G-7

[rffrydr]

In the context of the IMF call on asian currencies the G-7 has generated consderable interest suddenly:

o PBOC Zhou said that China may use bigger rate moves to slow the economy and curb excess liquidity.

o PBOC Zhou said the yuan will eventually become freely converted.

o PBOC says it is eying/concerned about asset prices, but monetary policy tool not appropriate for adjustment.

o PBOC says China’s economy has grown too quickly and financial tightening is not effective.

o There is a report that Chinese banks are using dollar’s to pay reserve requirements.
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