China on Saturday said it would gradually make the yuan more flexible, in a gesture that may deflect foreign criticism at next week's G20 summit, but will not quickly yield a big move by its currency.
Below is a full text statement from The People's Bank of China on the yuan's exchange rate as posted on their website (http://www.pbc.gov.cn/english/detail.asp?col=6400&id=1488).
China will gradually make the yuan's exchange rate more flexible, the central bank said on Saturday a week before a G20 summit, strongly suggesting that it was ready to break the currency's 23-month-old dollar peg.
Treasury Secretary Timothy Geithner said on Saturday he welcomed China's decision to make its yuan exchange rate more flexible, and called for vigorous implementation of the change.
According to World Gold Council (WGC) figures, India has retained its position as world's largest gold consumer in the first quarter owing to a 49 percent recovery in demand, thanks to peak wedding and festival season. Gold imports stood at 739 tonnes during the period April 2009 - March 2010.
Toyota Motor Corp avoided a prolonged suspension of production at its main Chinese car factory when a strike at a plastic parts supplier was settled on Saturday.
The budget deficit of debt-stricken Greece is declining and will meet its target, Economy Minister Louka Katseli said on Saturday, adding that she was optimistic of seeing some resumption of growth in 2011.
Relational Investors LLC, which owns 4 percent of Charles River Laboratories International , has warned the company that its directors will likely be booted off the board by angry shareholders if it proceeds with its plan to acquire Chinese contract research organization WuXi PharmaTech for $1.6 billion.
The United States pressed China on Friday to move toward a market-based exchange rate, but Beijing said not to meddle with its management of the yuan, setting the stage for a clash at next week's G20 summit.
The United States pressed China on Friday to move toward a market-based exchange rate but Beijing said not to meddle with its management of the yuan, setting the stage for a clash at next week's G20 summit.
The euro held near a three-week high against the dollar on Friday, heading for its biggest weekly gain in more than a year as investors debated the single currency's outlook while awaiting results of European bank stress tests.
China told the rest of the world on Friday not to meddle with the way it manages the yuan, setting the stage for a clash with its biggest trading partners at next week's G20 summit.
President Barack Obama raised the prospect of a clash with China at a summit next week by calling for market-determined exchange rates, shortly after Beijing told the world not to criticize its currency policy.
A parts supplier for Japan's Toyota Motor Corp. said on Friday it was dealing with its second strike in China this week, the latest in a rash of factory labor disputes across the country.
Small and mid-cap Chinese companies are going offshore to meet their U.S. dollar needs, using guarantees from mainland banks despite the increased costs the deals incur.
With credit controls tightening in China, going offshore for dollar funding had become a lifeline for many of small- and mid-cap companies, according to bank sources, and as such they did not mind the costs incurred with the guarantee structures.
China told the rest of the world on Friday not to meddle with the way it manages the yuan, calling the exchange rate a sovereign matter for it alone to decide and all but ruling it out of bounds at next week's G20 summit.
U.S. crude futures extended losses on Friday as sluggish economic indicators raised doubts about the sustainability of a recent acceleration in demand growth by top oil consumer the United States.
Investors set aside sovereign debt fears and shifted their money to higher-returning assets in mid June, with emerging market assets and U.S. equities among the recipients of fresh cash, EPFR Global said in a report on Friday.
Toyota Motor Corp is resuming construction of a plant in Mississippi that was put on hold during the economic downturn, and plans to make its top-selling Corolla sedan there starting in autumn 2011.
Brazil's economy will grow solidly in 2010, but a slowdown from the first quarter will allow the government to bring inflation back to target by year-end, Finance Minister Guido Mantega said on Thursday.
Finger-pointing at the G20 will be self-defeating for an international forum that should be focused on coordination, not criticism, of economic policies, a senior Chinese government official said.
Finger-pointing at the G20 will be self-defeating for an international forum that should be focused on coordination, not criticism, of economic policies, a senior Chinese government official said.
