Eurozone financial hegemony at risk worshipped by the United States

figure held for hexun.com "focusing on Europe debt crisis gripped the Forex game workshop" live

hexun exchange messages by hexun exchange channels, China will co-host the financial focus of European debt crisis gripped in Chaoyang Beijing, June 23, 2011, at the seminar of the Forex game held outside Prime building, 11. Several senior experts and scholars around the Conference themes in the economics profession "in the European debt crisis gripped the Forex game" discussion.

turning the Renminbi issue, Deputy Director of the Renmin University of China Director of the Institute for international monetary and Xiang Songzuo think currency is a completely wrong decision, it did not meet the national expectations. In the process of internationalization of RMB, Renminbi stable is the best policy, so to a certain time will turn down devaluation of renminbi. In addition, the RMB's internationalization needs RMB liquidity very rich, people are willing to hold savings and consumption of RMB, RMB internationalization development approach.

Tan Yaling Dean of foreign investment in China believe that prices rise beyond the reality of the Renminbi. Problem appears to be the market price and the country's exchange rate regime of RMB exchange rate, in fact, it is refracted out of cultural issues, is the issue of finance, is a position of national interests, is not a small thing. From this point of view, orientation of RMB beyond the definition. In reality, interest rates and the renminbi is not tackling the domestic current inflation.

talk about United States when economic trends, CSRC Plan Development Committee member Zhou Chunsheng believes that while the Fed does not explicitly set the QE3, but will continue to maintain a relatively low interest rates, when necessary, will maintain loose monetary policy. And United States financial hegemony brought tremendous benefits to Americans, because everyone recognized United States notes issued by the, which exceeds United States entities give Americans the benefits of economic growth. In contrast, large amounts of foreign exchange reserves to China is not good, because it also keep up with inflation. Bank of communications (601,328, unit) Zhang Deqian international business exchange researchers, traders think, judging from the various economic indicators, United States economy are more short-term weakness, but the United States resolved the current domestic debt problem is still very confident.

$ currently disadvantaged, Zhang Deqian analysis to US dollar exchange rate is now the location of 75 near dollars still in a consolidation trend in the second half, investors in the vicinity of 75 may be appropriate to consider long on dollars. Dollar long-term bear market will not change in a short time, if dollar index rebound, then, is between the 75-80 will also come to an end, while the dollar is in a normal fluctuation interval in the 70-75. He also believed that before December of this year, the Fed raised benchmark interest rates in the possibility of 30%. From the market price can also be more clear, market judgement on Fed policy, under the influence of this, which is also affecting the dollar rebound unsustainable exchange rates, and low for a long time the most important factors.

for the growing European debt crisis, China institutes of contemporary international relations researcher Liu Mingli in Europe said the first round of the European Union rescue Greece have failed, this means that on Greece, and Portugal, and Spain are not able to rescue, five European pigs may slowly falling, even affects the rest of Europe. Therefore, if the ECB's capital had been restored, easing other debtor countries, the European Central Bank is likely to choose a massive debt restructuring. Of course, the present situation, also does not have the disintegration of the conditions in the eurozone, because judging from whatever from the debtor or from the core countries, are reluctant to see the disintegration of the euro area. Overall, European economic stability is beneficial to China. If European economic collapse, then momentum means that protectionism will more.

CCTV securities channel Executive Editor-in-Chief Niu Wenxin has concluded that, for changes in European financial issues should now be a very significant turning point. As soon as the EU can take advantage of this opportunity to put their own weakness up. However, hard to successfully solve the debt crisis in Europe, without the right to speak for financial markets in Europe, Europe does not exist on the commodity pricing power, even on the pricing of bonds in themselves are not eligible, he could not fight the impact of international capital, combined with the market now does not give you the time, Europe's debt problems are hard to digest, so now the situation is very dangerous for Europe.

in the round-table discussion, experts on the Renminbi to the dollar hegemony to the Greece debt crisis issues were hotly discussed. Speaking of Greece issues when China institutes of contemporary international relations researcher Liu Mingli in Europe says Greece debt crisis of the eruption is the root of these countries, people head, long-term economic growth could not be found. United States want to depress the euro, however, once the crisis in Europe, you are likely to get United States economic recession, so United States hope that the eurozone did not die of disease, soft and not down.

Tan Yaling further indicated that the Greece crisis is to a large extent United States behind the rise in revolt. Americans for the first control is the price, the second pressingIs the eurozone's economy, the third is the differentiation of the eurozone's political, to the total disintegration of the Euro IV, so as to ultimately achieve United States of a single. United States do all the things he has strategic vision and depth of our old "conspiracy theory" see United States, but we should see the events behind the foresight. Niu Wenxin teacher shares this view.

Zhang Deqian is considered, from a market perspective, eurozone problem in the short term is unlikely. Because the euro's gains in the first quarter of this year reached about 14%, currently Euro gains compared with the earlier, 7% location. Euro before Greece debt crisis impact location near the fallen to 1.19 from euro this year to see if the eurozone as a whole will face dilemma of default, you will have more on the side of embodiment, but now no such fluctuations as seen, so it is unlikely in the short term risk of direct breach of eurozone.

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Federal Reserve ignored QE3 Greece won the 5 year austerity plan

summary: the US dollar against major currencies on Thursday a strong rally after the QE2 will end as scheduled, the Fed ignored the QE3 expectations, another source said Greece had won on 5-year austerity plan approved by lending institutions, news that the euro rebounded sharply, IEA released 60 million barrels of crude oil reserve make monetary of goods decreased by a main theme in forex markets.

Thursday (23rd) rising US dollar against major currencies after the Federal Reserve (FED) Chairman Bernanke (Ben s. Bernanke) suggested there would be no additional stimulus measures, as dollar brings rising power.

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euro/dollars fell , By the European Central Bank (ECB) President Trichet (Jean-Claude Trichet), debt crisis threat to financial stability in Europe; the other oil-exporting countries currencies such as the Canadian dollar fell, due to the International Energy Agency (IEA) said it would release 60 million barrels of crude oil reserves to ease the shortage, information leading to the collapse in oil prices and hurt commodity money.

$ 600 billion Treasury purchase program of the Federal Reserve, namely the second round of the quantitative easing policy would be concluded at the end of this month.

United States Ka-Shing Group (Gain Capital Group LLC) Eric Viloria, Chief currency strategist in New York, said: "we see the dollar today rose, QE2 QE3 was expected after the Federal Reserve has ignored, so the fed before implementing the QE2 is to avoid a deflationary pressure, however the current deflation was no longer an issue. "

$ index currently located near 75.3 than last session 0.6%; 0.67%, EUR/USD is currently lower than the previous trading day, trading near 1.426; 0.3%, dollar/Yen is now than the last session, trading in the vicinity of 80.6, hit a high 80.79 since June 16.

under the influence of global economic slowdown fears, rising Swiss franc against major currencies, against the euro hit a record high. Euro/Swiss franc fell in 1.7%, to a record low of 1.1845.

report shows Europe's service sector and manufacturing sector purchasing managers ' index (PMI) fell by more than expected, stalling added in support for the eurozone economy, eurozone June integrated Markit PMI 55.8 per cent of the initial value since May, economists expected 55.2 per cent.

the rising dollar/yen for the second day after the Federal Reserve's decision at the end of this month after the end of QE2 continued at record highs on the balance sheet, to stimulate economic recovery. In addition, the Fed also cut its economic growth expected this year.

Western Pacific (601,099, unit) banks (Westpac Banking Corp) in Auckland Imre Speizer, strategist, said: "the next two months the Fed will not mention QE3, without any implied to further stimulate the economy, which will provide opportunities for shorting risk assets, long on dollars. "

United States Department of Labor (Labor Department) report showed on Thursday, as of June 18 week, United States, unemployment in the early gold increased by 9,000 people to 429,000 in the number of people; and United States Department of Commerce (Commerce Department) report shows that the United States in May New Home Sales fell for the first time in three months, down to 2.1% per cent of households.

the EU leaders on Thursday began a two-day summit in Brussels to discuss Greece's debt problems. Germany Angela Merkel (Angela Merkel), eurozone finance ministers will seek to redefine assistance Greece timetable. July 3 to decide Greece meets the conditions for loans under.

ft (Financial Times) reference related reports that Greece opposition leader Antonis Samaras will vote against the Government's new austerity measures, and contrary to the call for solidarity with the EU.

asked the European systemic risk Board (ESRB) alerts when the semaphore system to what color marking Europe's debt crisis, Mr Trichet, told reporters: "from a personal perspective, I would say that it is red. The Committee considers that this is the most serious threats to financial stability. "

there are familiar with Greece sources said on Thursday for talks with international lenders, Greece has won the EU/IMF (EU/IMF) inspection team on the approval of the new 5-year austerity programme. Prior to this, Greece plans to withdraw a series of tax increases and spending cuts.

one source noted, Greece agreement had been reached with the lending institution and the other sources point out that, at present there is only minimal technical details will be completed by Friday. After the news, euro/dollar's rapid surge by more than 70 points, after touching 1.426 above, but then rallied a little break.

Brown Brothers Harriman (Brown Brothers Harriman& Co.) The Group of 10 (G10) Policy Director Lena Komileva in London said: "after the IEA released 60 million barrels of crude oil reserves, we see commodity currencies decreased overall, and this will of course become the main theme in forex markets. "

Authorities did not interfere with signs the United States day or to a record low

as the yen rose to lead the G7 States in March a joint level of foreign exchange market intervention, dealers expected appreciation of the yen will continue, even though Japan has slipped into recession for the third time in 10 years.

3 months ago, there has been speculation that Japan insurers to withdraw assets abroad to cover the earthquake caused damage caused by the series of disasters, in less than a week, the Yen's appreciation of the time 8.5%. Now, politicians and bankers more concerned is United States economic slowdown, the European sovereign debt crisis and political turmoil in the Middle East problem.

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to grams Lai capital of Paul Robinson said: "March Forex interference Shi of scenario very special When uncertainty is incredibly high, from administration point of view, too-rapid Yen fluctuations is very worrying. "

John Normand of the JPMorgan Chase company said:" more people to come round to the strength of the yen, because they have abandoned the faith of the Fed will tighten monetary policy. Unless the yen renewed sharp fluctuations, otherwise the authorities intervene to interfere is not likely to occur. "

last week, the appreciation of the yen against the dollar by 0.34% per cent to 80.05; appreciation of the yen against the Euro 0.62% per cent 114.52. Analysts on the yen was less pessimistic, partly because of recent appreciation has become slow. According to foreign media investigation said dollar/Yen is expected to end at 86 and after May the predictive value of 88.

the Federal Reserve look forward to the

6 17th, IMF in within two months of the second amendment to the United States economic growth forecasts. IMF says expected United States economic growth this year as 2.5%, per cent in 2012. The value and 2.8% of April is expected to be reduced. IMF will also fall in global growth expected from per cent in April to 4.3%.

traders on the Chicago futures exchange in January had expected the fed to raise overnight interbank lending rates between banks in 2011. And now, traders expect interest rate raise early to late 2012.

are honorific title as "Mr Yen" Aoyama University Professor Eisuke Sakakibara God (EISUKE SAKAKIBARA), "said Bernanke's recent statements show that the Fed will continue its loose monetary policy, which means that interest rates will continue to be low. When you turn to Japan, you will see the many Yen negative factors caused by earthquake, but United States weak economic recovery, are more likely to further appreciation of the yen. "

the ever-increasing demand for Yen

the world's largest FX foreign exchange hedge fund Concepts LLC is expected, as investors concluded that stock and other higher-yielding assets have scene no longer, it will continue to increase demand for Yen. The Fund's founder, John Taylor said, the yen against the dollar in July is expected to grow to 78 in the fourth quarter may reach 75.

according to the commodity futures trading Commission (Commodity Futures Trading Commission) data show that futures traders bet on the appreciation of the yen against the dollar has reached the highest since March. On June 14, the speculative hedge funds and other large institutions holding Yen net long 24,768, most since March 22.

Furthermore, inflation-adjusted 10-year Japan government bond yields higher also make investors more inclined to buy Japan bonds. 10-year Japan bonds real rate of return of 82 basis points, while the United States Treasury real rate of return of only-63 basis points.

the Japan economy

if the weakness of the yen, the appearance of help to Japan Prime Minister Naoto led Japan economy out of recession, from this point, the current situation in the negative. Japan House province said on June 9 in the first quarter from Japan GDP contract by 3.5%. Toyota and Honda are two major companies have said that, due to the impact of the strong yen and the great earthquake, its profits will be reduced. These two major auto manufacturers have said, it may move production to foreign countries.

according to Baring Asset Management (Baring Asset Management) Alan Wilde said Japan deteriorated financial situation or to limit Yen appreciation. Japan debt is twice times the scale of its economy, which is most in developed countries, and Moody's ratings on May 31, also said its Aa2 credit rating will likely be reduced.

Wilde said: "I puzzled for the strength of the yen, because its fundamental view, whether credit rating also prospects for economic growth are not particularly stronger than any developed country. "

strong depressing exports of the yen, the first quarter of 2011 Japan total net export share of GDP has decreased by 0.2%.

Bernanke Conference near the expected to seek stability of interest rates market confidence

United States Federal open market Committee (FOMC) on Tuesday (June 21) will hold a two-day interest rate meeting, widely speculated, by then it will be officially decided to end on June 30 of US $ 600 billion Treasury purchase program. Outside also speculated, will also be maintained on the expiration of existing securities investment policy to prevent shrinkage on the balance sheet. At the same time, Federal Reserve still expected to maintain the federal funds interest rate target range in 0% per cent.

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outside on above guessing General comparison identity Actual results should not, therefore will not cause much alarm. But Bernanke interest rate following the speech, larger outside the debate. Ben Bernanke this week, needs a stable financial markets, United States businesses and the public, while they were on United States economic nervousness in the future.

United States recent weak local economic data increased outside after the end of QE2 United States concerns economic fate. Meanwhile, the stock market also fell has been 6 weeks in the last 7 weeks. United States unemployment rate up to 9.1%, and United States domestic inflation has reached the highest value since October 2008, which criticized the Federal Reserve.

FAO Economics Robert Brusca, Chief Economist, said: "Bernanke need to economic confidence, he must tell the public everything will improve. "

The of the Economic Outlook Group Bernard Baumohl believes that Bernanke need to express a firm and informed perspective, so that investors be convinced. He said: "I don't think he will like a cheerleader. I think he must be realistic. "

Wells of Scott Anderson Baumohl point of Fargo, he said:" the Bernanke will have to be frank and direct. "

Baumohl, Ben Bernanke will be trying to calm the market, he will tell the market, in the foreseeable future, there will be no fundamental change in policy direction. Baumohl said, while to reach the third round of debt buying obstacles are quite high, but you want to exit the current ultra-loose policy is also very difficult. "Bernanke would make the market convinced the Fed will wait for the time being. "

Baumohl also said, as another step in building confidence, Bernanke need assurance that will establish tighter monitoring of the environment, to prevent any threat to the United States economy appears.

UBS Securities (UBS Securities) Maury Harris said inflation, Bernanke will demonstrate meeting, a bit of a tough attitude than before. This view by many analysts agree.

core CPI5, excluding food and energy prices rose 0.3%, was the largest increase since June 2008. Many people believe that, to the end of this year, core CPI rate rose nearly 2%.

Action Economics Chief Economist Mike Englund said, because the public has been very much dissatisfied about rising energy prices, Bernanke will therefore unlikely to on short-term oil price fell as much as advertised. He said: "we are not for 98 dollars per barrel of oil prices to optimism. ”

　　Stone & Ray Stone McCarthy Research Associates said he reported the Fed might adopt a formal inflation target is curious. Atlanta reserve President Lockhart (Dennis Lockhart) supports the establishment of an inflation target this month, the authoritative media also reported that the Fed is serious discussion of this proposal. The Wall Street Journal said at this meeting, concrete actions will not be expanded.

at present, fed a fuzzy inflation target of around about 2%.

, Barclays Capital economists said, as the inflation rate in the Federal Reserve continuously to improve the implementation of monetary policy, inflation can also be fed to the outside world that determines its still a way to remain vigilant on inflation.

Stone said that fed the possibility of setting a formal inflation target is less than 50%, but if the Fed really did so, he would not be shocked.

there has been speculation that the meeting, the Fed could lower its economic growth forecasts.

Before New York high interest currencies hold gains focus Greece vote results

by yesterday EU officials speech and Greece Government will smooth through vote and get 12 billion euro of optimistic expected boost, Tuesday global stock market full rally, Japan stock market received high 1.13%, European stock market also substantially high, disc in the gains near 1%, early disc China Ministry said will help eurozone national implementation economic steadily growth, and is holdings eurozone bond, Greece concerns easing order euro, and pounds and AUD, high income currency continues to keep firm. Market attracted the most attention to the number of Greece's Prime Minister Papandreou results of the vote, the voting started last Sunday, the results will be announced around 05:00 in Beijing on Wednesday. Market consensus forecast Papandreou will successfully passed a vote to get the Government under the leadership of EU/IMF of 12 billion euros of aid loans to avoid Greece major bad impact of breach. In addition, since Papandreou after successful reorganization of the Cabinet on Friday, its 300 seats in Parliament, it also has most of the 155 seats, which also increased his odds of rate. Also proceed from the interests of the entire eurozone, Greece by reducing the Red case to gain assistance will help stabilize the market on Greece and other eurozone confidence in the country. If Greece successfully passed a vote of the new Government, Greece debt concerns are expected to further ease the global stock markets, commodity markets and high interest currencies such as euro is also strong recovery will be further boosted. However, is able to completely exclude the possibility of voting failed, Greece opposition parties and people in Taiwan are powerful against approved austerity plan and the holding of an early election calls for making the results still face greater uncertainty. EUR/USD rebound temporarily stalled below the 1.44, the exchange rate can continue rebound trend since last Friday to wait for Greece voting results announced, mood after voting results in changes in the market is also expected to have important effects on stock markets and commodity money. United States release United States May existing home sales data, material data limited impact, the mood of cautious optimism in the market may continue to dominate the major financial markets. (Zhong Ying)

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European period data: United Kingdom May public sector payments short difference 11.1 billion pounds , Expected 6.6 billion pounds; May public sector net borrowing 15.2 billion pounds, expected 16.5 billion pounds; United Kingdom June CBI retail sales difference value +27, expected 26; eurozone June ZEW economic boom index-5.9, expected 6.1; Germany June ZEW economic boom index -9.0,-3.0;

United States period data: United States May into housing sales;

euro/dollars in Greece vote case vote Qian keep firm, European period overall at 1.44 below narrow finishing. If Greece successfully passed a vote of the Government, the exchange rate is expected to rise further. Technology day figure stymied on 50 and 20th averages, stochastic indicators rising, but Exchange rate rising only valid break above resistance to a recovery trend.

$/Yen remain at above 80 debt consolidation, global stock markets as a result Greece crisis easing the overall rise, causing slight currency pressure. Short-term concerns Greece confidence in the voting results. But in this will be announced before United States existing home sales data, the exchange rate of may are likely to have a certain impact. Technically down greater risk of breakthrough of the day, dropped below 80 or further tested Poly plus channel bottom.

pounds/dollars in early trading the British central bankers Fisher speech suppressed from 1.625 fell sharply to 1.6166, Fisher said the British Central Bank may need to further expand the scale of quantitative easing, and represents the necessary depreciation of the pound. However, the global stock market rally Greece crisis easing exchange rate remained relatively firm as a whole. Short-term continuing attention to changes in market sentiment. Technically, daily figure rebound stymied by a 100-day moving average, indicators bearish, exchange rate risk near short term still has again retreated to 1.61.

$ AUD/recovered full rally boosted European stock market rally in Asia decline, but the current lack of clear direction for the time being, the exchange rate in Greece may vote before the vote, did not rule out continued consolidation. Below the Japanese stymied 50/20/10-day moving average line, if effective short-term breakthroughs will continue rangebound trend.

European banking Greece debt exposure investigation crisis or crushed before the ECB

6 20th, International Monetary Fund (IMF) published impact report on the global economy in the eurozone, eurozone sovereign debt crisis spillover effects on the global economy of the country is limited, but if the banking system crisis spread to the eurozone core countries, impact on the global economy will be much more serious.

the "current situation remains controllable, but needs attention", IMF Deputy Managing Director Mr Lipsky said to reporters after the meeting of eurozone finance ministers.

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Greece debt recombinant most firm of against who European Central Bank also in June 15 publishing report said Currently is the biggest risk for financial stability in the eurozone Greece debt spillovers.

in the eurozone, France and Germany banking on Greece public debt exposure to the largest. Greece currently total 325 billion euros in debt, France Bank of 16 billion euros, Germany Bank 20 billion euros. Because Greece debt exposure rating company Moody's June 15 to France three big banks made degraded observation a warning.

as France bank regulators, France's Central Bank refused to make comments on Moody's move, but his spokesman cited in the written replies to the reporter of France kelisidian·nuoya, Central Bank as saying: "I do not think France banks are particularly at risk of a".

London think-tank open Europe economic researcher Raoul Ruparel believes that France banking on Greece debt exposure risks can be controlled, the real risk is France several major bank in Greece with a large branch, and hold Greece banking shares, "from this perspective, the Moody's downgrade of observation are justified."

the ECB has repeatedly stressed that Greece debt restructuring once, due to the overlapping of the European financial system, will cause potential risks to the euro area banking system.

according to the calculation of the economic think-tank Bruegel in Brussels, in the present Greece 325 billion euros of the total public debt, banks hold debt amounted to € 52 billion in the eurozone, one of the most major holders for Germany (EUR 20 billion), France (16 billion euros).

This warning 3 by Moody's France in the Bank, BNP Paribas (BNP Paribas) Greece debt up to, Euro 5 billion. But the Bank expected, even if its holdings of Greece, and Portugal and Ireland all value of Treasury bonds slipped to end-March level, capital losses only to the banks of the 0.15%.

in addition, the Industrial Bank in late March (601,166, unit) (Societe Generale) holds 2.5 billion euro Greece debt, agricultural credit banks (Credit Agricole) exposure to 631 million euros.

Bruegel think, Greece to will debt recovery to can continued level, need will currently debt book value cuts 30%, but on eurozone Bank of effect is "can controlled of", although has some Bank need national injection capital to cover loss, but the country public financial scale still enough to support this class behavior, "Greece collapsed will caused eurozone Bank dominoes effect of saying, although can understanding, but exists exaggerated components".

Raoul Ruparel also believed that, with France and Germany compared to their size and scale of capital, Greece debt loss is tolerable.

branch runs risk in

Greece yangnuosi·papantuoniwu in an interview with reporters, former Finance Minister, concluded that Greece once the debt default, real big problem is Greece Bank, because after the bond losses suffered, Greece inevitable need round of funds into banks, but Greece Government apparently powerless to aid banks. According to the calculation of Bruegel, Greece national banks to hold government debt of EUR 68 billion.

an EU officials listed in Greece when the risks of default, Greece Bank losses are listed in the first place.

Raoul Ruparel believes that if Greece defaults, Greece Bank directly facing the direct loss of 20 billion to 30 billion euros; is more important, once the ECB claims that Greece debt default, will not accept it as a guarantee of providing liquidity to the banking, it will make Greece banks face a funding gap of around 80 billion euros.

Raoul Ruparel considers France banks in Greece where the operation is the real risk in the banking sector, "while France held by the Bank of GreeceLa national debt levels below Germany banks, but their overall risk level than in Germany. " France banking on Greece participation in the banking sector there are two main forms: in Greece of branches and holds Greece large shares of the Bank.

France Industrial Bank, through its Greece branch in Greece loan amount up to EUR 3.4 billion; held Greece debt of at least the agricultural credit Bank is has the most loans, amounted to EUR 24.1 billion.

the European Central Bank facing bankruptcy?

Raoul Ruparel, in its report of a study lead author also argues that because of the peripheral eurozone sovereign debt and exposure of the banking system, the European Central Bank's balance sheet also deteriorated sharply, even facing bankruptcy threat.

he analysis has JP Morgan, and Citi Bank, and European Central Bank, and States Central Bank of data think, since last year May European Central Bank began from II level market purchase bonds yilai, its on Greece, and Ireland, and Portugal and Spain, edge national of risk exposure reached 440 billion euro, part to bonds forms holds, for 74.4 billion euro, another part is is to these National Bank provides of unlimited liquidity, total for 369.2 billion euro.

and the capital of the ECB has only 82 billion euro, which makes its leverage 23-24 times as much, and more robust European Central Bank, such as Sweden's Central Bank, and Norway's Central Bank and Switzerland's Central Bank leverage ratio for 4.73 times times, twice, and only 6.25 times respectively. This means that, if the value of the assets of the ECB cutting only by 4.25%, it will bring it to the actual status of bankruptcy.

but only Greece debt restructuring this form will allow the European Central Bank is in an extremely unfavorable position. The European Central Bank on Greece's exposure to 190 billion euros, if Greece debt restructuring to cut their book value 50%, the European Central Bank in Greece on Treasury bonds and bank loans, total losses will be between 44.5 billion euros to 65.75 billion euros, which will allow the European Central Bank leverage of up to 52 times to 123 times between times.

"this is also the European Central Bank tried to oppose Greece debt restructuring one of the reasons", Raoul Ruparel said.

Greece affair euro dollar is still bearish

Xiaoyan mushrooms

a rising euro against the dollar on Tuesday, but in Greece prior to the debt problem has not been a definite progress, the euro still bearish by institutional investors.

in order to obtain from the European Union and the International Monetary Fund (IMF) assistance, Greece must have more fiscal austerity measures, including a series of privatisation of the assets, but which resulted in Greece popular discontent and mass demonstrations erupted, Greece was forced to restructure the Government Cabinet, uncertainty over the new aid scheme therefore also.

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in above environment Xia Investor risk appetite deteriorated sharply, then the euro/dollar was fell sharply, and the leaders of the EU is still weighed down in order to restore market confidence. Since the end of 2009, Greece debt crisis, this pattern has not changed.

the EU Finance Ministers meeting on Monday, Greece debt crisis solution, still no consensus, but of a European financial stability fund effective borrowing capacity increased to 440 billion euros of message number to appease investors ' mood. Ease risk aversion sentiment, to non-US currencies such as euro rebound.

according to Eurogroup President Juncker said that Greece can reform commitments are the next batch of loans in place of the key. However, it was eventually decided to defer to Greece providing 12 billion euros (about US $ 17 billion) emergency lending further make a final decision.

Beijing 21st late, Greece Congress will hold a vote on the new Government, through voting, the Congress will be in late June to vote on the Government's new austerity measures. This time, Greece attitude of the people in Greece can tide over the difficulty this time is critical.

Greece difficulty still lies in the capital. Because Greece had been unable to obtain effective financing from the market, external assistance has become Greece the only life-saving straw. As a member of most components of the eurozone, Germany once again on the new aid efforts have been made, however extremely fierce reaction in financial markets last week, Greece 2-year Treasury bond yields were once more than 30%, China Merchants Bank (600,036, unit) Liu Dongliang, an analyst for the business news reporter described, in the Treasury bond market may be regarded as a "astronomical". In addition, Greece, and Ireland, and Portugal, 10-year government bond yields are in its history since the euro market last week.

but final results may not be very good. According to foreign media reports, surveys, Greece over 50% of voters oppose the austerity measures. If you are not in July made the loan, Greece bankruptcy may be close at hand, and this result is not only against the euro, and is huge blow to confidence in the financial markets as a whole.

Liu Dongliang told reporters, Greece in the event of a default in the future is the probability of the event, occurrence and intensity of the problem. If Greece defaults, in Greece with large exposures to Germany, and France and the United States banking industry, will again face enormous risks.

he also mentioned that Greece Cabinet reorganization is a dangerous signal, indicates that the debt and financial instability, has begun to spread to the political arena. He said that, although prior rating agency cuts Greece rating make the market feel numb, but Greece the Government was forced to restructure the Cabinet and the investor have to renewed focus on rating agency's rating, it now, the downgrade is not groundless.

so the prospects of the euro against the US dollar continues to be bearish, agency analysts recommended that investors every high being short of the euro, and some analysts believe that declines as the EUR/USD will be put on the first half of 2010.

Government won a vote of survive protesters vent di27atisfaction

Greece Government Wednesday (22nd) win the vote, which is key to avoid the country's sovereign debt default. Meanwhile, thousands of protesters outside the Parliament excoriate.

155 to 143 to the restructuring of Parliament after Greece vote of confidence in the Government, and two abstained. Prime Minister Papandreou's Socialist Party members are all firmly support the Government.

Papandreou canvassing for the last time before the vote: "if we are timid, if we give up this opportunity, history will be severely judged us. "

vote immediately have an impact on the market, euro gains, but dealers said the continued concern of the implementation of related measures, limited the euro cent.

Against the yen slightly consolidation await the Fed meeting results

zhongxinwang, June 22   zhongxinwang financial channel from Japan's Kyodo News Agency was informed that the Web site, Tokyo foreign exchange market the dollar 22nd opening 80.24, modest 0.06 per cent compared with the previous trading day, the euro against the yen also rose 0.20 per cent.

under the influence of rising stock market, the yen slightly down, but ' tomorrow morning United States Federal open market Committee (FOMC) will be published on the outcomes of interest, then Federal Reserve Chairman Ben Bernanke also will hold a press conference, investors await direction. In addition Greece debt prospects remain uncertain, wait-and-see atmosphere of the market, trading is inactive. (Zhongxinwang financial channel)

Europe debt crisis restraining demand for Asian exports slowing Asian central banks raise interest rates or

according to the media Wednesday (22nd) reported that the debt crisis in Europe and United States economic slowdown are suppressing demand for Asian exports, even witnessed inflation weakened domestic spending, slower export demand also provide an excuse to the Asian central banks to slow down the pace of interest rate.

the latest data show that India and Thailand export growth has slowed. Switzerland Credit (Credit Suisse Group AG), because United States subdued pace of economic growth, China's exports likely to halt this summer.

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for support respective economic Area exports, lower the speed of currency appreciation, protection, decision makers may be forced to defer action for a further rise of all Asian countries. This might stimulate inflation rise, China rose May CPI accelerated to a 34-month high.

Banking Corporation (HSBC) in Hong Kong Newman (Frederic Neumann) said: "If the economic data continues to deteriorate in Western countries, Asian central banks could abandon its policy of austerity, we believe that this will eventually stimulate inflation to rise further. "

fed in Australia (RBA) on Tuesday (21st) says in the minutes of meetings, will measure the European debt crisis and the domestic economic growth and inflation rise is expected to decide whether to raise interest rates. Since October 2009 after interest rates seven times, Australia always sit on the fed in the last six meetings.

Australia fed minutes, data for these months do not increase the urgency of fed adjusted monetary policy, international economic downside risks slightly more visible.

Greece debt default risk as well as the United States slowing economic growth has boosted demand for Treasury bonds, indicating that investors are lower for high yield of the desired. Because the market is increasingly worried about Europe's debt crisis led to Australia the most rapid pace of economic growth in a decade derail, Australia two-year continuous rise in bond prices, and is expected to hit the collapse of Lehman Brothers (Lehman Brothers Holdings Inc.) The longest rally since the fall, government bond yields decreased in 21st 28 basis points, to 4.63% in the lowest since March 31.

Switzerland Credit Embassy Singapore Deepak Agrawal, fixed income Strategist (Ashish Agrawal) said: "If the Asian central banks continue to wait, but remains committed to tighten policy, it means that the demand for short-term government bonds would appear even more good. "

Euro fall limited focus on Fed policy meeting

consistent with expected, Tuesday (21st) Greece Government won the vote. As investors into profit, Wednesday (22nd) EUR/USD fell modestly, but as the market focused Federal Reserve meeting, EUR/USD is expected to fall much. Afternoon Greece debt issue's focus will shift to 78 billion euro austerity programme, this month's vote.

Greece after the Government won a vote of news, analysis after 1.4432 on EUR/USD short below the rapid withdrawal from 1.437, located near 1.4457 short term resistance is expected, that point is decreased since June 17 of 61.8% drawing back, resistance at 1.4549.

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France Industrial Bank (601,166 , Unit) (Societe Generale) Sabestian Galy, an analyst said that "more moderate withdrawal of the current euro/US dollar, we should not blame investors into profit."

in addition, the expected EUR/USD fell by a smaller, support on Tuesday near the intraday low of 1.43.

Deutsche Bank (Deutsche Bank) Alan Ruskin, an analyst said that "investors buying after the rumors appeared, after putting down the rumour sell, EUR/USD is expected to be in this case under pressure. In addition risk asset market is not expected a large number of short, one reason is that markets widely expect the Fed will maintain low interest rates unchanged. "

00:30 fed in Beijing on Thursday announced the latest monetary policy resolutions and issued a statement after the meeting. Chairman of the Federal Reserve? Bernanke (Ben Bernanke) will be held in Beijing Thursday 02:15 News Conference.

of the Federal Reserve on Tuesday began a two-day monetary policy meeting, signs of a slow economic recovery could force policymakers to worse situation at a meeting to develop solutions.

earlier today, the dollar index hit to a one-week low of 74.516, now recovered to near 74.7, last week had hit a high of 76.015.

the dollar/Yen movements not maintained in early trading 79.50-81.50 trading in Asia. 11:49 ', $ 80.26/yen, down 7 points.

hit after the AUD/USD rose from 1.06 to 1.0592. ' 11:49, Australian/US $ 1.0577, down 29 points.

fed in Australia (RBA) meeting minutes showed Tuesday, fed in no hurry to raise interest rates in Australia since Australian dollar under pressure. But Australia fed pointed out that, because of the vigorous development of the mining industry brought a strong growth of the economy, is expected to raise interest rates some time in. End page to join the body

United Kingdom bank minutes of the June doves singing melody Brod stand a mild

United Kingdom Bank (BOE) on Wednesday (22nd) June 8-minutes, MPC 7:2 through interest rates remain unchanged, only Weir (Spencer Dale) and Dell (Martin Weale) continue to demand higher interest rates 25 points while MPC scale invariant to 8:1 through the maintenance of quantitative easing, David berson still proposed expanding the scale of quantitative easing to 250 billion pounds.

is of concern, members of the new MPC Broadbent (Ben Broadbent) agreed with the majority opinion as expected, did not follow the MPC member before sentansi (Andrew Sentance) urged to raise interest rates. The minutes, Broadbent requirements to maintain interest rates unchanged. Hard-liners sumdex's departure, fears United Kingdom's Central Bank's monetary stance will become more moderate.

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latest announced of meeting summary of display , The new members of Broadbent's moderate policy positions, follow most of the views of members. This already reflected in his confirmation hearing. Broadbent was not only emphasized the economic downside risk, also expressed no concerns about inflation expectations too. After the announcement, Sterling expanded decline, hit a intraday low of 1.6145.

Central Bank meeting minutes also show that MPC members have said, little sign of the CPI to rise will affect the salaries, weak domestic demand or beyond the previously expected, said more than one of its members or a need to expand the scale of quantitative easing, some members considered that if the downside risk of inflation to become a reality, may be a need for more quantitative easing.

banks and noted that the rise in the medium-term inflation risks in the past month, and the upside risk stability. United Kingdom Bank of pessimism towards the Economic Outlook. The Central Bank said, the current weakness of domestic demand may exceed the previously expected, and the United Kingdom or similar to the 1 quarter 2 quarter economic performance.

Central Bank noted that weak economic growth prospects, latest data show that 2011 mid-term GDP growth may be lower than the historical mean. Central Bank of the future United Kingdom expectations of economic recovery are starting to change, weak economic performance will be significantly suppressed United Kingdom expected Central Bank tightening.

the minutes also show that increased downward risk to inflation in May. Few signs of limits is shifting to pay higher inflation. Second-quarter GDP may be similar to the first quarter. Weak demand duration may be longer than expected. End page to join the body

Before New York easing expected tumbling pound concern the US Federal Reserve interest rate resolution

Wednesday morning Greece successfully passed a vote of the Government, subject to boost Asian equities continue to rise, Japan's stock market closed 1.8%. However major high interest currencies such as Euro News chonggao to decline against the dollar, showing the expected result is only temporarily ease the market on Greece debt concerns, Greece on the road to solve the debt problem continued to face many challenges and uncertainties. Next Greece must be within the next two weeks to persuade Parliament approval of the Government, amounted to EUR 28 billion 5-year tax increase and Red reduction plan, to get EU/IMF € 12 billion assistance loan, despite domestic opposition calls for more and more strongly. If the Red reduction plan passed, Greece is expected to gain greater market confidence in markets were expected to continue to pay close attention to Greece's latest developments.

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European period euro/dollars finishing Yu 1.44 below, other non-beauty currency also maintained high consolidation of trend. However, the pound's weakest, their joint summary of the June meeting of the Bank crackdown sharply. Minutes-British 7:2 ratio of the members of the Bank's decision to maintain interest rates unchanged for 0.5% and GBP 200 billion asset purchases, Member of Weir and the Dell of which interest rates 0.25%, Lea Thompson once again proposed the expansion of Bank asset acquisition GBP 50 billion to 250 billion pounds, Broadbent new members advocated to maintain interest rates unchanged. Concerned is more than one of its members on the interest on the Conference considers it necessary to expand the scale of quantitative easing, confirms members of Fischer's speech yesterday. Affected by the crackdown, the pound fell sharply after the minutes fell, is worshipped more in the stock market fell under the pressure of expanding decreases. However other than sterling high interest currencies as a whole, waiting for the Fed's interest rate and resolution Bernanke speech tonight. Currently on the market generally expected the Fed will maintain interest rates unchanged. However markets are more concerned about is Ben Bernanke launched on time, whether it be the end of QE2 QE3 and United States comments on the economic prospects. From the recent United States performance of weak economic data, Bernanke may be biased towards the position of moderate, and continued to release signals for sustained low interest rates, and does not rule out the lower United States economic growth expected in may, the dollar may be under pressure, not the United States is expected to be supported. But if the stock market fell after his speech, non-us rally ability to continue. (Zhong Ying)

European period data: Italy May trade account (non-EU)-1.8 billion euro, Qian value-3.072 billion euro; Switzerland June ZEW economic expected index-24.3, Qian value-11.5; eurozone April industrial orders annual 8.6%, expected 14.0%;

United States period data: United States April prices index months rate, eurozone June consumer confidence index initial value, United States last week EIA crude oil inventory changes; 00:30 fed announced June central bank interest rate resolution, 02:15 primary South grams speech;

euro/dollars European period by stock market promote maintained in days high 1.443 below narrow interval finishing, overall holding Caine, waiting fed interest rate resolution of promote. Stymied by a 50-day moving average, index rising, break the averages would accelerate the rebound.

$/Yen in fed interest rates before resolution of minor fluctuations, bought 80 required strong continue support for the exchange rate. However modest or if Bernanke speech tonight down United States economic growth forecasts, sharp fall in dollar/Yen will be suppressed.

GBP/USD European session by the British Central Bank crackdown further sharp falls in the minutes of the Conference, the minutes more than 1 per cent of members considered that the quantitative easing policy need to be expanded, depress the pound sterling fell full. In addition, European markets and the US stocks and Futures to decline also aggravated the currency's decline. Short-term resolution concern the US Federal Reserve interest rate. Figure poly plus channel back to the bottom again, but are supported in the low point in the early, keeping the exchange rate is still a chance to rebound.

the AUD/USD European session remain 1.5665-1.0610 rangebound, markets remain cautious in fed interest rates before resolution caused major currency pairs into finishing. Current expectations of Bernanke may cut United States economic growth forecasts and made a moderate policy positions, Australian dollar/US dollar is expected to be supported. But if US stocks after resolution decreases in interest rates, rising exchange rate of the Suppression of the rising risk aversion. Today technical indicators call, but faced 20, above 50-day moving average, and the downward trend line, such as multiple resistance, only break above resistance will only return upward trend in the near future, as it may continue rangebound. End page to join the body

United Kingdom expected Central Bank meeting records contain interest rates tumbling pounds was

the pound Wednesday (22nd), dollar General fell against major currencies, after the United Kingdom's Central Bank released the records of the meetings show policy makers that economic growth prospects deteriorated, some members believed that may need more stimulus measures.

due to Central Bank meeting minutes hinted United Kingdom interest rates is unlikely to be 0.5% up from record lows this year, and the Central Bank chose to implement more quantitative easing after more likely, the pound fell.

€/￡ 0.90 for potential high 0.8976 of the test on June 8, as well as a critical mark, but analysts say the Greece debt crisis may limit the upside potential of the euro.

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pounds/dollars currently fell 0.71% , Trading near 1.613, will hit low point in June 1.6078 cut-about 1.6028 and 200-day moving averages, MACD the weaker levels could spell further. Friend Gavin,

nabCapital foreign exchange market strategist, said: "obviously, the United Kingdom's Central Bank will not raise rates soon, Sterling weakness is no accident. "

Euro/Sterling currently rising 0.78%, trading in the vicinity of 0.8930, Hidaka as 0.8946, June 8 to the highest. In addition, British pound/Swiss franc hit a record low point of about 1.3522.

United Kingdom June 8 meeting of the Central Bank on Wednesday announced record shows that United Kingdom's monetary policy Committee (MPC) considered that the prospects for economic growth weakens, some members raised the possibility of quantitative easing in the future.

Committee to 7:2 vote to maintain interest rates in the not buluodebante as expected new MPC members agreed with the majority opinion, does not follow the views of the monetary policy Committee, former member of sentansi called for higher interest rates.

later today, the market focus will shift to United States Federal Reserve (FED) policy statement and press conference of the US Federal Reserve Chairman Ben.

00:17 ', GBP/USD 1.6130/33, EUR/GBP 0.8934/36. End page to join the body

, Federal Reserve and the United Kingdom's Central Bank double depre16 Sterling hit bottom

Thursday (23rd) in early trading in Asia, GBP/USD trading at 1.6036, extended the previous session's decline, and hit a near three-month low of 1.6016. Overnight in Europe and United Kingdom interest rates of central banks and the Central Bank announced a separate resolution and remarks by the Central Bank official, respectively, making short power unprecedented strong Sterling, sterling was a heavy crackdown.

United Kingdom Bank (BOE) on Wednesday (22nd) June 8-minutes, MPC 7:2 through interest rates remain unchanged, only Weir (Spencer Dale) and Dell (Martin Weale) continue to demand higher interest rates 25 points while MPC scale invariant to 8:1 through the maintenance of quantitative easing, David berson still proposed expanding the scale of quantitative easing to 250 billion pounds.

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worth concern of is , Member of the new MPC Broadbent (Ben Broadbent) agreed with the majority opinion as expected, did not follow the MPC member before sentansi (Andrew Sentance) urged to raise interest rates. The minutes, Broadbent requirements to maintain interest rates unchanged. Hard-liners sumdex's departure, fears United Kingdom's Central Bank's monetary stance will become more moderate.

Central Bank meeting minutes also show that MPC members have said, little sign of the CPI to rise will affect the salaries, weak domestic demand or beyond the previously expected, more than one Member said the need to expand the scale of quantitative easing, some members considered that if the downside risk of inflation to become a reality, may be a need for more quantitative easing.

banks and noted that the rise in the medium-term inflation risks in the past month, and the upside risk stability. United Kingdom Bank of pessimism towards the Economic Outlook. The Central Bank said, the current weakness of domestic demand may exceed the previously expected, and the United Kingdom or similar to the 1 quarter 2 quarter economic performance.

poor economic data showing United Kingdom economy remains weak, making United Kingdom banks still taking quantitative easing monetary policy to promote quick recovery of the economy.

United Kingdom national statistical offices (Thursday data displayed on The Office for National Statistics, United Kingdom in May retail sales month of the quarter adjusted rate dropped 1.4%, biggest drop since January 2010, expected to fall 0.6% value before 1.1%.

United Kingdom national statistical offices on Wednesday according to the United Kingdom May unemployment rate was 4.6%, United Kingdom May applications for increase in the number of unemployed 19,600 people, United Kingdom since July 09 high number of applications for unemployment.

Central Bank noted that weak economic growth prospects, latest data show that 2011 mid-term GDP growth may be lower than the historical mean. Central Bank of the future United Kingdom expectations of economic recovery are starting to change, weak economic performance will be significantly suppressed United Kingdom expected Central Bank tightening.

the minutes also show that increased downward risk to inflation in May. Few signs of limits is shifting to pay higher inflation. Second-quarter GDP may be similar to the first quarter. Weak demand duration may be longer than expected.

in the United Kingdom's Central Bank announced after the meeting minutes the pound suffered a first round of the crackdown. And yesterday into the United States after a period, resolution published by the Federal Reserve interest rate, and Federal Reserve Chairman Ben Bernanke's remarks, makes pounds once again subjected to suppress frustration.

interest rate after the resolution on Wednesday, the Fed announced benchmark interest rate in 0-0.25% does not change, and to maintain the discount rate unchanged in 0.75%, while reaffirming for quite a long time kept the benchmark interest rate at very low levels, and for the second round of 600 billion of quantitative easing bond purchase plan will be completed this month.

Ben Bernanke said the pace of economic recovery is still very modest, temporarily unable to find the exact reasons why SI would cause economic recovery continued to be slow, and the real estate market remains sluggish, the decline in the unemployment rate may be painful abnormally slow.

for the statement he made was again caused the market to the United States and fears of a global economic recovery, market risk sentiment serious pressure, dollar stronger overall. End page to join the body

Before New York risk aversion, the rising euro continued leading the non us

since overnight Fed President Bernanke published moderate policy position and downward United States economic growth expected 後, market on global economic recovery of concerns again crackdown global stock market substantially fell; plus Greece debt prospects still exists is large of uncertainty, risk aversion emotional warming makes investors have selling stock, and bulk merchandise and euro, and pounds and AUD, high income currency, and risk aversion assets dollars, and yen and Swiss lang was support.

European stock market low open low go, disc in the three large stock market fell over 1%, euro, and pounds and AUD, high income currency against risk aversion currency dollars, and yen and Swiss lang in European period continues to full fell, which was British Central Bank loose expected crackdown of pounds against dollars further fell to 12 week low and in technology Shang down breakthrough, its short-term trend not optimistic; euro/dollars by Germany, and eurozone economic data and Greece concerns crackdown also substantially fell. Early data show June services, manufacturing, and integrated in the eurozone purchasing managers ' index (PMI) set 6, respectively, 21 and 22-month low, Germany June manufacturing purchasing managers ' index also recorded its lowest level in 17 months. Weaker euro area statistics certainly exacerbated investors concerns over the global economic recovery, and hindered economic recovery in the eurozone will also affect the resolution of debt crises, this also increases the Greece through resistance to austerity plans. Euro in the near future may continue to be the Greece problem of suppressing, potential risk aversion may also continue to make commodity money such as Australian dollar under pressure. (Zhong Ying)

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European period data: Switzerland May trade account 3.3 billion Swiss lang , Expected 1.68 billion Swiss lang; Germany June manufacturing procurement managers index initial value 54.9, expected 57; eurozone June manufacturing procurement managers index initial value 52, expected 53.8; United Kingdom May BBA housing mortgage loan license 30,509, expected 30,000;

United States period data: United States last week early please unemployment gold number, United States May new housing sales;

euro/dollars overnight in 50 daily line near blocked 後 full fell, European period tail disc further fell to 1.42 near, dollars index in fed interest rate resolution 後 full rebound, and global stock market fell and Greece concerns led euro/dollars all fell. Short-term support at the 100-day moving average of 1.418, dropped below the low 1.4 before further testing.

US dollar/Japanese yen in Europe continue to rise to touch the Asian city high 80.63, across-the-Board fall in European stock markets and commodity prices, risk aversion continues to provide support for the dollar. Estimated US stocks continued to fall, the exchange rate is expected to continue to be supported. Technology held steady on the 20th, will further test averages above 50-day moving average close to the 81.

decreased GBP/USD European session to remain fully touched 12 low 1.5975, Britain's Central Bank USD speech moderate, yesterday in the rebound after Fed rate resolution full and very weak exchange rate of the global stock market leading performance. Technology day fell below 200-day moving average line, in the short term may further drop to 1.59.

the AUD/USD fell to promote continued to plunge, United States time ago currency held steady above the bottom interval 1.05 in the near future for the time being, technically fell below low 1.044 before room for further downward near the opening Exchange rate today, stochastic indicators also fell again in the middle of the risk. United States release United States employment and housing data, concerned about the stock market performance after the data. End page to join the body

Greece austerity progra40es not optimistic about the euro's low pre12ure

it is learned, Greece new Cabinet has approved the draft Bill in the implementation of the new fiscal plan, but Bill can be voted before the month is not optimistic, this will affect the outside world on Greece for further assistance, together with Italy and Spain no small risk of outbreak of the debt crisis, the market continued bearish the euro.

one Greece 22nd says of government officials, as accepting the European Union and the International Monetary Fund (IMF), one of the remaining conditions for aid, Greece Cabinet approved on 23rd drafting bills to determine details of the new five-year fiscal measures.

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also one Greece Government officials said , Greece new austerity Bill of financial implementation of the plan will be submitted to the 24th Greece Parliament to vote and must end at the latest.

the "Euro purchase now. "Japan's third-largest financial institution DaisukeKarakama, analyst at Mizuho Industrial Bank," said Greece unless at an unprecedented rate for fiscal tightening, or additional loan assistance to that country only will postpone its breaking point. "

in the London market, EUR/USD fell to 1.4307, than the decline the day before 0.4%. According to Bloomberg, resolutions of the European Union on July 3 Greece meet tight fiscal targets and decide whether to increase its assistance.

Greece the Government won the vote, media said that this would help Greece resolve the current crisis will help Greece obtained the assistance of international institutions, through fiscal austerity programmes. However, Greece can finally implement further tightening of the financial plan, the key depends on June 28, can be adopted by Parliament. From here, the Greece debt crisis still exist uncertainty, this is also the factors impeding the further chonggao of the euro.

the United Kingdom reported the financial times, Greece opposition leader said on 22nd, the party will vote against the Government's latest austerity programme. AntonisSamaras centre-right parties of the new democratic party leader said the tax increase plan opposition, currently Greece's poor economic situation, tax increases will affect the residents ' consumption, thereby inhibiting economic needs.

rescue party manners softening, reflecting Greece debt crisis harms gradually increased. Germany Angela Merkel on 22nd warned Greece comprehensive and large-scale implementation of debt restructuring will have on financial markets "totally uncontrollable" effect, and may affect the financial stability of other countries.

Merkel comments confirmed she was in Greece's debt crisis has softened its position on the issue until last week, Merkel's stance should be excluded except Greece debt to private creditors possibilities other than voluntary debt moratorium, such as imposing a comprehensive debt restructuring.

Ms Merkel said, forcing reduced Greece debt repayments amount endangers not only banks and other investors to hold these bonds, will also hurt those with Greece debt payments does not breach the premise of providing investment insurance financial institutions.

she pointed out that those credit default swaps (CDS) is far greater than the value of the subject matter of the Greece debt itself, once the default clause is activated, the unpredictable consequences.

now Italy and Spain accumulation of risk of the outbreak of the debt crisis, is also on the prospects of the euro concerns lingering euro low short term trend is difficult to change.

Italy economy Ministry is working on measures aimed at by 2014 to cut budget deficit of 43 billion euros, new projects are expected to be approved by the Cabinet next week. Expect Italy 2011 budget deficit will fall from 2010 to 3.9% per cent of GDP. Compared to most countries in the eurozone, such a low level has a lot, but Italy's debt level has reached around 120% per cent of GDP, is the 17 Member States of the eurozone after Greece country.

Spain economic deterioration has just been IMF warnings, IMF said "the country's economy has not fully repaired, is at greater risk.

IMF call for Spain reform efforts must not cease to support recovery, reducing the unemployment rate up to 21%. Spain Parliament on 22nd by new labour market reforms, both employers and employees greater flexibility on the salary negotiation in the future, hope to boost investor confidence.

economists say implemented a 30 year old system too rigid, in Spain to combat recession, rush to create jobs, especially harmful. End page to join the body

CFTC investors for the first time in four weeks to increase its stake in the dollar short

Huitong network, June 4-

United States commodity futures trading Commission (CFTC) Friday (3rd) report shows that as of May 31 weeks, speculators dollars net short positions held by the small holdings, to 4 weeks for the first time to increase its stake in action.

according to the information released, m NET short positions held by the speculators last week increased to us $ 15.73 billion, $ 13.02 billion the week before. Data shows that the market for $ attitudes back worsened.

dollars overall position is based on international monetary market (IMM) speculators on Yen, euro, pound sterling, Swiss franc, Canadian dollar and Australian dollar positions calculated.

EU Ryan June is e34ential for the resolution of the European debt crisis

Huitong network, June 2-

the EU economic and Monetary Affairs (European Commissioner for economic and monetary affair) specialist Ryan (Olli Rehn) Wednesday (1st) in June, will is the key to overcome eurozone sovereign debt problems in a month, eurozone countries will need to reduce the debt at the same time solving problems in the banking sector.

Ryan said, according to initial projections, Greece may not be able to return to financial markets to finance early next year, the country needs to make some difficult decisions to repair related problems.

Ryan said: "of June will be the key to overcoming the debt crisis in Europe for a month. It is clear that at present have faced sovereignty in the eurozone debt crisis and fragility of the banking system of double trouble. Can determine is that the two issues must be resolved at. ”

EU Ireland Spain Bank a13istance plans to extend the six months

European Commission 1st Ireland and Spain Bank national assistance plans to be extended for six months, to tide banks continue to help these two countries.

according to the decision of the European Commission, Ireland and Spain before December 31 this year, the Government will continue to be provided to national banking guarantees.

the EU Commission said in a statement, extension of Bank assistance plan to help Ireland and Spain to overcome severe economic turmoil is appropriate, also in line with EU provisions in the financial crisis for Banking provides assistance.

after the financial crisis, Governments of EU Member States have introduced massive relief programme. For the convenience of Member States to deal with the crisis, the EU also temporary relaxed the restrictions on Government subsidies.

Ireland initially was given in November 2009 as national bank guarantees support, subsequently extended several times, Spain from December 2008 began similar assistance scheme.

today, Ireland is still struggling in the sovereign debt crisis, Spain is also the Government debt, banking crises because of the real estate bubble burst. (According to the Xinhua News Agency)-

The Fed's balance sheet reached a record $ 2.79 trillion

hexun exchange messages up to this weekend, the Fed's balance sheet rose to a record of disciplinary 2.792 trillion dollars, and on June 1, the figure was US $ 2.78 trillion. The fed as the United States of the Central Bank, after the second round of quantitative easing, purchase from the market in the United States Treasury bonds to free up liquidity. Fed tries to loose monetary policy to stimulate the United States economic development does not pay high deficit of the Government. According to the US Federal Reserve meeting minutes of April, after the end of the QE2 still to continue with the assets in the interest of the Federal Reserve to buy bonds.

but now fed officials have begun discussing how to reduce such large balance sheet, some fed officials said the Fed's balance sheet in the short term would be difficult to return to normal levels. In December 2007, only $ 87 billion on the balance sheet of the Federal Reserve, which means that the fed directly to the market in recent years in the market of us $ 2.7 trillion of base currency. In these huge assets, the Federal Reserve held by the United States national debt hit $ 1.532 trillion, holding mortgage bonds amounted to $ 917.9 billion, and bank deposits amounted to $ 1.589 trillion.

United Kingdom April industrial output is now 20 months the largest ever

United Kingdom National Bureau of statistics announced on 10th, United Kingdom in April industrial production months ratio as 1.7%, the biggest drop since August 2009, year ratio 1.2%, far less than market expectations.　　United Kingdom national statistical offices (Office for National Statistics,ONS) announced on June 10, United KingdoApril industrial output fell sharply, by the Royal Wedding and Japan earthquake.　　According to the United Kingdom in April industrial production months ratio as 1.7%, the maximum monthly rate since August 2009 fall year than 1.2%.　　United Kingdom in March industrial output correction for months increased by 0.2%, year up by 0.1%, initial value for the month rose 0.3%, year up 0.7%.　　April data weaker than market expectations, economists had expected United Kingdom April industrial production month than flat, year by 1.3%.　　United Kingdom April decline in manufacturing output months than 1.5%, the maximum monthly rate fall since January 09, year by 1.3%. Economists had expected, United Kingdom output months than in April decreased 0.1%, year by 3.4%.　　United Kingdom March manufacturing output correction for months increase of 0.2%, 2.2% year rise, the initial value for the month rose 0.2, year up 2.7%. In addition, the United Kingdom first-quarter rise in industrial output from the previously announced 0.2% fix by 0.1%.

Risk of collapse of the dollar or have a significant impact on Chinese economy

late peak according to the voice of the news report, June 9 United States Fed President Bullard said, let the world, especially in China to shake. Brad says: August 15 draws near, the United States will face default risk is the world's most serious prouse in the June 5 4 days ago, the United Nations also warned dollars for the first time in danger of collapse.

Brad's voice is not falling, international rating agency Fitch warned that if the United States debt ceiling could not be at the end of August 2 or the Ministry of Finance set up period, the United States's sovereign debt rating will be placed a negative watch list. If the Treasury does not become due before the August 15 coupon, Fitch may United States puts the trend of local fallen plaster. If Treasury Bill cannot be paid of us $ 30 billion, due on August 4, Fitch will be transferred by 3A's bond rating to b, the dollar will collapse, the United Nations issued a warning that, if the US dollar against other currencies the dollar, the dollar may face a crisis of information or even collapse.

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from United Nations of sound undoubtedly let China playing cold Because the United States public debt of more than 50% of foreign investors, foreign Government head, of course, if the inevitable risk of the collapse of the dollar, then the global financial system.

Earth people know now the Chinese are United States largest creditors, according to financial data showed the Chinese Government, at the end of 2000 the foreign assets of more than $ 4.1 trillion, if United States debt problem, there is more than 4 trillion of dollar assets shrink rapidly, which for nearly 70 trillion assets in China, nearly half the wealth will be under the influence of a collapse of the dollar.

on China's economic influence is obvious of the dollar once the decline of China's foreign exchange reserves of loss is direct, international trade and investment will be difficult to properly to carry out currency exchange rate fluctuations on the dollar situation inevitable, commodities, and also specific fluctuations in asset prices, international hot money is a lot to China at that time, this is a trend is not available when. Under the current upsurge of United States debt if a crisis occurs, will focus on China's foreign exchange management, dislocation caused exports to China with investment, when the risk will increase economic hard landing in China, Americans through a technical breach of contract and other means to maintain. Li Delin

UBS 2013 inflation raging in binge or global

inflation is raging in the emerging economies in Asia could spread in 2013 to the world, 9th report said the UBS Wealth Management Research Department, as now widely adopt overly loose monetary policy in developed countries, is expected in 2013 in global iwill wreak havoc.

and mass disagreement, UBS emphasized, is made by the monetary hyper-inflation of the real reasons.

UBS noted that inflation is not caused by a Union or company, but by the "production" due to monetary sector, that is, the Government and Central Bank. If the latter relative to goods and services available for purchase that too rapid increase the money supply, monetary value will decline and inflation risk.

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Swiss silver economists is expected In 2013, commodity prices will continue to rise sharply in developed countries, inflation fluctuations will increase, when all major markets around the world will be affected.

the Bank said that over the past two years, developed in response to the economic downturn, to inject a large amount of liquidity into the economy, inflation in these countries are now no outbreak is because the credit and interest rate mechanism are still in a State of fail.

however, the Bank said inflation will quickly spreading in developed countries. "United States of excess capacity is being digested, if that advantage were exhausted, inflation from the United States and other developed countries are not far. "The reported warning.

Yen bulls into profit above the dollar against the Yen remained at 80

zhongxinwang, June 13   zhongxinwang financial channel from Japan's Kyodo News Agency was informed that the Web site, Tokyo foreign exchange market the dollar 13th held at over 80, opening 80.36, up 0.28 per cent compared with the previous trading day. 0.58 per cent decrease in the euro against the yen.

outside the Tokyo foreign exchange market continued the trend, Yen bulls rebounded into profit helped the dollar, but United States worrisome Economic Outlook make us $ uplink disruption, overall volatility is unlikely. (Zhongxinwang financial channel)

United States Treasury bond default risks increasing Wall Street brewing to reduce the use of

morning post Europe's debt crisis has not gone, United States appears to be from the debt crisis increasing near. United States legislators on June 12 local time (Beijing time yesterday morning) in Colombia broadcasting companies (CBS) "national" (Face the Nation) on the program said if Democrats and Republicans do not increase the federal debt ceiling agreement, United States Government will not be full payment due on August 2, US $ 30 billion debt, United States and European countries also fell into default risk.

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simple to said , By virtue of their Super credit, United States Government has been relying on massive borrowing to maintain operations, but finished last after a US $ 72 billion in bonds this year, May 16 United States law by the federal government debt reached US $ 14.3 trillion limit United States Treasury bonds cannot continue to get by. In half a month in the past, the Republican party has been "stuck" with the requirements of the Democratic party raise debt ceiling.

it was also United Kingdom Financial Times reported yesterday that United States senior bank executives revealed that some of Wall Street's biggest banks have been prepared in August cut the United States Treasury, to prevent does not increase the debt ceiling as a result of any market volatility.

Bernanke this or a stern warning

from the preceding statements on the CBS program is United States Chairman of the Budget Committee, Republican representative baoer·ruian (Paul Ryan). He said on the show, "I think debt reduction agreement reached to control the deficit helped to stabilize the market in the future, and can help us to achieve an economic recovery. "

now Republicans and Democrats are the key differences is how to reduce the deficit. The former believes that the Obama administration should undertake to reduce expenditure in order to reduce the deficit, in that premise in order to raise the debt ceiling; decision while the latter considered that the current economic situation the Government cannot reduce expenditure, to reduce the deficit can be achieved by giving tax the rich. To this end, the two parties since late May has been controversy, but still no progress until yesterday.

in fact, in 14th, local time (Beijing time tomorrow morning), Fed Chairman Ben Bernanke will attend the theme of "debt ceiling, financial planning and panic in the market: where do we go? "Meetings of the General Bernanke is expected to be the market today to the United States Congress issued a stern warning again, do not increase United States debt ceiling as a political bargaining chip.

he had previously stated that "cannot increase debt ceiling would be likely to be at the expense of raising interest rates, which would allow United States deficits worse and harm the interests of all borrowers. Worst of all, this could result in United States financial system back into instability, the United States economy particularly terrible impact. "

Wall Street rainy day

given the two parties over the situation, the banking sector has begun to plan ahead.

United Kingdom Financial Times yesterday cited an United States senior bank executives as saying that some of Wall Street's biggest banks are preparing in August cut the United States use of Treasury bonds to prevent any fluctuation in the market. It is reported that the banks plan to hold more cash, derivatives and other trading for security, thus reducing financial system of the United States national debt dependence.

"we plan to reduce its reliance on government bonds in early August, retained more cash as an emergency measure. "The United States a Bank Executive said.

United States national debt amounted to us $ 9.7 trillion, a significant part was sold to national investors. But according to JPMorgan Chase (JPMorgan Chase) estimates, United States near 40% issued bonds (about US $ 4 trillion) to support the buy-back transactions, futures and swaps. Precisely because of United States national debt plays such a key role for the wider financial system acts as a collateral, once by the two parties in the game and increase the debt ceiling raised debt default, leads to the financial system into chaos.

the CME Group (CME Group), said: "as the United States close to debt ceiling, we will continue to monitor liquidity conditions and appropriate collateral for discount. ”

Exchange Unified standard specification Bank foreign exchange and foreign currency conversion

⊙ reporter Dandan Li Liu Yufeng 0 edit

to standardize Bank Exchange settlement business itself, facilitating banking operations, foreign exchange recently issued the Declaration on improving the Bank's own Exchange settlement business management issues of law, from five regulated banks own current account and capital Exchange settlement and sales transactions and foreign exchange supervision. The circular will be implemented from July 1, 2011.

notification under a is reflected "balanced management", for bank capital (or trading funds) of this foreign currency conversion developed has unified of quantitative standard; second is reflected "facilitate operation", combination Bank itself knot sales meeting business of particularity, carding integration existing regulations in the on Bank itself knot sales meeting of management policy, specification part existing policy in the provisions enough clear of business; three is reflected "reduced audit", simplified Bank Exchange profit settlement of prior audit requirements, cancel Bank paid foreign shareholders of dividend, and dividend or foreign bank profit meeting out of prior audit requirements; four is reflected "caught large placed small", main specification on international payments and Exchange run has larger effect of Bank itself knot sales meeting matters; five is reflected "after supervision", reiterated on Bank itself knot sales meeting statistics and information submissions of requirements.

Greece protests the Government once again, the standard and poor's lowered its credit rating

Xinhua Athens, June 13 (reporter Liang Yeqian) Greece Ministry of Finance issued a statement on 13th, strongly protested the credit rating agency standard and poor's on its long-term sovereign credit rating from "b" down to "CCC".

p to Greece's short-term sovereign credit rating to c, the Outlook is negative. Poor's pointed out that Greece looks the possibility of debt restructuring is "up".

Greece finance said, according to meet the current for the Declaration of some rumors, but ignores the European Union and the European Central Bank and the International Monetary Fund currently under intensive consultations, seeking solutions within the next few years to meet Greece's financial needs.

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Greece Treasury also said , Poor's statement also ignored the Greece Government paid tremendous efforts to prevent a breach, as well as Greece aspirations of the people want to stay within the eurozone. Greece will be before the end of June by a medium-term fiscal policy to ensure that Greece's sovereign debt stable security.

Greece media that poor's lowered Greece's credit rating, happens to be the 14th of the eurozone Member States met in Brussels and the European Union Summit next week to discuss the previous day against Greece before the issue of further assistance.

6 1st rating agency Moody's had to Greece from the B1 down to Caa1 credit rating, prospect as a negative, have thrown Greece strong resentment of the Government.

United Kingdom's Central Bank kept interest rates at 0.5% unchanged in line with market expectations

19:00 hexun Exchange message Beijing time United Kingdom June central bank interest rates a resolution maintaining 0.5% benchmark interest rate unchanged, this result is consistent with market expectations. Scale at 200 billion pounds while maintaining the quantitative easing unchanged, although this result is in line with market expectations, but the fall of the pound against the US dollar still appears a short, below 1.64. United Kingdom central banks announced interest rate and made no statement after the resolution.

    Wednesday (8th) news that ratings agency Moody's warned United Kingdom will lose its AAA rating, Sterling fell sharply. Then Moody's come forward to clarify will continue to maintain United Kingdom AAA rating Outlook stable, but if the United Kingdom and the decline in economic growth weak fiscal consolidation or reconsidering the rating. United Kingdom central banks have interest rates remain unchanged for the 27th month in a row, this seems to suggest the United Kingdom or inflation performance in a more optimistic, and Fed Chairman Ben Bernanke on Tuesday evening speech revealed that United States economic recovery has been slow, when the economy is flagging performance in Europe and United Kingdom economy is confidence inspiring. And in fact United Kingdom inflation rises to inflation of more than 1 time, to reach 4.5%, at the same time face pending problems recent rise in oil prices and price increases of public utility companies, United Kingdom some members of the Central Bank can only temporarily tolerated.

Australian monetary policy lack guidelines four investment banks disagreements

Federal Reserve on Tuesday in Australia (7th) kept interest rates at 4.75% unchanged, in line with market consensus forecast. Australia fed this is not a warning in the next few months, or need to tighten up policy to curb inflation, which makes some people by surprise.

Australia fed only in monthly policy issued a brief statement after the meeting said that in view of the Economic Outlook, the current level of interest rates appropriate. This is when the Federal Reserve monetary policy prospects May differ, in Australia at that time the Federal Reserve said, you may need to raise rates further.

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market originally on is expected this times meeting interest rates of chances is small , The Declaration of the Conference further reduces the possibility of July or August to take action. Australia fed first started to raise interest rates in other developed countries, accumulated interest rates by 175 basis points since the end of 2009.

four institutions express their opinions on this:

Commonwealth Bank of Australia (CBA) senior analyst Michael workman: "will be concerned about the next June when the quarter data, these data will be released at the end of July, that's why we believe August is likely to raise rates, unless the employment data released Thursday showed strong growth, that case may in July to raise rates. In August but we still think it will raise rates. We expected to raise rates again in August and November respectively, make index rates to reach 5.25% at the end. "

Macquarie Bank (Macquarie Bank) senior analyst Brian redican:" their language seems to be a monetary policy statement May be back, when they said Zeng Qingchu, you may need to further tighten policy. This statement is completely silent on this point. Instead is that statement sounds very like May a statement after the meeting. This was confusing. We believe that they will publish more of this tough speech. However, the face of it, this implies that it is not in a hurry to take interest rates. "

JPMorgan Chase (JPMorgan) analyst Ben Jarman:" the Central Bank decision to maintain interest rates unchanged, as we expected, we believe that August would be the appropriate point to raise rates again. Australia fed is clearly not hurry to raise rates. They did say the rate of inflation will be closer to the target level in the next 12 months, but we still believe that the Central Bank's next step will be to raise rates. Today, I would like to change is the only point of concern in the statement of the Bank, in a statement did not say if all aspects of development, as expected, rising CPI is expected to accelerate. This implies that they may also want to look for more clues about the inflation situation. Second quarter inflation data will be very important. "

Yi link industries (ICAP) Chief Analyst Adam said:" I am surprised. They also need? this is a major problem. We do not have any guidelines from the statement, we do not understand what they are waiting. We have to wait for the published record of the Conference. "

the Australia Federal Reserve policy statement does not have clear guidelines on the future monetary policy, future concerns of this interest on the record of the meeting, as well as Australia's inflation data.

16:08 ', AUD/USD 1.0705/07.