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2.1.2 Dynamic Context "See [XML Schema 1.0] or [XML Schema 1.1] for the range of valid values of a timezone.]" XML Schema 1.0 - http://www.w3.org/TR/2004/REC-xmlschema-2-20041028/datatypes.html#dateTime-timezones 3.2.7.3 Timezones XML Schema 1.1 - http://www.w3.org/TR/xmlschema11-2/#dateTime 3.3.7 dateTime The definition and use of "timezone" changes radically between 1.0 and 1.1. Better to alert users by pointing to the specific references. For the purposes of argument, yes, what the present text says is literally correct but puts the reader who isn't aware of the changes between 1.0 and 1.1 at a severe disadvantage.
Actually the thing we call a timezone is called a "timezone" or "time zone" in XSD 1.0, and a "time zone offset" in XSD 1.1.