Obama Government may in the report of Wednesday accuse China of manipulating the exchange rate
According to the media reports, it is said an American business leader disclosed that, the government of Obama may be scheduled to release a report on Wednesday, in which it officially accuse China of manipulating the RMB exchange rate. Report said that the Chairman of the Committee on American Foreign Trade, Bill Reinsch said that he expected the report of the Government would give China the label affixed of a manipulator of exchange rate, although the specific wording would be more moderate than the above argument, it was expected that it would not reduce the anger of Chinese goverment.
CITIC TaiFu Shares yesterday rose against the Market Trend
Because of the cumulative drop of more than 70% in the last trading days, attracting many bargain-hunting buying admission, CITIC (00276. HK) shares rose 4.1% yesterday. On the same day, CITIC announced its ore project in Australia would be still on schedule, and also considered to be one of the factors supporting the stock price.
CITIC may hide the “Insider Trading” about Pacific
The disturbance of dealing with currency futures by CITIC is getting more and more serious. Yesterday, the outside world has suspected that insiders probably have known the big deficit ahead and sold the company’s share and make a profit.
CITIC: That’s due to the Bad Financial Crisis
As a result of the heavy drag of the redeemable contracts about EUR, It is certainly that CITIC Pacifi has a loss this year. Analysts believed that if they could get through the next period of this most difficult time, the EUR exchange rate was able to rebound in the next years and the company was also able to minimize the losses bringing about by the contract.
The lowest Level of the Exchange Rate between Won and Dollar
In the foreign exchange market on 23rd, the won-dollar exchange rate close at 1408.8 to 1, setting the lowest level since June 17th,1998. Seoul foreign exchange market rate has been down 3 trading days, totally 93.8 Won.
Dollar rose to the peak in the past 16 month
The financial turmoil has continued to exacerbate the impact in Europe. The night before last, the U.S. dollar against the Euro and Pound rate rise again in the international foreign enchange markets, at the peak of the last 16 month.
Euro has been devaluated 20% in Three Month
Following the sharp depreciation of the Australian dollar, the Euro falling gave the same momentum to the public. According to the reporters from the Fund Department of the Public Works Branch of the Province, at 3 pm yesterday RMB’s exchange rate against the euro became 8.8034, the first time for below 9 in three years.
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