Thursday, August 11, 2011

Yuan "hanging" with a record Japanese Yen

Yuan "hanging" with a record Japanese Yen
Currency of China had the largest increase since November last year, after the fixed exchange rate of the People's Bank of China (PBOC) has the highest rate adjustment in 2011.

Today, the national statistics agency announced China's trade surplus in July of this country have increased 31.5 billion, the highest in two years, far exceeding the 27.4 billion forecast.

Of which, exports reached 175.1 billion USD, up 17.9% from June and up 20.4% over the same period last year, surpassing 17% predicted earlier. Imports reached U.S. $ 143.6 billion, up 19.3% from June and up 22.9% over the same period, exceeding the projected increase is 22%.

Before that day, the U.S. Federal Reserve is committed to maintaining ultra-low interest rates from 0 to 0.25% from now until 2013 to promote the recovery of the largest economies in the world, and for that will take more measures to rescue the market's confidence.

Last week, China announced consumer price index in July rose 6.5% over the same period last year, the largest increase within three years. The main reason that China's inflation increased because the price of food, including pork, has escalated in the reporting month.

All information has made the yuan rise faster, Banny Lam, chief economist of international securities firm in Hong Kong CCB said: "The strong economic growth, with the support of export exports, will cause investors to increase purchases of yuan. "

As of 10h14 this morning in Shanghai, the price of the yuan has risen 0.33% to 6.3970 RMB / USD, according to China's foreign exchange news. Earlier, the dollar was 6.3938 yuan touched / USD, the largest increase since 1993 to date.

Also related to the foreign exchange market, the Japanese yen has risen 0.2% against the euro, to 108.76 Yen / Euro at 9h10 in the Tokyo market. Earlier, the yen has touched 108.27 yen / euro, the highest since 17 / 3.

Against the dollar, the yen rose slightly 0.3%, trading at 76.82 yen / USD from 76.35 yen / USD a day earlier. The rate of the yen are very close to the highs set before the 2nd World War at 76.25 yen / USD.

Earlier, on 9 / 8, after three weeks of monitoring fluctuations in the currencies of 25 economies in emerging markets, U.S. financial news agency Bloomberg warns all the currencies, except the yuan, are declining sharply after the debt crisis in Europe, America clouded prospects for world economic growth.

According to JPMorgan Chase Bank USA, fluctuations of the currencies of economies in emerging markets has increased from 8.9% on 20 / 7 to 13.3% on 9 / 8, despite that the money This almost does not fluctuate significantly over the past 10 years.

The currency trading concern the global economy fell into stagnation of the economy and stop raising interest rates may have weakened the exchange rate of currencies. The foreign currency traders for the most lukewarm of the Brazilian real, then the Russian ruble, the Polish zloty, the South African rand, Turkish lira ...

According to JPMorgan, Bank of the index volatility in emerging markets, fluctuations of the currencies of emerging economies will reach 13.3% in 2011 compared to 8.5 % on 8 / 8, the lowest since 2008. The money in this index includes the South Korean won, Mexican peso, Brazilian real, the Polish zloty, the South African rand, Singapore dollars. Copyright @ 2011 - Theme by NanLimo - Thanks to Google