The News Review:
- Forex – Dollar soft ahead of G7
- Forex – Dollar struggles as risk appetite falls
- China end-March forex reserves 1.68 trln usd, M2 up 16.29 pct -…
- G7 says concerned over recent forex volatility
- UAE forex reserves surge
- China’s forex reserve tops $1.68 trillion
- Forex reserves rise by USD 2,724 mn
Forex – Dollar soft ahead of G7
Forbes – Apr 11, 2008
dollar is on the backfoot on doubts that anything to stem the currency’s slide on foreign exchange markets will be agreed at this weekend’s G7 meeting of finance ministers and central bankers in Washington. Analysts said that with the focus likely to be on improving liquidity conditions to help ease the economic impact of the credit crunch, currency issues are likely to take a back seat. Moreover, market participants noted that China is allowing its currency, the yuan, to appreciate relatively quickly — at an annualised rate of 18 percent in the first quarter of the year.
Forex – Dollar struggles as risk appetite falls
Forbes – Apr 11, 2008
dollar has been struggling against the yen as risk appetite has fallen following a slide in US stocks, prompted by weak earnings at the world’s biggest industrial conglomerate General Electric Co. GE’s profits warning raised fears on the stock markets that the credit crunch is severely impacting the manufacturing sector in the US and is not just a concern among finance companies. A worse than expected survey into US consumer confidence stoked concerns further.
China end-March forex reserves 1.68 trln usd, M2 up 16.29 pct -…
Forbes – Apr 11, 2008
68 trln usd at the end of March, the People’s Bank of China said. At the end of 2007, China’s foreign exchange reserves were 1. The central bank said the country’s broad M2 measure of money supply was up 16.
G7 says concerned over recent forex volatility
MarketWatch – Apr 11, 2008
Since our last meeting, there have been at times sharp fluctuations in major currencies, and we are concerned about their possible implications for economic and financial stability, the G7 said in the formal statement released to reporters at the end of their meeting. The financial leaders repeated that they would monitor exchange markets closely and cooperate as appropriate. The G7 told China that it was pleased that the government has allowed its currency to strengthen, but said more appreciation was needed.
UAE forex reserves surge
Gulf Daily News – Apr 11, 2008
The data for November, the latest available, showed reserves growing at their fastest pace in at least 18 years, increasing inflation pressures that probably took the rate of price growth in the Gulf state into double digits last year. The UAE’s central bank governor Sultan Nasser Al Suweidi said in November the state was under pressure to drop its peg to the declining dollar and might consider linking to a basket instead. However, on Wednesday, the state-run Emirates News Agency said the government had accepted a committee’s recommendation to keep the dollar peg at the current rate. “The November (reserves) numbers do not bode well for the UAE’s inflation outlook,” said Deutsche Bank economist Caroline Grady.
China’s forex reserve tops $1.68 trillion
chinadaily.com.cn – Apr 11, 2008
68 trillion at the end of March, up 39. 94 percent from the same period last year.
Forex reserves rise by USD 2,724 mn
Myiris.com – Apr 11, 2008
11, 2008, mainly due to the increase in foreign currency and assets collections, on a weekly basis. As per the weekly statistical supplement of the Reserve Bank of India (RBI) released on Apr. 11, 2008, foreign currency and assets moved up USD 2,247 million to USD 301,394 million. During the same period, the reserve position in the International Monetary Fund (IMF) reduced by USD 3 million to USD 434 million.