The fund can buy corporate or government bonds, typically denominated in dollars, anywhere in the world.

These are among others: Eurobonds, other bonds denominated in a foreign currency and the trading stock of professional security brokers.

To help stop the decline of the dollar, some analysts have urged the Treasury to offer bonds denominated in a foreign currency.

China also plans to offer $441 million of the bonds denominated in euros.

And competitors say that Morgan earned more than $100 million last year trading convertible bonds denominated in foreign currencies.

In June, Goldman Sachs managed to sell $1.25 billion of bonds denominated in dollars.

Roughly $1 billion worth of new corporate issues were priced, and the World Bank sold its first global bond denominated in Japanese yen.

In both the currency and credit markets, there was conjecture that the Treasury would offer bonds denominated in a foreign currency.

That move weakened the dollar against the mark as more foreign investors bought bonds denominated in marks.

As the dollar appreciated this year against other major foreign currencies, the value of bonds denominated in those currencies has fallen.