Tag: currency

Swiss Government holds emergency meeting as franc rises

Swiss Government holds emergency meeting as franc rises

The value of the Swiss franc continues to rise today as investors regard it as a safe haven amid the economic turmoil. Today, the US dollar hit an all-time low against the Swiss franc, while rising against the euro to 1.0917. A report from the Bloomberg news agency suggests the franc is higher this year [...]

August 8, 2011 | 0 Comments More
China and US to hold talks over currency issues

China and US to hold talks over currency issues

China and the US are set to hold economic talks in Washington DC next month as the two countries endeavour to reach an agreement over currency issues. The State Department announced yesterday: “The third meeting of the U.S.-China Strategic and Economic Dialogue (S&ED) will be held in Washington, DC, May 9-10, 2011.” China has been [...]

April 26, 2011 | 0 Comments More
Vietnam sees inflationary pressures continue

Vietnam sees inflationary pressures continue

The Government’s General Statistics Office has revealed consumer prices in Vietnam rose to 9.46% in March - up from February’s 8.46%. The latest rise - which is the seventh consecutive gain - will add further pressure on the central bank to lift interest rates. Inflationary pressures are rife in Asia and in the last few [...]

March 24, 2011 | 0 Comments More
China trade surplus shrinks in January

China trade surplus shrinks in January

Official figures have today revealed Chinese imports soared by 51% in January compared with a year ago - far exceeding forecasts of a 28% increase. Meanwhile, exports grew 38% in January on an annual basis, according to the customs authorities. Again, this easily beat expectations of a 22.4% rise. The strong rise in imports led [...]

February 14, 2011 | 0 Comments More
Euro falls despite Irish bailout

Euro falls despite Irish bailout

The euro has today hit a fresh low despite news that Ireland’s rescue package has been signed off. The single currency dipped to $1.3181 - its lowest level since late September - as investors digested the news of Ireland‘s bailout. Full details of the rescue package, which is worth €85 billion (£72 billion), will be [...]

November 29, 2010 | 0 Comments More
OECD confident for euro zone’s future

OECD confident for euro zone’s future

As more doom and gloom surrounds the euro zone economy, the Organisation for Economic Cooperation and Development (OECD) has today issued a positive statement and suggested that “the euro as a currency has a long life, it is alive, well and kicking”. Fears have been raised that the 16-nation euro currency will fail in the [...]

November 25, 2010 | 0 Comments More
G20 moves to prevent currency war

G20 moves to prevent currency war

A gathering of finance ministers and central bankers in Gyeongju, South Korea, has taken place this weekend and high on the agenda was the threat of a currency war. The currency issue was left unresolved earlier this month after the International Monetary Fund (IMF) and World Bank annual meeting in Washington failed to reach an [...]

October 24, 2010 | 0 Comments More
South Korea leaves interest rates on hold

South Korea leaves interest rates on hold

The Bank of Korea (BoK) has today opted to leave interest rates on hold at 2.25% - for the third consecutive month. The decision surprised many economists who had expected rates to be lifted to 2.5%. The central bank left interest rates at the record low 2% for 17 months following the global economic downturn [...]

October 14, 2010 | 0 Comments More
US dollar weakens vs. yen, yuan tensions continue

US dollar weakens vs. yen, yuan tensions continue

The US dollar has fallen to a fresh 15-year low against the Japanese yen today after this weekend’s International Monetary Fund (IMF) annual meeting in Washington failed to resolve the currency issue. Last week, the IMF expressed its concern for a currency war and said if Governments across the world use exchange rates as a [...]

October 11, 2010 | 0 Comments More
US House to pass legislation to allow flexible yuan

US House to pass legislation to allow flexible yuan

The pressure on China to allow a flexible yuan is increasing after the US House of Representatives is ready to pass a bill, which will allow it to impose retaliatory tariffs when another nation is found to be manipulating its currency’s value. The US has previously expressed dissatisfaction that China is keeping the value of [...]

September 29, 2010 | 0 Comments More
Japanese yen falls against US dollar

Japanese yen falls against US dollar

The Japanese yen has dipped against the US dollar today, raising suspicion that Japan has again taken action to weaken its currency. Last Wednesday, the Bank of Japan (BoJ) intervened to stem its currency – which hit a fresh 15-year high against the dollar. It was the first time in six years that such action [...]

September 24, 2010 | 0 Comments More
Chinese Premier hits back over yuan pressure

Chinese Premier hits back over yuan pressure

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 [...]

September 23, 2010 | 0 Comments More
Chinese exports surge 44%, property prices fall

Chinese exports surge 44%, property prices fall

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 [...]

July 12, 2010 | 0 Comments More
China bows to G20 pressure and allows further yuan flexibility

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. [...]

June 28, 2010 | 0 Comments More
G20 summit sees protesters turn violent

G20 summit sees protesters turn violent

This weekend’s G20 summit, held in Toronto, Canada, saw more than 400 protesters arrested. Four police cars were set alight, while shop windows were broken with baseball bats and hammers, according to reports. Similar protests have occurred during the summit in past years and this year was no different as demonstrators came in their droves [...]

June 27, 2010 | 0 Comments More
China takes action to relax currency

China takes action to relax currency

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, [...]

June 22, 2010 | 0 Comments More
Markets expect China to relax yuan

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”. [...]

June 21, 2010 | 0 Comments More
China’s central bank will keep yuan stable

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 [...]

June 20, 2010 | 0 Comments More
Chinese inflation exceeds Government target

Chinese inflation exceeds Government target

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 [...]

June 11, 2010 | 0 Comments More