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Yuan Revaluation & Internationalisation
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The Wall Street Journal 30/6/2012
For years, the U.S. has accused China of keeping its currency undervalued to help Chinese exporters, although it hurts competitors elsewhere.
But a new study by three researchers say Beijing has used a far more obscure tool to manage trade: fiddling with the level of tax rebates, which can greatly boost or reduce the profits of Chinese exporters.
“This amounts to export management on a grand scale and reinforces a long standing finding from economic history, namely that each major downturn results in governments finding new ways to beggar-thy-neighbor,” write economists Simon Evenett and Johannes Fritz of the University of St. Gallen in Switzerland and researcher Yang Chung Jing. The work is done as part of the Global Trade Alert, a free-trade group that Mr. Evenett heads, which tracks global trade protection.
People's Daily 28/6/2012
The Wall Street Journal 23/6/2012
Brazil and China signed a preliminary agreement on local currency swaps that will allow each to tap the other's central bank for up to $30 billion, part of a wide-ranging bilateral trade deal.
The Wall Street Journal 19/6/2012
A proposal to establish multilateral currency swaps and pool foreign-exchange reserves between the Brics nations is a precautionary measure aimed at boosting confidence, a PBOC official said at the G-20 summit.
China Daily 19/6/2012
BRICS mulls bailout fundThe BRICS countries are considering setting up a foreign-exchange reserve pool.
The Wall Street Journal 12/6/2012
A pilot scheme intended to make it easier for companies to settle trade in the yuan officially kicked off, with Deutsche Bank completing the first transaction.
Caixin Online 5/6/2012
- The currency fell 56 times in the first five months, compared to just four times in the past two years
People's Daily 5/6/2012
Asia Times Online 2/6/2012
Japan, China bypass US in currency trade
Japan and China on Friday started direct trading between the yen and the yuan in Tokyo and Shanghai, by-passing the need first to exchange either currency into the US dollar. The move should strengthen trade between the two economies while marking an important step in the internationalization of the yuan.
- Kosuke Takahashi
China Daily 1/6/2012
Plans to open up the Shanghai Stock Exchange to foreign companies appear to have been put on hold