Archive for October, 2010
China To Boost Domestic Consumption
The Chinese Premier Wen Jiabao stressed the need to step up the modification of the economic development pattern by extending economic reform and opening-up further to build a moderately prosperous society at the Fifth Plenary Session of the 17th CPC Central Committee on October 15.
The premiere blamed resource and environment bottleneck, enlarging income gap, poor [...]
Emerging Global Economy
The shift of economic power from western industrial nations to the emerging nations is finally recognized by the international financial institutions in a joint communiqué released after G20 meeting in South Korea on Saturday.
World is quickly becoming multi-polar as US is losing its hegemony over the world and other global players like Europe Union, and [...]
G20 Ministers Agree On Key Issues
The G 20 Ministerial meeting concluded with agreement on currency row and giving more representation to emerging economies in IMF as part of its governance reform on Saturday in South Korea.
Realizing the rapid transfer in economic power from western industrial nations to emerging Asian nations the G20 finance ministers and central bankers in a [...]
Commodity Prices Fall As Dollar Rises
Commodity prices fall as dollar rises and investors sell off some of their goods for a profit. The US dollar bounced back in unstable forex market on Thursday as investors become vigilant ahead of G20 finance ministers meeting on Friday and Saturday.
Market analysts forecast a stronger dollar if the G20 finance minister meeting developed a [...]
Emerging Economies On Currency Dispute
Emerging economies criticize US for enforcing international monetary solution for solving its domestic challenges instead of implementing difficult fiscal measures to bring unemployment down and manage deficit.
After failing to devise and implement a viable strategy to deal with its domestic issues of high unemployment and a huge deficit USA is bringing the whole world down [...]
German Minister Sides With China Against US In Currency Row
German Economy Minister Rainer Bruederle severely criticized US Wednesday for blaming China of underrating yuan to fuel its exports. “At the moment I have more criticism of the American Treasury secretary than of China,” Bruederle said during a visit to China.
The US had also pointed finger at Germany for preferring exports to the interest of [...]
China Cracking Down On “Hot Money”
China will persist on preventing speculative money inflows into China and repress illicit foreign exchange activities, China’s foreign exchange regulator, the State Administration of Foreign Exchange (SAFE), announced Tuesday.
Chinese foreign exchange reserves have possibly exceeded US $2.5 trillion by the end of September because of speculative money inflow.
Regulators emphasized that “hot money” flowing into China [...]
IMF Meeting Failed To Create Consensus
IMF talks showed no progress as USA, EU and Japan failed to convince China to sharply revaluate renminbi and move quickly towards more market-oriented exchange rate policies.
China expressed fears in moving rapidly towards revaluating its currency as it would lead to social and economic unrest. China’s top central banker Zhou Xiaochuan insisted on a progressive [...]
IMF Must Reinforce Forex Monitoring
The US Treasury Secretary Timothy Geithner advised the International Monetary Fund to strengthen its surveillance of exchange rates policies and accumulation reserves to issue timely warnings to countries undervaluing their currency or accumulating massive surpluses while addressing IMF annual meeting on Saturday.
Earlier this week on Thursday IMF Chief Dominique Strauss-Kahn said that IMF should Initiate [...]
Dollar’s Fall Enhances India’s Forex Reserve To $294.16 Billion
India’s foreign exchange reserves climbed to $294.158 billion for the week ended Oct 1 increasing by $2.563 billion on account of revaluation of Indian rupee versus US dollar, Bank of India announced in its latest report on Friday.
The Indian rupee rise against US dollar has continued for last three weeks enhancing Indian foreign reserves [...]