| China to Manage Capital Flows to Cap Reserves Growth (Update1)
Jan. 21 (Bloomberg) -- China's currency regulator said it will ease rules for capital to flow out of the country this year while making it harder for funds to enter, in a move to cap increases in the world's largest foreign exchange reserves. Chinese companies and individuals will be allowed to convert more yuan into foreign currencies to buy overseas stocks and debt, while rules are tightened to limit short-term capital inflows, the government said. The central bank will mix monetary policies to soak up excess liquidity in the banking system and slow 2007 money supply growth to 16 percent, from last year's 16.9 percent. The moves are aimed at ``actively promoting the basic balance'' of China's balance of payments, said Hu Xiaolian, director of the State Administration of Foreign Exchange, in a statement today on the currency regulator's Web site.
FOREX-Yen drops as hopes fade for G7 action
NEW YORK, Feb 9 (Reuters) - The yen extended losses on Friday as doubts grew about whether finance officials at the Group of Seven meeting in Germany this weekend would take any action to stem the Japanese currency's decline. The yen fell against the euro for the fourth straight day and against the U.S. dollar for the third session in a row. The meeting of the Group of Seven rich nations in Essen, Germany, which concludes on Saturday, has been the key focus this week for investors who have sold the yen and other low-yielding currencies, and used the proceeds to buy high yielding currencies in the so-called "carry trade." European policy-makers have been calling for the G7 to tackle the yen's weakness as it makes European exports more expensive in Japan and makes Japanese exports cheaper in Europe.
G7: US Treasury Adams: G7 China Language Change A "Technical Fix"
ESSEN, Germany -(Dow Jones)- Finance ministers from the Group of Seven leading industrialized countries tweaked the wording in their statement calling on China to reform its currency Saturday to stress the need for the country to focus on the trade-weighted value of the yuan. "It was a technical fix to put the focus on the effective exchange rate, since that is the most meaningful way to look at it," U.S. Treasury Undersecretary for International Affairs Tim Adams told reporters. For several years, the G7 has called for more currency "flexibility" for major economies that lack freely floating currencies. In its latest statement it said, "In emerging economies with large and growing current account surpluses, especially China, it is desirable that their effective exchange rates move so that necessary adjustments will occur." U.S.
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G-7 Urges Markets to Note Japan `On Track,' Omits Yen (Update2)
Feb. 10 (Bloomberg) -- Finance ministers and central bankers from the Group of Seven nations urged investors to recognize that Japan's economic recovery is ``on track,'' stopping short of labelling the yen's decline as a threat to global growth. At a meeting in Essen, Germany, the officials bridged a divide between Europeans who want the yen to strengthen, and the U.S. and Japanese who say investors should be free to set currency values without government interference. With the yen trading near the record low reached against the euro last month, European officials signaled they'll keep sounding the alarm to speculators that the currency is out of kilter with Japan's expansion. ``It's a compromise,'' said Julian Callow, chief European economist at Barclays Capital in London and a former economist at the Bank of England.
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