Dollar bulls see Donald Trump's plan to repatriate as much as$2.6 trillion in corporate profits stashed overseas as a can't-missboon for the greenback. The problem is most of that hoard mayalready be held in the U.S. currency.

Traders pushed the dollar up by the most in five years lastweek, partly in a wager that the president-elect's tax-amnestyproposals will fuel a surge in greenback demand.

Yet at Apple Inc., with the most overseas cash among S&P 500members, more than 90% of its $216 billion stash is in the U.S.currency, according to former employees who had direct knowledge ofthe matter and asked not to be identified. For Microsoft Corp., thesecond-largest holder of cash abroad, dollar-denominated bondsalone make up 66% of total cash, securities filing shows. The datasuggest that even if Trump is able to follow through with a taxamnesty similar to the one-time, 10% holiday he's proposed, itseffects on the world's reserve currency would be minimal.

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