Chinese Premier Wen Jiabao has hit back over pressure to let its currency appreciate further. The US has previously expressed dissatisfaction that China is keeping the value of the yuan low to help its exporters at the expense of overseas competitors. Trade groups have argued that the yuan, also referred to as the renminbi, is [...]
US Treasury Secretary, Timothy Geithner has reiterated that China’s currency, the yuan, is still significantly undervalued. The US has previously expressed dissatisfaction that China is keeping the value of the yuan low to help its exporters at the expense of overseas competitors. Trade groups have argued that the yuan, also referred to as the renminbi, [...]
China’s trade surplus narrowed to $20 billion (£13 billion) last month as imports surged ahead. However, August still represented the third consecutive month in which China’s trade surplus exceeding $20 billion. Imports soared 35.2% on an annual basis – far exceeding the 26.1% expected by analysts. Meanwhile, exports slowed to 34.4% on an annual basis, [...]
China’s trade surplus widened to $28.7 billion (£17.9 billion) last month as exports soared. Not only did the trade surplus surge from June’s $20.02 billion, but it exceeded expectations of a $19.6 billion surplus. The figure represented the highest since January 2009, when it stood at $39.11 billion. Exports grew 38.1% in July on an [...]
It appears the world’s third largest economy is cooling after official figures revealed Chinese annual GDP slowed from 11.9% in the first quarter to 10.3% in the March to June period, the National Bureau of Statistics (NBS) said today. The reading was marginally lower than the 10.5% expected by analysts. China’s economy has been growing [...]
The Commerce Department today announced the US trade deficit widened in May to $42.3 billion (£28 billion) – an 18-month high. Most economists had expected the deficit to fall to $39.4 billion. The trade gap for goods and services grew 4.8% from $40.3 billion in April, the Commerce Department said. The figures showed that imports [...]
Figures today revealed Chinese exports grew by 43.9% in June compared with a year earlier. The figure, which exceeded expectations, comes after China overtook Germany as the world’s biggest exporter earlier this year. Germany had held the top spot since 2003. Meanwhile, imports increased by 34.1% year-on-year in June. As a result, China posted a [...]
A report issued by the US has said China’s yuan remains undervalued but welcomed the loosening of the currency peg. The US Treasury’s semi-annual currency report, which originally was due on 15 April, comes after mounting pressure on the People’s Bank of China to make its exchange rate more flexible against the US dollar. The [...]
Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), has said that China’s yuan was still too low, despite a pledge by the People’s Bank of China to make its exchange rate more flexible. The US has previously expressed dissatisfaction that China is keeping the value of the yuan low to help its exporters [...]
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. [...]
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 [...]
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, [...]
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”. [...]
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 [...]
China is still under pressure to allow its currency, the yuan, to find its own level, in order to ease inflation and to prevent the economy from overheating. The World Bank is now urging the Chinese Government to allow the yuan, which is also referred to as the renminbi, to strengthen against other international currencies. [...]
Chinese inflation continued to increase last month on the back of rising house and food prices. According to China’s statistics bureau, consumer prices in May were up 3.1% on an annual basis – up from April’s rate of 2.8% and exceeding the Government’s target of 3%. A spokesperson for the bureau admitted that the pressure [...]
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 [...]
Chinese inflation continued to increase last month on the back of rising house and food prices. According to China’s statistics bureau, consumer prices in April were up 2.8% on an annualised basis – the highest rate in 18 months, while house price inflation hit 12.8% – fuelled by new luxury housing in Shanghai. While the [...]
China’s economy, which is the world’s third largest, expanded at an annualised rate of 11.9% in the first three months of the year. The news comes just a day after the Trade and Industry Ministry announced that Singapore’s economy saw first quarter annualised growth of 32.1% – compared with a 2.8% fall in the previous [...]
At the Nuclear Security Summit in Washington, Chinese President Hu Jintao told US President Barack Obama that China is committed to yuan reform but will not be pressurised into making changes to its currency peg. The Chinese President added that while Beijing is willing to make changes, it will do it on its own terms. [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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