollars .................................................................................................................. 12,693 11,881
Chinese renminbi .................................................................................................................... 3,105 813
Mexican pesos ........................................................................................................................ 2,907 1,536
Canadian dollars ..................................................................................................................... 2,250 1,743
Swiss francs1 ........................................................................................................................... 1,921 1,548
Brazilian reais ......................................................................................................................... 1,498 1,106
UAE dirham ........................................................................................................................... 760 520
Indian rupees .......................................................................................................................... 745 498
Turkish lira .............................................................................................................................. 705 547
Australian dollars .................................................................................................................... 703 407
Malaysian ringgit .................................................................................................................... 605 521
Korean won ............................................................................................................................. 420 307
Singapore dollars .................................................................................................................... 401 440
Taiwanese dollars .................................................................................................................... 326 272
Maltese lira.............................................................................................................................. 278 254
Japanese Yen ........................................................................................................................... 225 129
Thai baht ................................................................................................................................. 203 173
Egyptian pounds ..................................................................................................................... 181 143
Chilean pesos .......................................................................................................................... 175 153
Indonesia rupiah ..................................................................................................................... 155 180
Saudi riyals2 ............................................................................................................................ 107 516
Argentine pesos3 ..................................................................................................................... (76) (297)
Others, less than US$100 million ........................................................................................... 746 579
Total ....................................................................................................................................... 67,836 57,003
1After deducting Swiss Franc borrowings of US$810 million (2003: US$741 million) taken out in order to hedge the net investments.
2After deducting sales of Saudi Riyals amounting to US$480 million (2003: US$ nil) in order to hedge the net investments.
3The negative net investment in Argentine pesos reflects the deficiency in domestic net assets following the pesification of certain
balances formerly denominated in US dollars.