InfoAnda - China to keep yuan weak until crisis over: experts

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Historic court pick Sotomayor faces final grilling | 16 July 2009
Beekeepers add buzz to Japan urban jungle | 15 July 2010
Rally at Cleveland bodies house thanks coroner | 17 November 2009

U.S. Northeast starts clean-up after record blizzards | 11 February 2010

Forum Views () Forum Replies ()

Read more with google mobile : China to keep yuan weak until crisis over: experts

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China to keep yuan weak until crisis over: experts AFP - Sunday, October 25 Send IM Story Print China to keep yuan weak until crisis over: experts Slideshow: Full Photo Coverage: Business & Economy BEIJING (AFP) - – China will maintain a weak yuan until its export sector has recovered from the global crisis, prioritising concerns at home despite growing pressure from its major trading partners, analysts say. The United States and European Union have been pushing China to let the yuan fluctuate, but their calls have so far fallen on deaf ears as Beijing is focused on creating enough jobs to avert social unrest, they said. "Their focus is domestic issues, not foreign issues," Ben Simpfendorfer, a Hong Kong-based economist at the Royal Bank of Scotland, told AFP. "They recognise the problem of a weak currency but they have to worry about a large low-income population which has an overwhelming influence on policy-makers." The yuan, or the renminbi, was re-pegged at around 6.82 yuan to the US dollar in July 2008 after appreciating about 16 percent in the three years since the peg was removed, according to research firm High Frequency Economics. Beijing made the move as the global financial crisis hit key export markets for Chinese-made goods, triggering the loss of more than 20 million jobs in factories across the country and putting the brakes on economic growth. While China has acknowledged the need to increase the flexibility of its currency to boost domestic consumption and reduce its reliance on exports, it considers job creation and social stability more urgent, analysts said. "Until the downturn, there was an appreciation in the yuan and that was a big part of Beijing's strategy to rebalance their economy," Brian Jackson, a senior strategist at Royal Bank of Canada, told AFP. "That got derailed by the global downturn. Until they see stronger evidence that the external demand situation is better, they are going to keep the currency on hold." The lack of flexibility in the yuan has angered the United States and Europe, which are slowly recovering from the worst crisis in decades and claim China's exchange rate policy gives its exporters an unfair advantage. Beijing has kept its currency steady by selling yuan in exchange for foreign assets -- mostly dollars -- and by the end of September had accumulated a record 2.27 trillion dollars in foreign exchange reserves. Eurogroup chief Jean-Claude Juncker said last week that he, European Central Bank boss Jean-Claude Trichet and EU economic and monetary affairs commissioner Joaquin Almunia would travel to China before year end to tackle the issue. "We spent quite a long time discussing exchange rates tonight -- it's a problem which has us worried," Juncker, Luxembourg's prime minister, said after a meeting of finance ministers from the 16 countries that use the euro. The US Treasury this month attacked China for a "lack of flexibility" in the yuan, which has depreciated 6.9 percent against the dollar since February, but stopped short of branding it a currency manipulator. Washington will have fresh chances to make its case to Beijing at the US-China Joint Commission on Commerce and Trade in the eastern city of Hangzhou this week, and again when US President Barack Obama visits China next month. Nobel prize-winning economist Paul Krugman said China's "bad behaviour" posed a growing threat to the world by "engineering a large devaluation" of its currency. "Thats a particularly bad thing to do at a time when the world economy remains deeply depressed due to inadequate overall demand," Krugman said in a column published in the New York Times. "By pursuing a weak-currency policy, China is siphoning some of that inadequate demand away from other nations, which is hurting growth almost everywhere." Ken Peng, a Beijing-based economist at Citigroup, said the weak yuan was also hurting Chinese consumers by "stealing" their purchasing power. "If you really want to adjust domestic imbalances, allowing the renminbi to appreciate is a key factor," said Peng. "You can't always rely on exports for growth." Recommend Send IM Story Print Related Articles Kuwait's Ahli bank Q3 earnings dive 84 pct Reuters - Monday, October 26 UAE interbank rates hit multi-year lows Reuters - Monday, October 26 Bahrain's AUB Q3 profit falls 45 pct on provisions Reuters - Monday, October 26 Putin says Russia will delay wood export duty hike AP - Monday, October 26 Kuwait Finance House Q3 net profit down 46 pct Reuters - Monday, October 26 News Search Top Stories IMF demands Ukraine veto new wage, pension law Thousands eat breakfast on Sydney Harbour Bridge Recession or not? US economy likely to be in limbo New German government to slash taxes Obama declares swine flu emergency More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Obama declares swine flu emergency Europe swine flu spreads, 'millions' infected in US Recession or not? US economy likely to be in limbo Icahn resigns from Yahoo! board New German government to slash taxes More Most Viewed » Boyzone singer Gately dies in Spain Mobile phone giant Nokia sues Apple over patents More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Sunday, 25 October 2009
Egyptian passenger trains collide, at least 14 dead
New German govt to slash taxes
Suspected ETA militants charged in France
Karzai rival says won't join Afghan government | International |
Saudi female TV journalist gets 60 lashes
Obama urges banks to help small businesses
Protesters demand UK pullout from Afghanistan
Egyptian passenger trains collide, at least 15 dead | International |
Saudi female TV journalist gets 60 lashes | International |
Influential Iran lawmakers criticise nuclear deal
Abbas should face trial for usurping power: Hamas
Russia's Medvedev says open to election law ideas | International |
UN to inspect atomic plant as Iran delays nod on deal
U.S. says Syria should release 78-year-old dissident | International |
Strong quake hits eastern Indonesia, causes panic
Lost keys lead NJ police to burglary suspects
US mulls direct talks as N.Korea nuclear envoy visits
15-year-old charged with murder of Mo. girl
Army captures Pakistani Taliban leader's hometown
Ensign resignation would set up Nevada scramble
Indonesia lifts tsunami alert after powerful quake
How does Ore. candidate roll? With MS, on a Segway
Another strong quake hits Indonesia
AP NewsAlert
Could letting pilots take a nap make flying safer?
Former child soldiers move on in Sri Lanka
Nunn not too pleased with its politicians
Maine girl born with 'mermaid syndrome' dies at 10
China-Guinea deal highlights Africa business ties
American sees changes in his North Korean hometown
Balloon boy's mother admits hoax: affidavit
Patients _ and patience _ in health care end game
Myanmar could ease Suu Kyi detention
'Paranormal Activity' scares up box-office delight
AP interview: Cosby keeps it clean for humor prize
Major quake strikes off Indonesia: seismologists
Domestic Violence Abuse Victims In Illinois Call For Reform Due To Large Number Of Unserved Protection Orders
Treasury Official Says Over $600 Million Of Credit For First-Time Home Buyers Are Suspicious
New Jersey Priest Found Dead; Police Suspect Homicide
UN team to visit Iran uranium plant
Britons killed on Kenya holiday: Foreign Office
U.N. experts in Iran to inspect new nuclear site | International |
Recession or not? US economy likely to be in limbo
Taliban call for Afghan vote boycott, threaten violence
Pakistan troops retake Taliban stronghold in Waziristan | International |
Karzai rival says won't join Afghan government | International |
Egyptian passenger trains collide, at least 14 dead
New German government to slash taxes
Ukraine PM enters tight presidential race
Obama declares swine flu emergency
Iraqi court seeks arrest of Sunni MP
Egyptian passenger trains collide, at least 15 dead | International |
Israeli police, Arabs clash near Jerusalem mosque | International |
Winds shift as fire burns Puerto Rican oil depot | International |
Pakistan troops retake Taliban stronghold in Waziristan
Church janitor charged in slaying of NJ priest
Sydney Harbor Bridge becomes grassy picnic ground
Australia, China discuss detained Rio executive: Rudd
Patients _ and patience _ in health care end game
Mother praises police searching for girl's killer
SKorea: Summit should help resolve nuclear dispute
Pakistani army takes Taliban chief's hometown
Last-gasp Smith saves Australia in Four Nations
Lawyer blasts release of affidavit in balloon case
Chinese hurdler Liu advances to 110m hurdle final
Thousands gather for worldwide climate protests
Jettisoned bomb destroyed at Utah's Hill AFB
EPA: Climate bill could cost family $100 annually
US, N.Korea hold nuclear talks in New York
SC Episcopalians to distance from national church
US military deaths in Afghanistan region at 807
Taliban threaten Afghan voters in November runoff
Thailand, Philippines seek rice row solution: minister
Indian carmaker Maruti sees quarterly profit jump 93 pct
At 37, Paul Simon's son makes his musical mark
First black woman tipped for top French book prize
Placido Domingo tries out Verdi baritone role
Italian wine harvest shows good quality but drop in quantity
Anti-Semitism on the rise in France: Jewish community group
Party over mood at Russian 'Millionaire Fair'
'Sweat lodge' tragedy shines spotlight on ancient ritual
Polanski could face two years prison if extradited | Entertainment |
Sony looks for box office hit with This Is It | Entertainment |
At 37, Paul Simon's son makes his musical mark | Entertainment |
Suicide bombs kill 132 in Baghdad | International |
Young entrepreneurs get tips from Facebook-Twitter
U.N. experts inspect Iran's new nuclear site | International |
Israeli police, Arabs clash near Jerusalem mosque
Pakistan forces bomb Taliban in South Waziristan | International |
Twin suicide vehicle bombings kill 99 in Baghdad
Israeli police storm Jerusalem's holiest site
UN inspectors to check controversial Iran atomic plant
Asian leaders seek to reduce Western trade ties | International |
UN inspectors visit once-secret Iranian site
Twin suicide car bombs kill at least 38 in Baghdad
Twin Baghdad blasts kill at least 14: medics
Suicide bombs kill 132 in Baghdad
British police pursuing leads in Lockerbie case | International |
Uruguay vote pits ex-guerrilla and former president | International |
Singh to Wen: Dalai Lama an honored guest | International |
Somalia's Shabaab rebels execute two for spying | International |
Pakistan forces bomb Taliban in South Waziristan
Protests in Kashmir over a killing by Indian army
Japan navy holds review amid questions over future
Australia edge India in one-day international
Asian leaders give rival visions for economic blocs
Kidnapped priest alive but unwell, says mission
Japan PM in no hurry on US base relocation deal
World solar car race begins in Australia
Nuclear energy becomes pivotal in climate debate
Taiwan president vows to press for China detente
The nation's weather
Scottish police 'reviewing Lockerbie bombing probe'
Reformatory's closing prompts reflection
Chinese ship collides with Belgian cargo vessel
Look at insurgent groups on Afghan-Pakistan border
Obama declares swine flu a national emergency
SKorean railway workers vote to strike
Global events mark magic number on climate change
China proposes Taiwan economic cooperation talks
Pilot who overshot airport denies crew was napping
Asian leaders' rival visions for economic blocs
JAL new state-backed agency restructuring: reports
S.Korea nuclear power unit resumes operation-Yonhap
China to keep yuan weak until crisis over: experts
Japanese automakers' hydrogen car drive
'Polygamy club' draws criticism in Indonesia
Strong quake hits eastern Indonesia, causes panic
US-ENTERTAINMENT Summary
HK investors see wine as good bet for capital growth
From Canada to Argentina, fans shake to "Thriller"
For Zimbabwe's deportees, shame at empty-handed return
Composer Lloyd Webber has prostate cancer: BBC | Entertainment |
Ex-Smiths singer Morrissey stable after collapsing on stage | Entertainment |
Singer Morrissey released from hospital
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01