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China continues to over value the dollar { April 2007 } Original Source Link: (May no longer be active)    http://www.forbes.com/markets/feeds/afx/2007/05/20/afx3739986.html http://www.forbes.com/markets/feeds/afx/2007/05/20/afx3739986.html AFX News Limited Forex - Dollar mixed in Sydney morning after China's currency move, rate hike 05.20.07, 9:44 PM ET SYDNEY (XFN-ASIA) - The US dollar was slightly firmer against the yen but easier against the euro in morning trade here as global markets absorb the implications of China's measures to stabilize its economy, which were announced late Friday, dealers said. China raised its lending rate by 18 basis points to 6.57 pct and the deposit rate by 27 basis points to 3.06 pct. The daily yuan trading band was also widened to 0.5 pct of the central parity rate -- set by the central bank -- compared with a 0.3 pct fluctuation limit before the move. The bank reserve requirement was lifted by 0.5 percentage points. Despite the China lead, however, currency markets are likely to continue range-trading for at least the first half of this week given the lack of key data releases, dealers said. At 9.47 am Sydney (2347 GMT), the dollar was at 121.15 yen, up slightly from 121.12 in late New York trade on Friday, while the euro was at 1.3522 usd, up from 1.3509 in New York. Dealers said the yen initially strengthened late Friday following China's rate tightening but investors concluded that the move would do little to boost the yuan. They said China's measures were also not likely to change the outlook for carry trades, with the rebound in prices of industrial metals on Friday suggesting that investor risk appetite -- and, hence, support for carry trades -- remains solid. NAB Capital strategists said there is skepticism within global markets that China's widening of the permitted yuan trading band signals a likely sharp appreciation in the currency ahead. They noted that China did not allow the yuan to appreciate by anywhere near the permitted 0.3 pct per day previously allowed, while the band widening appears aimed at placating the US Congress, which is threatening import tariffs if China does not allow for more currency flexibility. 'We continue to look for a 5 pct gain in the yuan against the US dollar to 7.45 by mid-2008,' the strategists said. Dealers said the dollar had earlier found some support from the latest University of Michigan consumer confidence survey for May, which jumped to 88.7 index points from 87.1 in April, coming in above market expectations for a fall to 86.2 index points. They said US data releases this week are likely to only have a minor impact until Thursday's durable goods and new homes sales for April, followed by existing home sales for the same period out on Friday.

10yr note less appealing as rates are cut { January 2008 } 1875 western loan shark operation Arab central banks move assets out of dollar to euro { March 14 2006 } Asia will diversify without dumping dollars { February 23 2005 } Asian banks dump dollar { February 22 2004 } Asian debt withdrawal threat to us deficit { September 7 2003 } Asian unpegging crucify us { October 3 2003 } Australia expects inflation { April 28 2004 } Bill clinton blasts dependence on asian currency Bmw bets on rebound for falling us dollar { March 18 2004 } Bonds plunge as US debt loses its appeal { June 12 2007 } Britain recolonization of america Buffet bets 21 billion against the dollar Buffet warns us deluging the world with dollars Bush bid weaken dollar against asia { September 24 2003 } Bush renominates greenspan for fifth term { May 18 2004 } Bush urges china on market based currency { October 2005 } Bush wants dollar drop against china currency { May 2008 } Bush weak dollar policy receiving praise Bush welcomes devalued dollar { November 8 2004 } Central banks reduce dollar holdings Central banks shift funds away from the US { January 24 2005 } Cheaper dollar scares foriegn investors { November 14 2004 } China continues to over value the dollar { April 2007 } China rumored selling dollars causing fall { November 7 2004 } China threatens to crash dollar { July 2007 } Citibank held pinochet accounts { March 16 2005 } Currency dissent Dollar decline after slow in rate hikes { December 2006 } Dollar depends on foreign investments { June 2007 } Dollar falls after europe urges asia to strengthen currency Dollar falls against euro betting on rate cuts { February 2008 } Dollar falls against yen and euro { February 2007 } Dollar falls further against euro { June 2007 } Dollar falls market ponders china surpise interest hike Dollar falls to record on china plans to diversity Dollar hits all time low versus euro { June 2007 } Dollar hits new low against euro { August 2007 } Dollar new low against euro nov 17 2004 Dollar record low as oil record high { October 29 2007 } Dollar rises six days before election Dollar sinks as fed cuts rates { August 2007 } Dollar under fire from all sides Dollar value climbs against euro { October 2005 } Dollars rises betting no more rate cuts { March 2008 } Dumping of dollar could trigger economic september 11 { August 29 2005 } Economists incorrectly claim high oil cause inflation Egyptian pound falls after unpegged from dollar { January 30 2004 } Exchange rates by short run currency trading { February 2005 } Fall dollar for trade imbalances Father of euro calls for global currency Fed raises interest on inflation risk Financial firms are less risk for IRS audits { April 11 2005 } Foreigners nervous about their dollar assets { October 16 2007 } G7 urge more flexibility currency Germany warns bush over dollar weakness { February 26 2004 } Gold falls to 5 week low on interest rate concerns Gold up as dollar weakens { June 2007 } Greenspan caters to inflation hawks Greenspan lets dollar slide raises gold Greenspan not worried from weakened dollar Greenspan replacement says print infinite money { October 25 2005 } Greenspan warns deficits pose risk to dollar { November 19 2004 } Growing fears of credit boom bursting { March 13 2005 } Imf advice Zimbabwe cause inflation { April 16 2004 } Inflation caused by printing too much money Inflation up when oil prices down { July 18 2007 } International buying of US assets increase { June 2007 } Investor says avoid dollar at all costs { June 30 2008 } Iran asks japan to stop paying using US dollar { June 2007 } Japan intervenes in dollar by weaken japanese currency Japan selling yen possibility causes yen fall Japan soaking up huge selling to strengthen dollar { March 8 2004 } Japan threatens to diverse central bank holdings Korean central bank will diversify reserves { April 6 2001 } Kuwait currency allowed to rise against dollar { May 11 2006 } Latin america incorporating US dollar { October 12 2007 } Long term rates stay low despite short term rates { September 20 2005 } Low interest trade deficit causes devaluing dollar Low value encourages investment outflows { January 5 2004 } Markets forcing fed to cut rates { September 2007 } No attempts to boost falling dollar Oil price strike puts inflation back on agenda { May 7 2004 } Oil soared as dollar fell { May 2008 } Overseas investors buy aggresively in US { January 20 2008 } Retail sales is two thirds of US economic Russia banks on europe not US Russia may switch to euro for currency stability South america plans single currency Strange dollar effect on the market Trade deficit swells to record 43bn { March 11 2004 } Trade gap narrows United nation pushing world currency US ballooning trade imbalances threatens world stability { April 7 2005 } US banks likely to fail over bad loans { May 29 2008 } Us issues color 20 bill { October 9 2003 } Us trade deficit threatens world economy { January 7 2004 } Us treasury may name currency manipulators { October 29 2003 } Venezuela dumps dollar reserves for euros { September 30 2005 } Warren buffett sees nowhere but down for dollar Weak dollar will help says greenspan White house says china is not manipulating money World bank board approves wolfowitz as next president { March 31 2005 } Yen sell off currency lower value Files Listed: 104

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