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?
How does China Noah's profitability (using return on sales as the primary metric) change depending on whether the IDR/CNY exchange rate follows (a) forecast spot rates, (b) forward rate quotes, or (c) fixed rate baseline assumption?