- The document summarizes business and economic news from Mongolia. It discusses several mining companies expanding operations in Mongolia, including Centerra Gold and Xstrata Coal. It also mentions the European Bank for Reconstruction and Development planning to increase investments in Mongolia by 50% in industries like mining, retail, and tourism. Additionally, it provides updates on Mongolia's rankings in terms of ease of doing business and notes a sharp fall in the country's budget surplus for the first 8 months of 2008.

1. BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmmongolia.org
Email: info@bcmmongolia.org Issue 38, September 19, 2008
NEWS HIGHLIGHTS:
Business: US businesses ready to introduce latest technology; Centerra Gold prepares for growth;
EBRD to invest 50% more in Mongolia; Xstrata Coal raises ownership share in Erdene;
QGX announces take-up of shares by Mongolia Holdings Corp.; Western Prospector
provides update on Tinpo offer; Rolling Hills sold to Jindal Steel; Monnis donates fire-
fighting equipment.
Economy: Mongolia ranked 58th
‘on ease of doing business’; Budget surplus falls sharply; Steep
rise in foreign trade deficit; Stock exchange to upgrade trading process; Daily MIAT
flights to Japan next summer; EBRD extends risk cover to Mongolia; GDP rose in 2007,
despite fall in exports; Consumer prices rise in August; Household income, expenses
up.
Politics: Parliament approves new Government structure, after President says ‘No’; Agreement
sets out goals for next four years; Both parties prepare list of Ministers; Criticism,
mostly friendly, for Bayar in Parliament before approval; UN body to hold ICT training
for ministers, MPs; Fewer murders, more robberies.
BUSINESS
US BUSINESSES READY TO INTRODUCE LATEST TECHNOLOGY
Ms. Michelle O'Neill, Deputy Under Secretary for International Trade of the US Department of
Commerce, called on President N. Enkhbayar on Wednesday. Greeting the visitor, the President
recalled how “President Bush had referred to Mongolia as the third neighbor of the USA”, and
expressed his happiness with the state of the bilateral relationship. He was optimistic that the USD
285 million US aid to Mongolia from the Millennium Challenge Account would “make great
contributions to the development of our country”.
Ms. O'Neill said that US businesses were at present meeting their Mongolian counterparts to expand
cooperation. Among them are representatives from movie restoring companies holding a dialogue
on restoring and saving Mongolian movies made during the socialist period, she added.
Representations from US mining companies such as Rio Tinto are also included in the business team.
“We are ready to introduce all up-to-date technology to Mongolia to fairly compete in the
Mongolian market,” she said.
Source: Zuunii medee
CENTERRA GOLD PREPARES FOR GROWTH
Toronto-based Centerra Gold is confident of its mining future in Mongolia. CEO and President Steve
Lang said last week that top Mongolian officials, including the Prime Minister, have stressed to
Centerra that "mining law reform would be their top priority", with both major Mongolian political
parties "very supportive of the need for amendments". The company is improving and expanding
facilities at the Boroo gold mine, as well as developing the Gatsuurt project. The company has
hired new executives to prepare for its growth in Mongolia, including a vice president for business
development.
Source: Montsame
EBRD TO INVEST 50% MORE IN MONGOLIA
The European Bank for Reconstruction and Development (EBRD) plans to boost investment in
Mongolia by almost 50 percent this year, in industries ranging from retail to mining. The bank will
increase spending here to US $70 million this year, and forecasts another increase to US $140
million in 2009. John Chomel-Doe, the bank's director for Mongolia, said during the Euromoney
Mongolia Investment Forum last week in Ulaanbaatar, “This is a good demonstration of the

2. potential Mongolia has for private-sector investments.”
EBRD is an institution owned by 61 countries, including the U.K., Germany, Australia and Mongolia,
and two intergovernmental institutions, the European Community and the European Investment
Bank. It started investing in Mongolia last year, with over US $40 million, and has to date invested
in businesses that include a supermarket chain, a bank, a drilling company, a coal mine and a fruit-
juice producer, Chomel-Doe said, declining to identify the companies.
Mongolia's “growth sectors” include retail distribution, beverages, real estate, tourism, textiles and
mining. Cement, renewable energy and financial industries are also likely to generate high growth,
he said, adding that “many of them are in our pipeline”. The bank is seeking to increase investment
in Mongolia because the nation has an active democracy, he said. Other positive factors include a
fully privatized banking sector, “one of the best tax regimes for business and individuals”, a free
press and a private sector that accounts for 80 percent of the country's economy.
Source: www.bloomberg.com
XSTRATA COAL RAISES OWNERSHIP SHARE IN ERDENE
Erdene Resource Development Corp. announced on Monday that Xstrata Coal Canada has increased
its ownership in the company to greater than 5% through the purchase of common shares in the
open market. Its Alliance Agreement with Erdene gives Xstrata Coal certain rights, including a first
option to enter into a joint venture and earn a 75% interest in any coal opportunity in Mongolia
identified by Erdene by funding all work through completion of a feasibility study. Erdene is
currently conducting drill programs on three coal projects in Mongolia as part of the Erdene-Xstrata
Alliance.
Erdene (formerly Erdene Gold Inc.) is a diversified resource development company that has a strong
portfolio of exploration properties in Mongolia.
Source: www.erdene.com
QGX ANNOUNCES TAKE UP-OF SHARES BY MONGOLIA HOLDINGS CORP.
QGX Ltd. has announced that 50,950,885 of its common shares have been validly deposited pursuant
to the offer by Mongolia Holdings Corp., an indirect subsidiary of Kerry Holdings Limited, to acquire
all of the outstanding QGX Shares. Under the terms of the Offer, shareholders of QGX are entitled
to receive Cdn$5.00 cash for each QGX Share tendered pursuant to the Offer. The Offeror has
advised that as all conditions of the Offer have been satisfied, it has taken up and accepted for
payment all QGX Shares so deposited, which represent approximately 95.94% of the outstanding
QGX Shares. The Offeror has deposited sufficient funds to pay for all of the common shares with the
Depository and payment will be made by the Depository to tendering shareholders within 3 business
days.
Source: www.business-mongolia.com
WESTERN PROSPECTOR PROVIDES UPDATE ON TINPO OFFER
WWestern Prospector Group Ltd this week provided an update concerning the offer by Tinpo
Holdings InIIndustrial Company Limited to acquire all of the common shares of Western for cash
consideration of $1.34 peper share.
OOn September 12 Tinpo issued a news release indicating that one of the conditions to the Offer
had not bebeen met, which was the requirement that all outstanding stock options be exercised,
surrendered, coconverted, deemed exercised or terminated. Western has now clarified that that
condition has been sasatisfied.
TiTinpo also announced that the Offer has been extended to 5:00 p.m. (Vancouver time) on
September 30, 202008. Other than the extension the terms and conditions of the Offer are
unchanged.
Source: www.westernprospector.com
ROLLING HILLS SOLD TO JINDAL STEEL
Bluerock Resources Ltd. and Uranerz Energy Corp. have closed the sale of their jointly owned

3. Mongolian joint venture company, Rolling Hills Resources LLC (RHR), to Jindal Steel & Power
Limited. The Mongolian joint venture assets had been previously deemed to be non-core to
Bluerock’s primary focus. The divestiture included all Mongolian uranium exploration licenses,
equipment, receivables and other existing material assets maintained by RHR in Mongolia, and were
completed after an extensive due diligence review by Jindal and its representatives. Jindal is
India's third largest steel maker.
Source: www.bluerockresources.com
MONNIS DONATES FIRE-FIGHTING EQUIPMENT
To mark the tenth anniversary of its establishment, Monnis International LLC has taken up some
social welfare programs. It has gifted fire extinguishing equipment like motor pumps to the National
Emergency Management Agency. This follows an admission from the Agency that lack of equipment
often hampered its efforts, both in home and forest fires.
Source: Odriin sonin
ECONOMY
MONGOLIA RANKED 58TH
“ON EASE OF DOING BUSINESS”
Doing Business 2009, sponsored by The International Finance Corporation and the World Bank, puts
Mongolia 58th
, three places down from last year, amongst the world’s 181 economies on the overall
ease of doing business. This is the sixth year that the Annual Report has been issued. Doing Business
ranks economies based on 10 indicators of business regulations that track the time and cost to
meet government requirements in starting and operating a business, trading across borders, paying
taxes and closing a business. Singapore leads the global rankings on the overall regulatory ease of
doing business for the third consecutive year.
“Mongolia is included among the top 11 countries in East Asia which have made reforms in paying
taxes and trading across border. Documents needed for export were reduced from 10 to 8 and
total time reduced by 9 days,” the report says. David W. Lawrence, Program Manager of the
International Finance Corporation, said that Mongolia should be proud of its very positive indicators
and, even though some indicators had slipped compared to the previous year, this meant the other
progress in the country was performing rapidly.
Source: www.doingbusiness.org
For details of indicators pertaining to Mongolia, please visit
www.doingbusiness.org/economyrankings
BUDGET SURPLUS FALLS SHARPLY
The general Government budget showed a surplus of MNT 3.7 billion in the first 8 months of 2008,
less by MNT 207.6 billion than what it was in the same period last year. Total revenue was MNT
1405.1 billion and expenses and net lending amounted to MNT 1401.4 billion. With a revenue of
MNT 1401.0 billion and expenditure of MNT 1088.4 billion the current balance in the budget showed
a surplus of MNT 312.5 billion, a fall of MNT 21.9 billion from the same period in 2007.
Total tax revenue increased by 47.4 percent. Income tax collection went up by 51.9 percent, those
from foreign trade by 61.1 percent, excise tax by 43.3 percent and value added tax by 40.8
percent.
Source: Montsame
STEEP RISE IN FOREIGN TRADE DEFICIT
With exports of USD 1682.5 million and imports of USD 2388.6 million, the total turnover of USD
4071.1 million in the first eight months of 2008 reveals an external trade balance deficit of USD
706.1 million. This is USD 590.2 million more than in the same period last year. The large deficit is
mainly because of increased import of more expensive petroleum products. Exports grew 47.2

4. percent but imports increased by 89.7 percent.
Compared to the corresponding period of 2007, mineral products exports grew by USD 317.6
million, those of natural or cultured stones, precious metal, and jewelry by USD 168.1 million, of
chemicals and industrial chemical products by USD 29.7 million, of textiles by USD 5.3 million, of
raw and processed hides, skins, fur and articles made of these by USD 1.7 million, of live animals
and animal-origin products by USD 1.5 million. US$ 3.0 million less of base metals and articles were
exported.
The volume of copper concentrate exports declined by 3.3 percent but their value in US dollars
increased by 19.3 percent. The volume of gold, unwrought or in semi-manufactured forms, exports
increased by 34.7 percent and their value in US dollars increased by 93.9 percent.
Source: www.nso.mn
STOCK EXCHANGE TO UPGRADE TRADING PROCESS
The Mongolian Stock Exchange (MSE), Asia's smallest bourse, is studying plans to offer derivative
products within two to three years to boost trading. Margin trading, where investors take out loans
to buy shares, will also be introduced, according to Tsendmaa Tsedev, head of its listing and
surveillance department. MSE is working with the Korean Stock Exchange to improve its trading
systems, she said. “The infrastructure of the stock market is under-developed,” Tsedev said. “We
want to upgrade our trading process to international standards.”
The value of Mongolia's stock market jumped fivefold in 2007 to US $612 million as burgeoning
economic growth fueled by mineral exports to China, the country's biggest market, lured investors.
Trading still lags behind other Asian countries in spite of the stock market's growth. An average of
US $213,000 in shares changed hands on the Mongolian bourse each day last year, as compared to
Vietnam’s US $60 million and Hong Kong's US $11.8 billion.
MSE has one hour of trading every day, from Monday to Friday. It has 36 approved brokers, while
Indonesia, Southeast Asia's third-largest stock market, has 122, and Hong Kong, Asia's third-largest,
has 448. It has set up an information center for the public to boost participation from individual
investors, Tsedev said.
The first stage of the system upgrade is expected to be completed in September 2009. Margin
trading will be allowed in the coming months, a change from the current system where investors
have to deposit money in order to trade. Online trading is also planned to be introduced.
Source: Montsame
DAILY MIAT FLIGHTS TO JAPAN NEXT SUMMER
MIAT will fly to Japan every day in July and August 2009. There will be three flights a week to
Narita, two to Haneda, and two to Kansai in Osaka. To ensure enough traffic, MIAT has launched a
special tourism campaign. It recently invited delegates of 25 Japanese tourism companies and took
them to various parts of Mongolia. The visitors met with officials of ticketing agencies, various
related Ministries, and the Mongolian Tourism Association. They hoped to generate enough
Japanese tours to make the daily flights financially viable. MIAT has plans to produce various types
of material to help attract Japanese to Mongolia.
Source: Montsame
EBRD EXTENDS RISK COVER TO MONGOLIA
The EBRD's Trade Facilitation Program (TFP) has extended its risk cover to Mongolia. The bank's first
transaction under the program will facilitate import of cars from Germany and cover 100 % of the
payment risk of a letter of credit worth USD 600,000 issued by Khan Bank of Mongolia to BHF Bank
in Germany. Established in 1999, the TFP supports trade among the 27 countries where the EBRD
operates. Along with providing otherwise unavailable or scarcely available trade finance guarantee
facilities, the EBRD -- with the support of Euro 170,000 from the Mongolia Technical Cooperation
Fund -- has organized a trade finance advisory services project for Khan Bank and three other banks
in Mongolia. The project provides training, know-how transfer and operational guidance in trade
finance.
Barry Maddams, deputy CEO of Khan Bank, says, "The practical approach by EBRD trade advisor

5. Vincent O'Brien is paying dividends in terms of new trade finance business which will in turn help us
maximize the benefits of the TFP."
Source: www.tradefinancemagazine.com
GDP ROSE IN 2007, DESPITE FALL IN EXPORTS
Figures released last week put Mongolia’s Gross Domestic Product (GDP) in 2007 at MNT 4599.5
billion at current prices and at MNT 3325.9 billion at 2005 constant prices. This is an increase of
10.2 per cent against the previous year’s figure. The main source of the increase was livestock
which, at 40.3 million, grew 15.8 percent over 2006. The mining sector grew by 2.9 percent and the
manufacturing sector by 29 percent, chiefly because of the expansion of services such as cellular
mobile telephones.
The private sector’s contribution to the GDP was 67.9 percent, a decrease of 1.3 points from 2006.
However, the contribution of net exports to GDP decreased 7.0 percent. This is despite the
continuing increase in global commodity prices, mainly because the volume of gold export has
fallen. Also there was a significant increase in the import of machinery and machinery components.
GNI per capita at current prices was MNT 1,761,100 and at 2005 constant prices MNT 1,273,400.
Source: The National Statistics Office
CONSUMER PRICES RISE IN AUGUST
At the end of August, according to figures published by The National Statistical Organization,
national consumer prices rose by 3.7 percent over the previous month, by 24.0 percent from the
end of last year and by 34.2 percent from August, 2007. With a new academic year beginning in
September after a three-month break, many traveled from home to place of study, and books and
such things had to be bought and fees paid. Expenses in these two sectors, up by 23.4 percent and
39.9 percent respectively, were the major causes of the overall increase. Actually, the prices of
food and non-alcoholic beverages fell by 0.3-7.7 percent in 15 aimags and the capital city.
Source: Montsame
HOUSEHOLD INCOME, EXPENSES UP
A survey of 2,808 households in the second quarter of 2008 in Ulaanbaatar and 21 aimags has found
that both average monthly expenses and income rose over the same period last year. A household
spent MNT 354,100, an increase of 39.1 per cent, and earned MNT 330,500, up 48.4 per cent.
Source: Montsame
POLITICS
PARLIAMENT APPROVES NEW GOVERNMENT STRUCTURE, AFTER PRESIDENT SAYS “NO”
With Parliament approving on Wednesday morning the proposed restructuring of the government,
political activity returned to nomination and selection of Ministers. Prime Minister Bayar, in a hurry
to get down to business with a government that he hopes to lead for four years, asked Parliament
to discuss the plan after the President had asked him on Tuesday to reconsider several suggestions.
Of the 52 members present, 49 supported the proposed restructuring. The President now has two
weeks to veto the decision, if he wishes to persist with his objection. He may also take note of the
overwhelming support the Prime Minister’s proposal received in Parliament and add his own
consent.
According to the President’s advisor, Ya.Dolgorjav, the President did not see enough justification to
have two deputy prime ministers, and recommended having just one. This would, however, upset
the plan to have one deputy prime minister from each party, to indicate parity among the coalition
partners. The President also recommended the establishment of a new agency under the Prime
Minister with the specific and exclusive responsibility for coordinating the implementation of the
Millennium Development Goals.

6. Bayar’s proposal envisages 15 cabinet positions. Apart from the Prime Minister, there will be 11
ministers in charge of independent ministries, one fewer than the present 12. There will be two
Deputy Prime Ministers, one from each party. One other minister will have no portfolio but will be
responsible for coordinating all government business.
The Ministry of Foreign Affairs will be renamed Ministry of Foreign Relations and will also handle
foreign trade. The present Ministry of Trade and Industry will be bifurcated into a Ministry of
Minerals and Energy, and another to be known as the Ministry of Food, Agriculture and Light
Industry. Tourism will now be included in the Ministry of Environment.
One of the two deputy prime ministers will be in charge of the Agency for Regulation of Unfair
Competition, the Agency for National Standards and Measures, the Agency for Protection of
Intellectual Property and also of the free economic zones. The other will hold charge of the
National Center for Children, the Professional Inspection Agency, and the National Emergency
Management Agency.
The MPRP will get 9 positions and the DP 6.
Source: www.news.mn
AGREEMENT SETS OUT GOALS FOR NEXT FOUR YEARS
With the signing of an agreement between the MPRP and the DP at the State Palace on Friday, the
way was made clear for the installation soon of a joint government. The agreement will be in
force until the next parliamentary election in 2012. It will now have to be ratified by the highest
decision-making bodies in both parties, which is expected to be a formality.
A minimum program has been formulated and several goals set out. These include creation of
60,000 employment opportunities every year, and raising the median family income to an annual
MNT 1,000,000. Wages and pensions will be increased 3 times from the present rates. The
government will continue to give money for every child and also to newborns and married couples.
The existing Law on Mining will be amended to facilitate the start of big mining operations. MNT
1,500,000 will be distributed to every Mongolian from the mining income.
In appointing ministers and deputy ministers, 60 percent of the positions will be filled by the MPRP
and 40 percent by the DP. A 10-member permanent negotiation committee will be in place to solve
any likely disputes. Either party can call for a termination of the agreement if it feels the other is
not abiding by the terms but the termination itself can be decided upon by the highest decision-
making body in the aggrieved party.
The two parties will contest the local election next month, and the Presidential election next year,
on their own.
Source: Ardiin Erkh
BOTH PARTIES PREPARE LIST OF MINISTERS
The MPRP and the DP held separate meetings yesterday to finalize the names of those to be
ministers. A formal announcement is yet to be made but the MPRP will nominate M.Enkhbold as
Deputy Prime Minister, S.Batbold as Foreign Minister, Yo.Otgonbayar as Education Minister,
T.Badamjunai as Food, Agriculture and Light Industry Minister, B.Dolgor as Head of the Government
Office, T.Gandi as Social Security and Labor Minister, and D.Zorigt as Mineral and Energy Minister.
Otgonbayar, Zorigt, and the two women, Dolgor and Gandi, are not members of Parliament.
The DP nominees are believed to be N.Altankhuyag as First Deputy Prime Minister, S.Bayartsogt as
Finance Minister, L.Gansukh as Defence Minister, N.Batbayar as City Planning and Transport
Minister, S.Lambaa as Health Minister and R.Erdeneburen as Environment and Tourism Minister.
This may change as Prime Minister Bayar has told DP that he prefers half its ministers to come from
out of Parliament. Only Erdeneburen in the present list is not an MP.
Source: en.News.mn
CRITICISM, MOSTLY FRIENDLY, FOR BAYAR IN PARLIAMENT BEFORE APPROVAL
During the debate in parliament to approve S.Bayar’s nomination as Prime Minister members asked
him questions and offered him advice. Finally he received the support of every single member
except the former head of the DP, Ts.Elbegdorj. Most MPs gave their suggestions to the “new”
Prime Minister in a conciliatory mood. Only two people were harshly critical, Elbegdorj and,

7. surprisingly, an MPRP member, D.Terbishdagva, who was wary that “with these two parties
becoming one there will be nobody left to ask questions, to express sincere doubts”.
R.Amarjargal regretted that executive organizations were losing all sense of public service and
allegations of corruption were widespread. He hoped Bayar would induct only just, sincere, and
honest people into his government.
In response, S.Bayar said, “I wish the July 1 incidents never to be repeated, as do you all. The
people should have no need to protest against their Government. While I shall certainly be soft on
those who are innocent, as Prime Minister I shall have to be strict to those who take the law in
their own hands. The goal of the coalition agreement is to expedite the development of Mongolia.
In any case, I think the coalition is meant to help us reach a national goal, and once that is
achieved, there may be no need to continue with it.”
Source: Ardiin Erkh
UN BODY TO HOLD ICT TRAINING FOR MINISTERS, MPs
Officials in Mongolia are set to receive training in information and communication technology (ICT)
geared towards helping them achieve their social and economic development goals, thanks to an
agreement signed with the United Nations. The UN Asian and Pacific Training Center for ICT for
Development (UN-APCICT), which is leading the effort, will customize its training curriculum in
cooperation with the Mongolian Information and Communication Technology Authority. “Landlocked
and semi-desert Mongolia, with extreme climate dominated by sparsely populated steppes, is a
challenging place for development," said Hyeun-Suk Rhee, Director of APCICT, a subsidiary body of
the UN Economic and Social Commission for Asia and the Pacific (ESCAP). "The uses of ICT are
many, especially when it comes to combating the tyranny of distance," she added.
In Mongolia, ICTA is implementing the E-Mongolia National Program with the aim of enhancing
people’s quality of life through projects such as "PC for All" and "IT Literacy for All Citizens”. It is
organizing the first national Academy workshop in November for ministers, members of parliament
and other senior officials.
Source: Montsame
FEWER MURDERS, MORE ROBBERIES
Crime in Mongolia decreased 0.5 percent or by 64 cases in the first 8 months of 2008, as compared
to the same period last year. The graph was not the same everywhere in the country, though.
Incidence of crime actually increased 0.2-35.4 percent in Tov, Arkhangai, Khovd, Zavkhan, Bulgan,
Uvs, and Selenge aimags and in the capital city, but a decrease elsewhere resulted in the fall in
total figures.
There were fewer murders, traffic violations, property misappropriations, and acts of contempt of
court. However, an increase was recorded in robberies and unpremeditated murders, and in cases
of fraud, of endangering public health, causing bodily harm, of cheating economic entities, and of
bypassing administrative rules. Instances of infringement of an individual’s political and other rights
rose by 87.5 percent. Damage caused to property totaled MNT 42.2 billion, an increase of 87.6
percent. Of this damage to private property accounted for MNT 15.5 billion.
Source: www.nso.mn
_______________________________________________________________________________________________
SPONSORS

8. ECONOMIC INDICATORS
MSE WEEKLY REVIEW
For the week ended September 12, 2008, trading activity on the Mongolian Stock Exchange (MSE)
totaled 629,900 shares with 43 companies traded. Total market value of transactions was MNT 2.1
billion. Total market capitalization of the 358 stock companies listed on the MSE was MNT 688.2
billion, and decreased by MNT 13.7 billion or 1.6% from the previous week.
The Top-20 Index decreased by 179.16 points or 2.3% compared to the previous week closing at
8,307.98 points. The MSE Composite Index decreased by 79.06 points or 2.0% compared to the
previous week, closing at 3,873.60 points.
Most active stocks traded were: Khukh Gan (263,200 shares), Hermes (222,700 shares), Tuul songino
usnii nuuts (31,800 shares), Genco tur Buro (29,400), and Moningbar (20,000 shares).
Major share price percentage gainers were: Altai (15.3%), Khukh gol (15.0%), Urgats uguuj (14.9%),
Spirt bal buram (14.4%), and Talkh chicher (10.5%). Major share price percentage losers were:
Aduun chuluun (14.9 %), Mon.Tsakh Kholboo (13.8%), Erdenet khivs (10.7%), Arts(10.7%) and
Buligaar (9.1%).
INFLATION
Year 2006 6.0% [source: National Statistical Office of Mongolia (NSOM)]
Year 2007 Avg. 9.0% [source: NSOM]
Year 2007 *15.1% [source: NSOM]
August 31, 2008 *34.2% [source: NSOM]
* year over year (yoy)
CURRENCY RATES – September 18, 2008
Currency name Currency Rate
US dollars US 1147.68
Euro EUR 1631.83
Japanese yen JPY 10.90
British pound GBP 2049.13
Hong Kong dollar HKD 147.50
Chinese yuan CNY 167.76
Russian ruble RUB 44.99
South Korean won KRW 1.03