Question：In translating the statement of financial position of a company from local currency to sterling, which rate should be used to translate monetary assets?
　　A. The rate of exchange at the date of the original transaction.
　　B. The rate of exchange which produces the lowest valuation in the year.
　　C. The closing rate on the statement of financial position.
　　D. The weighted average exchange rate for the reporting period.
　　The correct answer is: The closing rate on the statement of financial position.