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China tightens money again Replies |
rffrydr
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Joined: 30 Oct 2005
Posts: 16932
Location: Sunny California
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 Posted: Mon Mar 05, 2007 9:16 am Post subject: |
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...starting to show an "effect":
| Quote: | | According to the National Bureau of Statistics, manufacturing activity slowed to a six month low, posting a 53.1 reading. Lower than the previous month’s 55.1, the report results continue the recent downtrend in reportings even as the export sector remains supported. Output fell to a six month low as both new orders and export orders dropped on the month. Ultimately, as with any other G7 major economy, the lower manufacturing gauge is likely to show up in secornday reports, including a plausible dip in consumer spending. In addition, poliy officials tightened quotas on the amount domestic banks are allowed to borrow from foreign insitutions. Reducing the amount by 45 percent of last year’s total initially, the policy is expected to help in stemming recent appreciation in the yuan and restrict any inflow of capital. |
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rffrydr
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Joined: 30 Oct 2005
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Location: Sunny California
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| Posted: Fri Jan 12, 2007 10:17 am Post subject: |
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...And surpasses HK. From todays dailyfx:
| Quote: | Asian Bloc – Singapore and Hong Kong
Rising above for an impressive 10th straight session, the USDHKD moved higher to the upper band that has contained the currency over the past couple of years. Now hitting standard resistance at 7.80, a new idea has emerged in the market, one definitively inclusive of the Chinese yuan. For the first time in 13 years, the Chinese denomination has risen above the Hong Kong dollar as economic expansion and foreign direct investment accelerate like never before boosting the appreciation of the renminbi. The yuan climbed to 1.0004 in the overnight and New York session and sparked some discussion as to probable action by the Hong Kong Monetary Authority. First glance is to regulate the peg that has come to prevent any speculative pushes should the Hong Kong dollar accelerate in the same manner. Although prudent, the question now emerges over the effectiveness of the policy, leaving some speculating the possibility of a wider floating peg structure. A far fetched notion, some are even considering the possibility of a re-peg to the Chinese yuan, leaving the dollar in the dust. One thing is for certain, however, and that is the fact that further policy changes are likely to follow in both economies in coming months. As a result, it may ultimately be the market forces that trigger revaluation efforts and not policy jawboning by high ranking officials. Separately, the Singapore dollar remained lower on the day as intervention continues to be speculated on in the current battle at the currency pair’s support figure. Popping back above the 1.5400 figure, the underlying currency has consolidated for the past month and a half. |
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