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Sunday 04th of July 2010

News Tag: peg

June 28, 2010

China bows to G20 pressure and allows further yuan flexibility

by Kay Murchie
China bows to G20 pressure and allows further yuan flexibility
China faced renewed pressure at this weekend’s G20 summit Toronto, Canada, after a draft said: “Emerging surplus economies will undertake reforms tailored to country circumstances to… enhance rate flexibility.” Beijing has previously ruled out a one-off appreciation of its currency and has previously said keeping the yuan stable is “an important contribution” to global recovery. China has already faced ...



June 25, 2010

China continues with its pledge of yuan flexibility

by Kay Murchie
”China
The People’s Bank of China has today set its currency at 6.7896 yuan to the US dollar - which is 0.3% stronger than Thursday’s level of 6.8100. The moves come as China pledged to “strengthen the flexibility” of the yuan exchange rate ahead of this weekend’s G20 summit in Canada. The level marks the strongest since China removed the currency peg ...



June 22, 2010

China takes action to relax currency

by Kay Murchie
’China
China has today taken action to honour its pledge in making its currency, the yuan, more flexible. On Saturday, policymakers pledged to make the yuan more flexible but then just 24 hours later the central bank’s website said: “There is at present no basis for major fluctuation or change in the [yuan] exchange rate.” However, its pledge to “strengthen the flexibility” of ...



June 21, 2010

Markets expect China to relax yuan

by Kay Murchie
Markets expect China to relax yuan
Stock markets in Asia have gained today after comments by China's central bank about its currency policy this weekend. Policymakers had pledged to make the yuan more flexible but then just 24 hours later the central bank’s website said: “There is at present no basis for major fluctuation or change in the [yuan] exchange rate”. However, its pledge “strengthen the flexibility" of ...



June 20, 2010

China’s central bank will keep yuan stable

by Kay Murchie
China’s central bank will keep yuan stable
China’s central bank has refused to bow to pressure to allow its currency, the yuan, to find its own level, after the bank’s website said: "There is at present no basis for major fluctuation or change in the [yuan] exchange rate". The country’s currency policy has been widely criticised and its comments come just 24 hours after the central bank said ...



May 24, 2010

China commences talks with US over yuan policy

by Kay Murchie
China commences talks with US over yuan policy
Talks have commenced between China and the US today with the main issue to be the Chinese currency. Hillary Clinton is leading the US delegation as the US argues that China's currency policy unfairly favours its exporters. US legislators and trade groups say the yuan, which is also referred to as the renminbi, is kept up to 40% below ...



April 14, 2010

Singapore economic growth surges ahead

by Kay Murchie
Singapore economic growth surges ahead
The Trade and Industry Ministry today announced that Singapore’s economy saw first quarter annualised growth of 32.1% - compared with a 2.8% fall in the previous quarter. According to the Ministry, the growth was driven by manufacturing activity and the central bank has therefore raised its 2010 growth forecast to between 7% and 9%. The figures come just a few months after ...



March 15, 2010

China argues stable yuan contributes to global recovery

by Kay Murchie
”China
Wen Jiabao, China’s Premier, has denied his Government is keeping the yuan undervalued after lawmakers and economists said it is hampering a global recovery. Mr Wen argued keeping the yuan stable was "an important contribution" to global recovery and said: “We oppose countries pointing fingers at each other and even forcing a country to appreciate its currency.” Speaking at the ...