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US to introduce new law for China to revalue yuan
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teeth53
Supreme |
25-Jun-2010 23:53
Yells: "don't learn through life, learn to grow with life " |
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http://sg.news.yahoo.com/afp/20100625/tts-germany-us-finance-economy-banking-t-972e412.html Britain, France and Germany have said they are prepared to introduce some kind of tax on the banking sector, which was bailed out of financial crisis with billions of pounds and euros in state funds. Schaeuble (German Finance Minister) acknowledged it would be hard to reach agreement on a global financial transactions tax at a meeting of the G20 group of developed and developing economies in Toronto. "But if, after Toronto, we realise it cannot be done on a global scale, then we will do it for ourselves in Europe," teeth53 thot - Euro (a mixture of many states) woes seen dragging it feet again. and unlike China. Future Global Reserve System - An Asian Perspective (Once it billion pple's is awaken.) The ADB study, entitled "The Future Global Reserve System - An Asian Perspective", recommended having Asia's vast currency reserves play a more important role in stabilising the global financial system, through swap lines, the International Monetary Fund's Special Drawing Rights (SDRs) and other borrowing. |
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Hulumas
Supreme |
25-Jun-2010 10:53
Yells: "INVEST but not TRADE please!" |
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YES, as today . . . . . . . . >50% probability and possibility! The probability and possibility trend is increasing day by day!
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nickyng
Supreme |
25-Jun-2010 10:47
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stronger YUAN ahead of G20 Summit ! :P
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nickyng
Supreme |
25-Jun-2010 09:22
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YUAN is stronger again today Vs US$....
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teeth53
Supreme |
24-Jun-2010 23:11
Yells: "don't learn through life, learn to grow with life " |
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http://business.asiaone.com/Business/News/Story/A1Story20100624-223813.html Yuan can become alternative reserve currency to US dollar (Reuters) - China's yuan could rapidly become an internationally used currency and serve as an alternative to the U.S. dollar in central bank reserves, "renminbi has yet to become an international currency. It could become one much more quickly than many anticipate, "Asian Development Bank (ADB) said in a joint study with Columbia University's the Earth Institute. "Internationalization of the renminbi has the potential to become an alternative to the U.S. dollar - as did the euro - and help nudge the global reserve system toward a multi-currency reserve structure," it said. The study, undertaken by 11 economists from around the world, including academics Joseph Stiglitz and Barry Eichengren, did not provide a timeline for when the yuan could become a reserve currency. Most analysts expect it to be fully convertible by 2020, the target date set by Beijing to make Shanghai an international financial centre. The ADB study, entitled "The Future Global Reserve System - An Asian Perspective", recommended having Asia's vast currency reserves play a more important role in stabilising the global financial system, through swap lines, the International Monetary Fund's Special Drawing Rights (SDRs) and other borrowing. ADB study also endorsed the use of capital controls as a tool to strengthen management of an economy, with the caveat that they are temporary and coordinated. "These controls on the flow of capital tend to be more effective when done on a coordinated basis across countries that are targets of rapid capital movements, rather than individual countries reacting unilaterally," the report said. Taiwan implemented capital controls in November 2009, and Indonesia took steps to manage capital inflows last week. South Korea is planning to tighten currency derivative trading caps for foreign banks. The study also said a common Asian currency is not a realistic goal, and regional monetary coordination should stop short of pegging currencies in the region. The global financial crisis, which originated in the U.S. housing market, has sparked a growing discussion among policy makers and academics that the world should no longer rely on a single, dominant currency, such as the dollar, as it has done since the end of the gold standard. China and Japan together hold about 43 percent of global reserves. Since 2000, global foreign exchange reserves have grown by a staggering $6.15 trillion and stood at $8.09 trillion at the end of 2009, or 14 percent of the world's gross domestic product, International Monetary Fund figures showed. |
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teeth53
Supreme |
22-Jun-2010 20:16
Yells: "don't learn through life, learn to grow with life " |
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WHY ?. Stronger yuan is good for U.S. Eventually. then again Will a strong yuan play a secondary role or more important role as US dollars one day ?. when stronger yuan day by day is seen supporting world weaker currencies system (PIIGS) |
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teeth53
Supreme |
22-Jun-2010 20:06
Yells: "don't learn through life, learn to grow with life " |
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http://money.cnn.com/2010/05/27/markets/markets_newyork/index.htm "China has always firmly supported the EU integration process. We support the European Union and the International Monetary Fund package of financial stability measures being taken," said agency chief Yi Gang in a statement. China holds $2.45 trillion of foreign exchange reserves, with U.S. Treasury debt and Euro zone government bonds making up key investments. teeth53 thot - Yuan is practicing what Sing dollars is all about, against a busket of currencies. |
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E-war
Veteran |
22-Jun-2010 19:57
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Seems like they want the honour of saying 'yeh, we forced them to appreciate their currency. ridiculous, never heard of quiet diplomacy.
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teeth53
Supreme |
22-Jun-2010 19:44
Yells: "don't learn through life, learn to grow with life " |
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http://money.cnn.com/2010/06/21/markets/thebuzz/index.htm In other words, it's encouraging but it should not be a surprise. Yuan will increase in value slowly "This is a positive but it should have been expected," he said. "In the short-term, there should be no major shift in financial markets as a result of this." As such, O'Rourke chief market strategist with BTIG, an institutional brokerage firm in New York, said he thinks investors may soon focus more on the uglier, short-term fundamentals for the U.S. economy. teeth53 thot - US is afraid China won't co-operate, so US jump on it 1st and made China look bad like for EG - they refuse to co-operate. WHY ?. Stronger yuan is good for U.S. Eventually. However many also look to China for help, for EG - Euro PIIGS to stablize their $$$ system. |
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Hulumas
Supreme |
22-Jun-2010 15:03
Yells: "INVEST but not TRADE please!" |
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Which country causes the global financial tsunami in the first place?
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soloman
Master |
22-Jun-2010 11:51
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TRUST COMMUNISM ??? THEY ARE RUTHLESS IN EVERYTHING ................................ SO WHY BUY LIKE YESTERDAY ?????????????????
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nickyng
Supreme |
22-Jun-2010 11:33
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nah..it'll work..to certain extend to pressure China to speed up re-valuation loh....hee... :P
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Hulumas
Supreme |
22-Jun-2010 11:28
Yells: "INVEST but not TRADE please!" |
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One sided law........ It won't work! I suppose.
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nickyng
Supreme |
22-Jun-2010 11:19
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WASHINGTON: The US Congress will move forward with a new law intended to force
China into revaluing the yuan, with action that's expected in the next couple of
weeks. That's despite the fact that the Chinese Central Bank has begun an adjustment process which will see a gradual increase in the value of the renminbi. The White House has welcomed Beijing's announcement and intends to discuss the matter further at this weekend's G20 meeting in Canada. The White House says China's decision is "a constructive step that can help safeguard the recovery and contribute to a more balanced global economy". But currency campaigners here say China's action won't take "an irritant off the table" as the US ambassador to China has suggested. Charles Blum, executive director, Fair Currency Coalition, says: "This is more than a gesture, I think, certainly potentially it is. But it's not a solution. So I can't imagine that anybody at the G20 would expect to say 'mission accomplished - this is all taken care of'. We're way short of that." Powerful New York Democrat Senator Charles Schumer says he will still move forward with legislation to penalize China. The Fair Currency Coalition thinks that will happen, as intended, within the next couple of weeks. Charles Blum says: "There's a very strong pressure on the Congress and I think the White House to show some responsible action to deal with what has become an enormous problem. We don't have a lot of told that seem to work, so something will have to be done. We think this is by far the best answer." That "answer", in their view, is to introduce laws that would official treat any currency imbalances as a normal trade subsidy, allowing individual industries to bring a case within international trade laws. The US Treasury Secretary appeared fairly supportive of Congressional pressure earlier this month. Timothy Geithner, US Treasury Secretary, says: "It's very important again for China to understand not just that other countries care a lot about this, not just that we care about this and the President cares about this, but there is very broad support on a bipartisan basis in the Congress for them moving on this issue, absolutely." The White House says it will be monitoring China's progress on its currency and that implementation is going to be key. But staff for one of Senator Schumer's equivalent colleagues in the House told Channel NewsAsia that he will also intends to push forward with currency legislation in the House, and within the next couple of weeks. - |
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