Questions to answer:
1. What is the business reason for China Noah’s potential currency exposure? Does the company really need to subject itself to substantial exchange rate risk? Is the risk “material” to China Noah? Do you think China Noah should hedge?
2. What would be your outlook on the future direction of the Indonesian rupiah and the Chinese renminbi? Should this influence the hedging approach used by Noah?
3. Which of the hedging choices would you recommend?
Please answer the question based on the number and follow the material that I provided.