Table of Contents
INTRODUCTION
- Report Coverage
- China' s Retail Statistics: A Cautionary Note
- The Problems With Chinese Retail Data?
- What Does All This Mean Practically?
- Figure A CHINA TOTAL & PER CAPITA RETAIL SALES COMPARED TO OTHER ASIAN
COUNTRIES, 2005
- Other Access Asia Reports of Possible Interest
- Glossary 6
- Free Weekly Online Newsletter and Editorials
1. CHINA' S POWDERED MILK RETAIL MARKET
- 1.1 Overview 9
- 1.2 China' s Total Food & Beverage Market
- 1.2.1 Total Food Market: Food & Non-food Sales
- Table 1.1 TOTAL CURRENT VALUE RETAIL SALES BY FOOD AND NON-FOOD, 2001-2007
- 1.2.2 Total Food Market: Food/Non-food Sales Split
- Table 1.2 % BREAKDOWN OF SALES BY FOOD AND NON-FOOD, 2001-2007
- 1.2.3 Total Food Market: Urban and Rural Split
- Table 1.3 TOTAL CURRENT VALUE RETAIL SALES BY FOOD & NON-FOOD, 2001-2007
- 1.2.4 Total Food Market: The Trends
- Figure 1.1: Total Volume Growth in Retail Sales of Selected Food
Products in China, 2001-2007
- Figure 1.2: Per Capita Volume & Growth of Retail Sales of Selected
Food Products in China, 2000/2006
- Table 1.4 CURRENT VALUE RETAIL FOOD SALES BY MAJOR PRODUCT CATEGORY,
2001-2007
- 1.2.5 Total Food Market: Urban Value Trends
- Table 1.5 CURRENT VALUE URBAN RETAIL FOOD SALES BY MAJOR PRODUCT CATEGORY,
2001-2007
- 1.2.6 Total Food Market: Rural Value Trends 14
- Table 1.6 CURRENT VALUE RURAL RETAIL FOOD SALES BY MAJOR PRODUCT CATEGORY,
2001-2007
- 1.3 Total Powdered Milk Market
- 1.3.1 Total Powdered Milk Market: Within the Broader Dairy Context
- Table 1.7 CHINA' S TOTAL DAIRY AND DRIED MILK VOLUME CONSUMPTION COMPARED,
2001-2007
- 1.3.2 Total Powdered Milk Market: Apparent Consumption
- Table 1.8 DRIED MILK VOLUME PRODUCTION, TRADE AND APPARENT CONSUMPTION,
2001-2007
- 1.3.3 Total Powdered Milk Market: Retail Market Significance
- Table 1.9 DRIED MILK RETAIL MARKET SIGNIFICANCE, 2001-2007
- 1.3.4 Total Powdered Milk Market: Retail Products
- Table 1.10 DRIED MILK AND BABY FORMULA COMPARATIVE RETAIL MARKET
SIGNIFICANCE, 2001-2007
- 1.3.5 Total Powdered Milk Market: Child Population Trends
- Table 1.11 BIRTH RATES AND INFANT POPULATION TRENDS IN CHINA, 2001-2007
- 1.3.6 Total Powdered Milk Market: Childcare Provision
- Table 1.12 DISTRIBUTION OF CHILD CARE CENTER AVAILABILITY, CENTER CARE USE
AND MOTHER' S WORK STATUS, 2002
- 1.3.7 Total Powdered Milk Market: Working Mothers
- Table 1.13 WORKING MOTHERS BY PROVINCE IN CHINA, 2000-2006
- 1.3.8 Total Powdered Milk Market: Kindergartens
- Table 1.14 STATISTICS ON KINDERGARTENS IN CHINA, 2000-2007
- 1.4 Regional Markets
- 1.4.1 Regional Markets: Provincial Values
- Table 1.15 CURRENT VALUE OF POWDERED MILK & INFANT FORMULA COMBINED RETAIL
MARKET BY PROVINCE IN CHINA, 2001-2007
- 1.4.2 Regional Markets: Provincial Per Capita Spend
- Table 1.16 PER CAPITA CURRENT VALUE OF POWDERED MILK & INFANT FORMULA
COMBINED RETAIL MARKET BY PROVINCE IN CHINA, 2001-2007
- 1.4.3 Regional Markets: Provincial Volumes
- Table 1.17 VOLUME OF POWDERED MILK & INFANT FORMULA COMBINED RETAIL MARKET
BY PROVINCE IN CHINA, 2001-2007
- 1.4.4 Regional Markets: Provincial Per Capita Volume Consumption
- Table 1.18 PER CAPITA VOLUME OF POWDERED MILK & INFANT FORMULA COMBINED
RETAIL MARKET BY PROVINCE IN CHINA, 2001-2007
- 1.5.2 Market Shares: Powdered Milk National Market Shares
- Table 1.19 LEADING COMPANY SHARES OF RETAIL POWDERED MILK SALES IN CHINA,
2004-2007
- 1.6 Prices
- 1.6.1 Prices: Retail Price Indices
- Table 1.20 AVERAGE INCOME ANNUAL GROWTH BY SECTOR, 2004 - 2007
- Table 1.21 RETAIL PRICE INDICES BY BROAD SECTOR, 2000-2007
- 1.6.2 Prices: Average Unit Values
- Table 1.22 AVERAGE UNIT RETAIL PRICES & % ANNUAL GROWTH ON POWDERED MILK &
INFANT FORMULA, 2001-2007
- 1.6.3 Prices: Average Regional Unit Prices
- Table 1.23 AVERAGE REGIONAL RETAIL PRICES & % ANNUAL GROWTH ON POWDERED
MILK & INFANT FORMULA, 2001-2007
- 1.6.4 Prices: Store Check Data
- Table 1.24 RETAIL PRICES OF SELECTED INFANT MILK POWDER (0-6 MONTHS),
AUGUST 2008
- Table 1.25 RETAIL PRICES OF SELECTED INFANT MILK POWDER (ABOVE 6 MONTHS),
AUGUST 2008
- Table 1.26 RETAIL PRICES OF SELECTED INFANT MILK POWDER (1-3 YEARS),
AUGUST 2008
- Table 1.27 RETAIL PRICES OF SELECTED CHILDREN MILK POWDER (ABOVE 3 YEARS),
AUGUST 2008
- Table 1.28 RETAIL PRICES OF SELECTED MILK POWDER FOR PREGNANT WOMEN,
AUGUST 2008
- Table 1.29 RETAIL PRICES OF SELECTED MILK POWDER FOR THE ELDERLY, AUGUST
2008
- Table 1.30 RETAIL PRICES OF SELECTED MILK POWDER FOR THE FAMILY, WOMEN &
STUDENTS, AUGUST 2008
- 1.7 Outlook
- 1.7.1 Outlook: Forecast Trends
- 1.7.2 Outlook: Total Market Size In Value Terms
- Table 1.31 FORECAST TOTAL VALUE & VOLUME MARKET FOR POWDERED MILK PRODUCTS
IN CHINA, 2007-2012
- 1.8 Current Issues
- 1.8.1 Current Issues: Legislation
- Table 1.32 POWER & WATER CONSUMPTION LIMITS
- 1.8.2 Current Issues: Competing Against Mother' s Milk
- Table 1.33 TYPE OF MILK CONSUMED BY INFANTS IN CHINA
- Table 1.34 REASON FOR NOT BREASTFEEDING
- Table 1.35 BENEFIT OF BREASTFEEDING
- Table 1.36 USE OF BREAST MILK SUBSTITUTES DURING HOSPITAL LABOUR & DELIVERY
- Table 1.37 ACCEPTANCE OF BREAST MILK / INFANT FORMULA MILK POWDER
- 1.8.2 Current Issues: Violation of the Codes of Marketing of Breast Milk
Substitutes
- Table 1.38 AWARENESS ABOUT BREAST-MILK SUBSTITUTE RULE, CODE
- 1.8.2 Current Issues: Substandard Milk Powder Hurting Consumer Confidence
- Table 1.39 PASSING RATE OF INFANT FORMULA MILK POWDER, 2004-08
- 1.8.2 Current Issues: Foreign Versus Local Brands
- 1.8.2 Current Issues: Booming Market Attracts New Players in the Market
- 1.8.2 Current Issues: New Zealand-China Free Trade Agreement
- Table 1.40 TARIFFS ON NEW ZEALAND DAIRY PRODUCTS ENTERING CHINA
- Table 1.41 HS CODE DESCRIPTION
- Table 1.42 DAIRY PRODUCT PRICE OUTLOOK, 2006/07 TO 2008/09
- 1.8.2 Current Issues: Fat Food: Facing an obesity epidemic
- 1.8.5 Current Issues: Genetically Modified
- 1.8.7 Current Issues: Organic Farming
2. MARKETING & DISTRIBUTION
- 2.1 Marketing & Advertising
- 2.1.1 Marketing & Advertising: Trends
- Conventional Media Advertising
- Table 2.1 ADVERTISING EXPENDITURE IN CHINA, 2004-2007
- Table 2.2 ONLINE ADVERTISING EXPENDITURE IN CHINA, 2004-2007
- 2.1.2 Marketing & Advertising: Leading Advertised Product Categories
- Table 2.3 TOP 10 ADVERTISING CATEGORIES IN CHINA, 2007
- 2.1.3 Marketing & Advertising: Leading Advertised Brands
- Table 2.4 TOP 10 ADVERTISING BRANDS IN CHINA, 2007
- 2.1.4 Marketing & Advertising: Leading Advertisers
- Table 2.5 CHINA' S TOP TEN ADVERTISERS, 2004-2006
- 2.1.5 Marketing & Advertising: The Prime-time Advertising Auction
- Table 2.6 PRIME-TIME ADVERTISING AUCTION ON CHINA' S CCTV, 2000-2008
- 2.1.12 Marketing & Advertising: Advertising Legislation Affecting
China' s Milk Power Market
- 2.1.7 Marketing & Advertising: Brand Preferences Choice Factors in China
- Table 2.7 BRAND PREFERENCES IN TERMS OF AGE GROUPS & LOCATIONS IN CHINA,
2007
- Table 2.8 FACTORS DETERMINING BRAND CHOICES IN CHINA, 2007
- Table 2.9 BRAND PREFERENCES IN CHINA, 2007
- Table 2.10 TOP CHAMELEON BRANDS IN CHINA, 2008
- 2.1.8 Marketing and Advertising in China: Brand Equity
- 2.1.9 Marketing & Advertising: Emerging Local Brands
- Table 2.11 CHINA' S MOST VALUABLE BRANDS, 2007/2008
- 2.1.12 Marketing & Advertising: Pricing Issues
- Table 2.12 CONSUMERS WHO TRADE UP OR DOWN BY INCOME SEGMENTS, 2007
- Table 2.13 CONSUMERS WHO TRADE UP OR DOWN BY CATEGORIES, 2007
- 2.1.13 Marketing & Advertising: Brand Marketing Strategies
- 2.1.3 Marketing & Advertising: Olympic Sponsorship a Waste of Money?
- Table 2.14 TOP FIVE OLYMPIC SPONSORS & TOP TEN LOCAL COMPANIES ASSOCIATED
WITH OLYMPICS, 2008
- 2.1.16 Marketing & Advertising: Online Sales
- Table 2.15 TOP ONLINE SHOPPING TRANSACTION BY REGION, 2007
- Table 2.16 TOP REASONS FOR NOT SHOPPING ONLINE, 2007
- 2.2 Consumers
- 2.2.1 Consumer Profile: Broad Consumer Trends
- 2.2.2 Consumer Profile: Development of the Dairy Market
- Table 2.17 TARGET MARKETS FOR DAIRY PRODUCERS IN CHINA
- Table 2.18 TIME OF DAY MOST CONSUMERS EAT DAIRY PRODUCTS IN CHINA
- 2.2.3 Consumer Profile: Sectoral Consumption Trends
- Liquid Milk
- Yoghurt
- Ice Cream
- Powdered & Formula Milk
- Table 2.19 TOP FACTOR CONSIDERED WHEN CHOOSING A PARTICULAR BRAND OF
INFANT FORMULA MILK, 2007
- Table 2.20 SOURCES OF INFORMATION ON INFANT FORMULA MILK, 2007
- Table 2.21 LEVEL OF UNDERSTANDING OF THE FUNCTIONS OF NUTRITIONAL
INGREDIENTS IN INFANT FORMULA MILK POWDER, 2007
- Table 2.22 NUMBER OF INFANT FORMULA MILK POWDER BRANDS USED, 2007
- Table 2.23 MOST FREQUENT PLACE TO BUY INFANT FORMULA MILK POWDER, 2007
- Table 2.24 MONTHLY EXPENDITURE ON INFANT FORMULA MILK POWDER, 2007
- 2.3 Wholesale Distribution
- 2.4 Retail Distribution
- Table 2.25 % BREAKDOWN OF DAIRY PRODUCTS SALES BY RETAIL OUTLET TYPE IN
CHINA, 2001-2007
3. SOURCES OF SUPPLY
- 3.1 Foreign Competitor Considerations
- 3.2 General Shape of the Industry
- Table 3.1 BASIC SITUATION OF DAIRY PROCESSING, 1997-2006
- Table 3.2 SIZE OF CHINESE DAIRY PROCESSING ENTERPRISES, 2006
- 3.2 Dairy Product Output by City
- Table 3.3 PRODUCTION DAIRY PRODUCTS BY MAJOR CITY OF PRODUCTION, 2001-2003
- 3.3 China' s Growth in Milk Production by International Standards
- Table 3.4 CHINA' S GROWTH IN MILK PRODUCTION COMPARED TO OTHER MAJOR GLOBAL
PRODUCERS, 2001
- 3.4 Output Value
- Table 3.5 DAIRY PRODUCTS OUTPUT VALUE BY BROAD SECTOR IN CHINA, 2001-2006
- 3.5 Output Volume
- Table 3.6 DAIRY PRODUCTS OUTPUT VOLUME BY BROAD SECTOR IN CHINA, 2001-200
- 3.6 Trade, Production and Apparent Consumption
- Table 3.7 CHINA POWDERED MILK IMPORTS, EXPORTS, PRODUCTION &APPARENT,
INDUSTRIAL, HORECA & RETAIL CONSUMPTION VOLUME & VALUE, 2001-2006
4. SWOT ANALYSIS
- 4.1 Strengths
- 4.2 Weaknesses
- 4.3 Opportunities
- 4.4 Threats
5. LEADING COMPANIES
- 5.1 China Mengniu Dairy Company Limited
- 5.1.1 China Mengniu Dairy: Company Details
- 5.1.2 China Mengniu Dairy: China-based Activities
- 5.1.3 China Mengniu Dairy: Financial Summary
- Table 5.1 CHINA MENGNIU DAIRY: FINANCIAL RESULTS, 2003-07
- Table 5.2 CHINA MENGNIU DAIRY: SEGMENT FINANCIAL SUMMARY, 2003-2007
- 5.2 Fonterra Co-operative Group
- 5.2.1 Fonterra Co-operative Group: Company Details
- 5.2.2 Fonterra Co-operative Group: China-based Activities
- 5.5.2 Fonterra Co-operative Group: Financial Summary
- Table 5.3 FONTERRA CO-OPERATIVE GROUP: FINANCIAL RESULTS, 2003/04-2006/07
- 5.3 Groupe Danone SA
- 5.3.1 Groupe Danone: Company Details
- 5.3.2 Groupe Danone: China-based Activities
- 5.3.3 Groupe Danone: Financial Results
- Table 5.4 GROUPE DANONE: FINANCIAL RESULTS, 2004-2007
- 5.4 Guangdong Yashili Group Company Limited
- 5.4.1 Guangdong Yashili Group: Company Details
- 5.4.2 Guangdong Yashili Group: Company Background
- 5.5 Heilongjiang Wandashan Dairy Company Limited
- 5.7.1 Heilongjiang Wandashan Dairy: Company Details
- 5.5.2 Heilongjiang Wandashan Dairy: Company Background
- 5.6 Inner Mongolia Yili Industrial Group Company Limited
- 5.6.1 Inner Mongolia Yili Industrial Group: Company Details
- 5.6.2 Inner Mongolia Yili Industrial Group: Company Background
- 5.6.3 Inner Mongolia Yili Industrial Group: Financial Summary
- Table 5.5 INNER MONGOLIA YILI INDUSTRIAL GROUP: FINANCIAL RESULTS, 2004-07
- 5.7 Mead Johnson Nutritionals (China)
- 5.8.1 Mead Johnson Nutritionals (China): Company Details
- 5.8.2 Mead Johnson Nutritionals (China): China-based Activities
- Table 5.6 MEAD JOHNSON NUTRITIONALS (CHINA): KEY PRODUCTS
- 5.8 Nestle
- 5.8.1 Nestle: Company Details
- 5.8.2 Nestle: China Operations
- Table 5.7 NESTLE: SUBSIDIARIES IN CHINA, 2007
- 5.8.3 Nestle: Financial Results
- Table 5.8 NESTLE: FINANCIAL RESULTS, 2003-2007
- 5.9 Shijiazhuang Sanlu Group Company Limited
- 5.9.1 Shijiazhuang Sanlu Group: Company Details
- 5.9.2 Shijiazhuang Sanlu Group: Company Background
- Table 5.9 SHIJIANGZHUANG SANLU GROUP: MILK POWDER MARKET SHARE, 2005-07
- Table 5.10 SHIJIANGZHUANG SANLU GROUP: MILK POWDER RANGE 95
- 5.9.4 Shijiazhuang Sanlu Group: Financial Summary
- Table 5.10 SHIJIANGZHUANG SANLU GROUP: FINANCIAL RESULTS, 2004-07
- 5.10 Synutra International Inc
- 5.10.1 Synutra International: Company Details
- 5.10.2 Synutra International: Company Background
- Table 5.11 SYNUTRA INTERNATIONAL: SUBSIDIARIES, 2007
- 5.10.4 Synutra International: Financial Summary
- Table 5.12 SYNUTRA INTERNATIONAL: FINANCIAL SUMMARY, 2006/07-2007/08
- 5.11 Wyeth
- 5.12.1 Wyeth: Company Details
- 5.11.2 Wyeth: China-based Operations
- Table 5.13 WYETH: KEY MILK POWDER PRODUCTS IN CHINA
- 6 CONTACTS
- 6.1 Trade Organisations
- 6.1.1 Dairy Association of China
- 6.1.2 China Dairy Industry Association
- 6.2 Government Departments
- 6.2.1 Ministry of Agriculture
- 6.2.1 Ministry of Commerce
- 6.2.1 Ministry of Health
- 7 EXHIBITIONS & TRADE FAIRS
- 7.1 China Intel Dairy Industry Exhibition
- 7.2 DairyTek China
- 7.3 International FoodTec China
- 7.4 China FoodTech
- 7.5 China International Food Expo 104
- APPENDIX: MARKET BACKGROUND
- A.1 Fast Facts
- A.2 Regions of China
- Map A.1 CHINA: PROVINCES AND MUNICIPALITIES
- A.3 Demographics
- A.3.1 Demographics: Total Population
- Table A.1 TOTAL POPULATION, 2000 - 2007
- A.3.2 Demographics: Population by Location
- Table A.2 POPULATION BY URBAN-RURAL DIVIDE, 2001 - 2007
- A.3.3 Demographics: Population Breakdown by Location
- Table A.3 POPULATION % BREAKDOWN BY URBAN-RURAL DIVIDE, 2001 - 2007
- A.3.4 Demographics: Population by Province
- Table A.4 POPULATION BY PROVINCE, 2001-2007
- A.3.5 Demographics: Population Density by Province
- Table A.5 POPULATION DENSITY BY PROVINCE, 2004-2007
- A.3.6 Demographics: Population Concentration
- Map A.2 POPULATION CONCENTRATIONS BY PROVINCE, 2007
- A.3.7 Demographics: Population by Gender
- Table A.6 TOTAL POPULATION BY GENDER & % BREAKDOWN, 2001 - 2007
- A.3.8 Demographics: Population by Age Group
- Table A.7 POPULATION BY AGE GROUP, 2001 - 2007
- Table A.8 % BREAKDOWN OF POPULATION BY AGE GROUP, 2001 - 2007
- A.4 Consumer Attitudes
- A.4.1 Consumer Attitudes: Overview
- A.4.2 Consumer Attitudes: Response to Political Change
- A.4.2 Consumer Attitudes: Response to Economic Change
- A.4.3 Consumer Attitudes: Changes in Lifestyle
- Livelihood
- Individual loans
- Housing
- Possessions
- Travel
- Entertainment
- Health and Fitness
- Purchasing Influences
- Taboos
- A.5 Consumer Wealth
- A.5.1 Consumer Wealth: GDP and Cost of Living
- Dealing with WTO
- China' s New Middle Class
- Table A.9 MIDDLE AND UPPER INCOME HOUSEHOLDS IN CHINA,
1995/2000/2005/2010/2015
- Table A.10 TOTAL CONSUMPTION BY MIDDLE AND UPPER INCOME HOUSEHOLDS,
2005/2010/2015
- Table A.11 CONSUMPTION BY MIDDLE AND UPPER INCOME HOUSEHOLDS & % OF TOTAL
HOUSEHOLDS, 1995/2000/2005/2010/2015
- Table A.12 GDP AND COST OF LIVING INDEX, 2001 - 2007
- A.5.2 Consumer Wealth: Provincial GDP
- Table A.13 GDP BY PROVINCE, 2001 - 2007
- A.5.3 Consumer Wealth: GDP Growth by Province
- Table A.14 GDP GROWTH BY PROVINCE, 2001 - 2007
- A.5.4 Consumer Wealth: GDP Per Capita by Province
- Table A.15 PER CAPITA GDP BY PROVINCE, 2001-2007
- A.5.5 Consumer Wealth: Concentration of Wealth by Province
- Map A.3 VALUE OF GDP PER CAPITA BY PROVINCE, 2007
- A.5.6 Consumer Wealth: The Major Cities
- Table A.16 LEADING CITIES KEY ECONOMIC INDICATORS, 2007
- A.6 Households
- A.6.1 Households: Overview of Household Conditions
- A.6.2 Households: Total Households by Size
- Table A.17 NUMBER OF HOUSEHOLDS BY SIZE, 2001 - 2007
- A.6.3 Households: Total households by Urban/Rural Split
- Table A.18 NUMBER AND SIZE OF HOUSEHOLDS BY LOCATION, 2001 - 2007
- A.6.4 Households: Income Earners Per Household 131
- Table A.19 AVERAGE NUMBER OF INCOME EARNERS PER HOUSEHOLD, 2001 - 2007
- A.7 Employment
- A.7.1 Employment: Number of Workers by Sector
- Table A.20 NATIONAL EMPLOYMENT BY SECTOR, 2001 - 2007
- A.7.2 Employment: Growth by Sector
- Table A.21 GROWTH IN EMPLOYMENT BY SECTOR, 2001 - 2007
- A.7.3 Employment: Number of Workers by Gender
- Table A.22 TOTAL NATIONAL WORKFORCE BY GENDER, 2001 - 2007
- A.7.3 Employment: Number of Workers by Habitation
- Table A.23 NATIONAL WORKFORCE BY HABITATION, 2001 - 2007
- A.7.4 Employment: Urban Unemployment
- Table A.24 URBAN UNEMPLOYMENT RATES, 2001 - 2007
- A.8 Consumer Income
- A.8.1 Consumer Income: Average Incomes by Sector
- Table A.25 AVERAGE INCOMES BY SECTOR, 2001 - 2007
- A.8.2 Consumer Income: Growth by Sector
- Table A.26 GROWTH IN AVERAGE INCOMES BY SECTOR, 2001 - 2007
- A.8.3 Consumer Income: Average Incomes by Region
- Table A.27 AVERAGE INCOMES BY REGION, 2001 - 2007
- A.8.4 Consumer Income: Growth by Region
- Table A.28 GROWTH IN AVERAGE INCOMES BY REGION, 2001 - 2007
- A.9 Consumer Market
- A.9.1 Consumer Market: Spending Trends
- Table A.29 CONSUMER EXPENDITURE* BY BROAD SECTOR AT CURRENT PRICES, 2001 -
2007
- A.9.2 Consumer Market: Per Capita Consumer Expenditure
- Table A.30 PER CAPITA CONSUMER EXPENDITURE* BY BROAD SECTOR AT CURRENT
PRICES, 2001 - 2007
- A.9.3 Consumer Market: Retail Sales and Consumer Spending
- Table A.31 RETAIL SALES AS A PROPORTION OF CONSUMER EXPENDITURE*, 2000 -
2006
- A.9.4 Consumer Market: Urban Income and Spending Compared
- Table A.32 URBAN AVERAGE ANNUAL INCOME/EXPENDITURE, 2001 - 2007
- A.10 Exchange Rates
- A.10.1 Exchange Rates: China
- Table A.33 AVERAGE ANNUAL RENMINBI EXCHANGE RATES AGAINST A VARIETY OF
CURRENCIES, 2000 - 2007
- A.10.2 Exchange Rates: Hong Kong
- Table A.34 AVERAGE ANNUAL HONG KONG DOLLAR EXCHANGE RATES AGAINST THE
UNITED STATES DOLLAR AND RENMINBI, 2000 - 2007
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