Forex loss

China Railway's annual profit hit by $600 million forex loss
Infrastructure builder says profit halved after bad bets on Australian dollar


HONG KONG (MarketWatch)
-- China Railway Group said Tuesday net income for 2008 nearly halved from a year earlier because of a 4.1 billion yuan ($601 million) foreign-exchange loss after it placed a large portion of the proceeds from its Hong Kong initial public offering into Australian dollars.