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China Fully Prepared For Currency War   [Copy link] 中文

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Post time 2013-3-3 06:01:42 |Display all floors
Saturday 2 March 2013.




A top Chinese banker said Beijing is "fully prepared" for a currency war as he urged the world to abide by a consensus reached by the G20 to avert confrontation, state media reported Saturday.

Yi Gang, deputy governor of China's central bank, issued the call after G20 finance ministers last month moved to calm fears of a looming war on the currency markets at a meeting in Moscow.

Those fears have largely been fuelled by the recent steep decline in the Japanese yen, which critics have accused Tokyo of manipulating to give its manufacturers a competitive edge in key export markets over Asian rivals.

Yi said a currency war could be avoided if major countries observed the G20 consensus that monetary policy should primarily serve as a tool for domestic economy, the Xinhua report said.

But China "is fully prepared", he added.

"In terms of both monetary policies and other mechanism arrangement, China will take into full account the quantitative easing policies implemented by central banks of foreign countries."

South Korea's incoming president Park Geun-Hye has also signalled her willingness to step in to stabilise the won and protect exporters battling a stronger Korean currency and a weaker yen.

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Post time 2013-3-3 11:46:05 |Display all floors
This post was edited by cestmoi at 2013-3-3 13:16

RMB is not freely convertible, the exchange rate is strictly controlled by the communist party. China has been on a "currency war" since accession to WTO.

That said,  what iwas the "La Plaza Accord" all about? luv-in?
And the QEs and the  0.25% Fed rate the last few years?
Let the dice fly high

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Post time 2013-3-3 13:43:16 |Display all floors
cestmoi Post time: 2013-3-3 11:46
RMB is not freely convertible, the exchange rate is strictly controlled by the communist party. Chin ...

What you want?


FED stand idly by while the world burns?
I've made my living, Mr. Thompson, in large part as a gambler. Some days I make twenty bets, some days I make none. There are weeks, sometimes months, in fact, when I don't make any bet at all because ...

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Post time 2013-3-3 15:36:02 |Display all floors
Low interest rate is the best thing that happens in the world.

It is the most democratic  thing,
The thing that benefits most people
The thing that is possible only when inflation is under control.

It is the best thing that gives opportunity to the young, the needy, the new businessmen, the greatest opportunity for advancement, the thing that can narrow the wealth gap.
I've made my living, Mr. Thompson, in large part as a gambler. Some days I make twenty bets, some days I make none. There are weeks, sometimes months, in fact, when I don't make any bet at all because ...

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Post time 2013-3-4 09:19:44 |Display all floors
This post was edited by abramicus at 2013-3-4 09:20

JAPANESE CURRENCY MANIPULATION WLL TRIGGER ANOTHER RECESSION IN THE U.S.A.

Just when the world is about to recover from one of its deepest recessions, the Japanese, self-centered as ever, have engaged in outright currency devaluation by edict of the Abe government, which will surely take away many millions more of jobs from America, and send it back into recession in short order.  This is worse than the sequestraton program.  It is outright highway robbery against the world, and primarily, against America!

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Post time 2013-3-4 09:29:33 |Display all floors
abramicus Post time: 2013-3-4 09:19
JAPANESE CURRENCY MANIPULATION WLL TRIGGER ANOTHER RECESSION IN THE U.S.A.

Just when the world is a ...

A top Chinese banker said Beijing is "fully prepared" for a currency war as he urged the world to abide by a consensus reached by the G20 to avert confrontation, state media reported Saturday.


And the G 20 statement contains a statement that Japan is fully justified to do what it did.....that is bring growth back to Japan.....
I've made my living, Mr. Thompson, in large part as a gambler. Some days I make twenty bets, some days I make none. There are weeks, sometimes months, in fact, when I don't make any bet at all because ...

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Post time 2013-3-4 10:20:46 |Display all floors
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Roach Exterminator

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