Sponson
05-18-2007, 05:20 PM
China Moves to Let Currency Rise
Friday May 18, 12:18 pm ET
By Joe Mcdonald, AP Business Writer
China Eases Exchange Rate Controls but Says No Big Gains in Yuan Ahead
BEIJING (AP) -- China took steps Friday to let its currency trade more freely against the dollar and to cool its sizzling economy ahead of talks in Washington over Beijing's soaring trade surplus. China eased controls on the yuan amid pressure from the U.S. and Europe, but cautioned against expecting sharp increases in its value. The U.S. responded that Beijing is not moving fast enough to allow its currency to strengthen and help reduce its growing trade gap with China...
...Beijing revalued the yuan against the dollar by 2.1 percent in July 2005 and has let it rise another 5.3 percent since then in tightly controlled trading.
http://biz.yahoo.com/ap/070518/china_economy.html?.v=9
The importance of this as related to the Dong is because of this previous article:
Vietnam the Second Thailand
According to Peter Soh, Foreign Exchange Director in Singapore under DBS group, the biggest bank in Southeast Asia, all believe that Vietnam will follow the path China has gone, and that the VND will increase in value.
http://farang.pai-nai.com/article.ph...econd-Thailand
Is it a stretch? Perhaps. But interesting nonetheless.
:wave:
MJ-99
Friday May 18, 12:18 pm ET
By Joe Mcdonald, AP Business Writer
China Eases Exchange Rate Controls but Says No Big Gains in Yuan Ahead
BEIJING (AP) -- China took steps Friday to let its currency trade more freely against the dollar and to cool its sizzling economy ahead of talks in Washington over Beijing's soaring trade surplus. China eased controls on the yuan amid pressure from the U.S. and Europe, but cautioned against expecting sharp increases in its value. The U.S. responded that Beijing is not moving fast enough to allow its currency to strengthen and help reduce its growing trade gap with China...
...Beijing revalued the yuan against the dollar by 2.1 percent in July 2005 and has let it rise another 5.3 percent since then in tightly controlled trading.
http://biz.yahoo.com/ap/070518/china_economy.html?.v=9
The importance of this as related to the Dong is because of this previous article:
Vietnam the Second Thailand
According to Peter Soh, Foreign Exchange Director in Singapore under DBS group, the biggest bank in Southeast Asia, all believe that Vietnam will follow the path China has gone, and that the VND will increase in value.
http://farang.pai-nai.com/article.ph...econd-Thailand
Is it a stretch? Perhaps. But interesting nonetheless.
:wave:
MJ-99