Yen Erases Gains on Concern China Won't Move Under Pressure Thursday, September 14, 2006
08:30AM US August Retail Sales ex-autos m/m (exp 0.3%, prev 1.0%) Canada July Manufacturing Shipments m/m (exp -0.1%, prev 1.9%) US Weekly Jobless Claims (exp 315k, prev 310k)
The yen erased gains from speculation the G7 meeting will urge China to strengthen the yuan. There is a rising concern that China will not make policy changes because of the pressures from foreign countries. The yen ended a two-day rally close to 117.30, down back 117.70 against the dollar.
US Treasury Secretary Henry Paulson talked mainly about China at a speech at the Treasury Departemnt in Washington yesterday. He said that the yuan is a symbol of unfair competition, and added that China should allow its currency more flexibility. Paulson will go to China next week in his first official visit. The International Monetary Fund also hopes to see the yuan strengthen against the dollar so as to reduce the huge US trade deficit.
The yen erased gains from speculation the G7 meeting will urge China to strengthen the yuan. There is a rising concern that China will not make policy changes because of the pressures from foreign countries. The yen ended a two-day rally close to 117.30, down back 117.70 against the dollar.
US Treasury Secretary Henry Paulson talked mainly about China at a speech at the Treasury Departemnt in Washington yesterday. He said that the yuan is a symbol of unfair competition, and added that China should allow its currency more flexibility. Paulson will go to China next week in his first official visit. The International Monetary Fund also hopes to see the yuan strengthen against the dollar so as to reduce the huge US trade deficit.
Labels: Chinese Yuan
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