The finance ministers’ meetings in Istanbul over the weekend revealed a deep crack in the veneer of harmony over the global financial crisis that the world’s leading economies have been seeking to present to the world. Ministers from the seven largest rich nations urged China to take steps to strengthen the yuan, a move Beijing [...]
Posts Tagged as ‘Foreign exchange’
November 22, 2008
China’s Currency Ceases To Appreciate
The yuan’s appreciation seems to have gone into reverse. Its managed rise against the dollar since it was unpegged in July 2005 ceased in September as the global slowdown started to affect China. As those effects intensified, and exporters were hit hard, the yuan has weakened again. There may be technical reasons as investors shun [...]
October 23, 2008
Two More Chinese Firms Post Forex Losses
Misery loves company. China Railway and China Railway Construction have joined Citic Pacific in revealing disastrous bets on foreign-exchange.
China Railway booked a $285 million loss and China Railway Construction booked a $45 million loss on forex operations in the first nine months of the year and in the third quarter respectively, Bloomberg reports. That combined [...]
