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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 1558
Posted: Feb 22, 2010 5:00
Comments: 1558
Forum Topic:
JPY
Discuss JPY
CHINA: Senior US and Chinese officials met Tuesday for the second day
of the Strategic and Economic Dialogue talks with the Chinese yuan and
US deficits key topics of discussion. Earlier, the PBOC set the yuan
central parity rate vs the dollar at a record yuan high of Cny6.4950.
The yuan was up 27.42% from the July 21, 2005 repeg (from dollar to
managed float with reference to basket of currencies) including that
day's one-off 2.05% revaluation. (See MNI mainwire at 7:16 am EDT for
details of Monday's FX related discussions) RBC Capital Market
strategists note that April trade date, released earlier, (China surplus
at $11.42bn in vs $0.14bn in March and consensus at $3.2bn) shows "that
Chinese exporters continue to benefit from a supportive exchange rate,
with the level of exports at a record high of $155.7bn and y-o-y growth
strong for most major trading partners."
AL
This day last week when I listed the RATIONALE for why STocks would fall 2-3% "next week".
Ashraf
CHINA PRESS: China is likely to introduce fresh tightening measures to
cool the property market this year, a leading government think tank said
in a report in the China Securities Journal. The Chinese Academy of
Social Sciences said Beijing's focus will switch to existing home owners
rather than new housing, arguing that the measures introduced so far
"have yet to effectively curb speculative demand.
Ashraf