All Entries in the "Featured" Category
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 [...]
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 [...]
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 [...]
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 [...]
Pakistan’s Foreign Exchange Reserve Hits $16.9 Billion
Pakistan’s foreign exchange reserve climbs to record $16.99 billion in the week ending on October 1st, up from $16.79 billion held previous week, the State Bank of Pakistan announced on Thursday. State Bank spokesman Wasimuddin told the media, “the rise is due to the continuously rising inflow of remittances, as well as the inflow of [...]
Geithner: Currency Devaluation Not A Viable Strategy
On Wednesday, US Treasury Secretary Timothy Geithner warned emerging economies of the dangers of currency manipulation and its adverse effect on global economy in an indirect reference to the emerging “currency war”. He strongly advised emerging economies to progress toward more flexible and market based currency exchange system. Geithner address at the Brookings Institution, ahead [...]
Rupee Likely To Weaken Further
The rupee climbs up one paisa against dollar on Monday after hitting its lowest during the weekend. Currency dealers said that 1-dollar was bought for 86.20 rupee and sold for 86.24 rupee. State Bank of Pakistan announced in its weekly statement that foreign exchange reserves rose to a record 16.7 billion dollars in the week [...]
Dollar Rises On Speculation Of Federal Reserve Stimulus
The dollar climbed against the euro on Monday recuperating prior losses as traders’ slash bets the currency will decline based on speculations that Federal Reserve could further ease U.S. monetary policy. A pending homes sales index report and reading for U.S. factory orders due today will furnish more economic insights for investors. A considerable number [...]
American Optimism Pushes Dollar Up
The dollar climbed against the euro on Monday recuperating prior losses as traders’ slash bets the currency will decline based on speculations that Federal Reserve could further ease U.S. monetary policy. A pending homes sales index report and reading for U.S. factory orders due today will furnish more economic insights for investors. A considerable [...]
Despite falling FDI in Pakistan, deficit narrows
The State Bank of Pakistan (SBP) Monday said that foreign investment in Pakistan fell 22 percent to $1.73 billion in the first 10 months of the 2009/10 fiscal year but country’s current account deficit in the same fiscal period narrowed to a provisional $3.060 billion. Foreign investment in Pakistan during the same period last year [...]