| Uncertainty on yen weighs on trading
TOKYO: Uncertainty over what policy makers from the Group of 7 countries might say about the yen's value weighed on Asian trading Friday, keeping major currencies within narrow ranges against the dollar. Traders bought yen earlier in the month after comments from European officials suggested that the currency would be a topic at the two-day meeting that was starting later Friday in Germany. But many analysts now say they consider an official statement on the currency unlikely. In afternoon trading in Europe, the euro fell to $1.3001 from $1.3040 in New York late Thursday. The dollar rose to ¥121.49 from ¥121.06 and to 1.2502 Swiss francs from 1.2466 francs. The pound fell to $1.9495 from $1.9579. .
MG Financial Group to Offer Forex Market News From Dow Jones
NEW YORK, Feb. 8 /PRNewswire-FirstCall/ -- Dow Jones & Company (NYSE: DJ) today announced an agreement with MG Financial Group, a leader in retail foreign exchange, to include streaming currency news from Dow Jones Newswires, the trusted source of real-time news and information for financial professionals, into MG's DealStation(TM) Forex trading platform. DealStation is designed for individual investors, providing them with a suite of tools, rates, data and charting for trading currencies. Now, DealStation customers can access real-time, streaming news from Dow Jones directly from their trading platforms. The custom package of Dow Jones news and information includes: "Our customers' interests are always our top priorities," said Marla Miller, chief operating officer at MG Financial Group.
Travel agents warned on RMB trading
A Mainland Affairs Council (MAC) official warned Taiwan's local travel agency operators and tour guides yesterday from dealing in yuan, the Chinese currency, also known as the renminbi (RMB). MAC Vice Chairman Liu Teh-hsun said it is illegal under the nation's currency law to buy or sell Chinese yuan privately and called for travel agency operators and tour guides to avoid such practices, especially now that the Chinese New Year holiday is approaching and transactions in the Chinese currency is anticipated to increase sharply. Liu said the MAC will collaborate with the Tourism Bureau under the Ministry of Transportation and Communications to jointly control illegal transactions in Chinese yuan in order to prevent possible currency irregularities from occurring. Currently, only banking institutions, airports and seaports in the Taiwan-held outlying islands of Kinmen and Matsu are allowed to engage in exchanges of Chinese yuan, Liu said.
Chinese IPO Indicator Soars While Renminbi Pressure Indicator ...
SHANGHAI, China and NEW YORK, Jan. 18 /Xinhua-PRNewswire/ -- Xinhua Finance and Milken Institute today released updated values for their Chinese Initial Public Offering (IPO) Indicator and Renminbi Pressure Indicator (RPI). The IPO Indicator rose nearly 20% in December, mainly due to the continued strong performance of Industrial and Commercial Bank of China (ICBC/Code: A Share, 601398; H Share, 1398). The RPI continued its upward trend, increasing 0.86 percent in October, a slight acceleration from its 0.75 percent rise over the previous month. The updated indicator charts can be found at http://www.xinhuafinance.com/en/charts/ipo_rpi/0701.html and http://www.milkeninstitute.org/chinaindicators . The IPO Indicator tracks the share price performance of new issues of mainland Chinese firms listed on the Shanghai, Shenzhen and Hong Kong stock exchanges.
CBN to increase Forex, review restrictions on users
In a bid to halt the current trend of more than 10 per cent premium in the parallel market rates compared to the official rates, the Central Bank of Nigeria (CBN) has said it will ensure increased supply of forex to all markets, and review or eliminate some restrictions imposed on users of the official market. The CBN Governor, Prof Chukwuma Soludo, who made the disclosure said in a paper he presented on programme for further liberalisation of the foreign exchange market in Nigeria that the states would make many of the hitherto ineligible transactions in the official market eligible thereby reducing the pressure on the parallel market. Prof. Soludo stressed that the structure of market inflows into the economy is such that further liberalisation is imperative and needs to be sustained.
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