Japan Central Bank currently under optimistic about the prospects for economic growth estimates in the fiscal year

Japan's Central Bank on Thursday (28th) releases Economic Outlook report. Japan's Central Bank slashed its economic predictions for this fiscal year, due to strong earthquake occurred last month. But the Bank expects the economy will recover in the autumn, suggesting that its currently take easing enough to support.

Japan's Central Bank said in its half-yearly Economic Outlook report, it is necessary to focus on economic downside risks currently facing, suggesting that the row will be maintaining its easing stance.

Japan value displayed in the Central Bank's Policy Committee estimates, two thousand eleven-twelveths annual GDP growth cent January estimated 1.6% for growth. Two thousand ten-elevenths annual GDP growth cent January estimated 3.3% for growth. Two thousand twelve-thirteenths annual GDP growth cent January estimated 2% for growth.

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Japan Central Bank said, Japan economic temporarily will continues to faced powerful downward pressure, main in output aspects. As supply limited mitigation, Japan economic recovery modest recovery, earthquake on Japan economic impact of the huge uncertainties.

Japan Central Bank Economic Outlook report, two thousand eleven-twelveths annual Japan value is increased by 0.7% in the core CPI estimate, prediction for January rose 0.3%. Two thousand twelve-thirteenths annual Japan value is increased by 0.7% in the core CPI estimate, prediction for January rose 0.6%. Two thousand ten-elevenths annual Japan decline in value is 0.3% in the core CPI estimates, January prediction is also a decline in 0.3%.

Japan's Central Bank said, now need to focus on economic downside risk, appropriate policy measures will be taken, if necessary, supply-constrained situations will have eased from autumn onwards.

the Central Bank said the nuclear crisis losses and capital spending and consumption, Japan from October this year to speed up economic recovery, Japan potential economic growth at around 0.5%, consumption will be gradually picked up from October.

Japan's Central Bank said the CPI using a new base year or reduce its increase, medium-and long-term inflation expectations have stabilized at around 1%. Achieving price stability requires time, long term Japan can be realized.

in addition, the Central Bank also said that when solving the problem there is a high degree of uncertainty in supply chain, supply chain interruption and power infrastructure damaged or speed up the pace of the transfer of production to overseas. Japan's Central Bank said, we must pay attention to problems of nuclear power station, corporate and household growth or change due to earthquake, rebuilding your financial funds or undermine the economy.

Japan's Central Bank said, long-term economic deterioration of the supply chain due to restricted or lower prices, concerns about potential for long-term economic growth or loss and economic activities in a long time.

Federal Reserve interest rate hike in Australia expect slight warming AUD USD gains

Thursday (28th) New York foreign exchange market, due to market widely expected fed in Australia (RBA) before the Federal Reserve (Fed) raise rates, Australian dollar/US dollar rise modestly, refresh since 28 high of 1.0947 in the plate.

Australia of statistics (ABS) data showed recently, Australia first quarter consumer price index (CPI) season rates increased by 1.6%, its highest quarterly increase since the 06.

at the same time, Federal Reserve Chairman Ben Bernanke (Ben Bernanke) said at a news conference for the first time, after the end of the second round of the Fed quantitative easing plan, may continue to invest its holdings of securities.

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Australia New Zealand Bank (ANZ National Bank Ltd.) Strategy Khoon Goh pointed out that, with the exception of Japan's Central Bank (BOJ), the Fed may very well be the last in the major central banks raise rates of central banks, the dollar will continue to be subjected to investors selling, Australian dollar is expected to continue rising.

period in New York on Thursday, Australian dollar/US dollar in early trading fell modestly, midday refresh 1.086 time lows in New York, then began pulling, late your Yang.

from the perspective of technology, 30 min MACD zero axis gold forks, 5th averages wear 10th averages rise on unchanged. Resistance, 1.1018; support 1.0900,1.8400..

6:39 ', AUD/USD 1.0937/40.

Ben Bernanke QE3 and interest rates could not be determined time weaker first quarter GDP data, or

2:15 hexun foreign exchange news April 28 Beijing time on Thursday, Fed Chairman Ben Bernanke said at a news conference attended by higher oil prices did not affect United States economic recovery, QE2 will be completed on time and to maintain its loose monetary policy, further easing still have to judge. Time and does not determine interest rates, in addition to biaopu down United States Outlook or stimulated Congress to resolve the fiscal deficit.

economic kinetic energy will be slightly less

he said it now expected GDP data will be relatively weak in the first quarter of, the majority of its reason is temporary in nature. We have only modest downward estimate, to take into account economic momentum may be slightly reduced. And will pay close attention to whether the economic recovery as we believe can be maintained.

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for inflation problem , Ben Bernanke believes that its expectations inflation will fall to more normal levels. If no further rise in oil prices, inflation will come down. If the medium-term inflation expectations remain firmly in control, we will be happy to wait and see.

employment market we want to make sure the recovery is sustainable, improved in recent months "encouraging". But the status of the job market obviously is not good. And long-term unemployment is a serious problem, this is the Fed so positive for a reason.

QE2 will be completed on time

Mr Bernanke also said in the press, convinced that second set of quantitative easing to the United States economy is the effective, will let the second set of quantitative easing in the absence of downsizing without, and to maintain its loose monetary policy since the June scale invariant, market already have fully expected, but the current monetary policy is the general policy.

second series of quantitative easing is not a panacea, but it will lead the economy in the right direction. Then needs to determine whether further easing measures are necessary. Because of rising inflation, further reducing the attractiveness of the quantitative easing policy.

he says in the process of exiting the loose monetary policy to a point, could initial step would be to stop investment. Stop all or part of a form of investment will be a tightening of monetary policy.

cannot determine when interest rates

Fed Chairman Ben Bernanke said at a news conference on Wednesday did not know the exact rise time, the Federal open market Committee statement "a long time" means the Federal Reserve held in at least a few times after the monetary policy meeting before deciding whether to raise interest rates.

Ben Bernanke believe that withdrawal of the pursuit of security investment funds during the financial crisis is an important reason for the dollar, he said fed policy should make the dollar is strong in the medium term, because a strong dollar in line with United States and the interests of the world.

higher oil prices did not affect United States economic recovery

the Fed Chairman said, gasoline prices rose so much that created financial difficulties for many people. Gasoline prices rose not only increased the inflationary pressure and inhibition of the purchasing power, to the disadvantage of economic recovery. But the Federal Reserve in responding to rising gasoline prices alone will not do too much, at least in the case of no impact on economic growth, because crude oil demand growth came from emerging market economies.

he thought petrol prices most likely is not a recent rate continued to rise.

biaopu down United States Outlook or stimulated Congress to resolve the deficit

United States financial problems, he said, in a certain sense of biaopu initiatives does not really tell us anything, may provide stimulation for Congress to resolve the fiscal deficit. The deficit is not a question can be resolved in the next six months, to resolve is a long way to go. Cut spending measures that have been made so far do not have very serious consequences on economic activity.

in addition, he said, Japan's Central Bank did a good job in providing liquidity, stabilize financial markets. So far Japan earthquake on United States main economic impact is through the supply chain, but Japan earthquake on United States economic impact can be mild and temporary.

Enter the primary United States point to record lows and old speech cannot redeem

dollars Wednesday (on April 27) all decline, us means has refresh three years low points, against Swiss lang touched records low, against AUD also hit 29 years low points; but still has many transactions member is expected, us means will continues to fell to 2008 by touched of records low points 70.698; due to market widely expected fed (Fed) today will does not issued tightened currency policy of implied, even is will in June by planned completed its quantitative loose measures.

BNP Paribas foreign exchange trading in Tokyo, Koichi Yoshikawa said, apart from the United States interest rates expected to weaken the facts and the market has focused on United States debt next month United States may reach the debt ceiling; not only from the perspective of monetary policy difficult to support buying dollars, from the perspective of fiscal policy was also true.

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CCTV securities information channel Exchange commentator Hong Yu is think , Many of the factors leading to the dollar, the most important factor is the differences between the fed and other central banks interest rates policy as well as disadvantage as a result of the US dollar on the spread. As long as the Fed did not release a clear policy change leads, before the market expectations of future fed interest rates have not changed, even if the dollar due to other short-term factors, may be a short-term rebound and the callback, but vulnerable situation as a whole will be difficult to change. Therefore, after the market will not be expecting the Federal Reserve Chairman Ben Bernanke declared to reverse the dollar's decline.

Bianco Research President Jim Bianco also said that certain point of view, no matter what Bernanke said the dollar will remain under pressure. Because most market participants still believed that if the United States economic data deteriorated significantly, or stimulus once led to the end of the current United States stock market fell sharply, the Fed will continue to consider more stimulus.

at present, most investors believe that Federal Reserve policymakers will swear will resolutely carry out the end before the end of June Treasury bond purchase plan, and does not expand to the third round of quantitative easing (QE3). Hong Yu believes that the Fed does not offer the QE3 primary reason is that after the stimulus has gone through the first two rounds, United States of data on employment, consumer spending and consumer confidence data that has been around for a better, which means United States this year, the economy has showed better recovery of growth. Therefore, if considered only from the economic stimulus, the Fed seems to be not much need to continue to expand the scale of quantitative easing.

however, the view was expressed that, United States economy and financial markets are still not strong, the Fed will not cancel, instead QE3 will be introduced. Passport Capital San Francisco hedge fund company founder said, after the end of QE2 United States stock market plunge in 10% per cent. Asset price erosion, the Fed will not sit idly by and do nothing, so the Fed will launch the QE3.

while, also has including JPMorgan (JPMorgan) Chief market policy Division David Kelly zainei of investors and economists were think, for continues to stimulation economic growth, fed may in QE2 end zhihou continues to investment bonds; due to previously has fed officials in speech in the pointed out that, United States economic and inflation still weak is cannot guarantee currency policy implementation change, this order market believe, fed may will continues to implementation a time of again investment policy, then observation debt city income rate of reaction.

Fed will 02:15 local time Wednesday (Beijing: Thursday 02:15) released the latest economic expectations, Fed Chairman Ben Bernanke also will participate in answering a reporter's question at a news conference after the meeting for the first time. This is the first time President of the 97-year history of the Federal Reserve held a routine press conference. Therefore, Bernanke's speech was subject of market concern.

Brown Brothers Harriman (Brown Brothers Harriman) Forex Policy Department global competent Marc Chandler said, " primary South grams is may recognized dollars policy is by United States Treasury developed, but fed will consider dollars policy on inflation and the economic growth of effect, this is currency policy conduction mechanism of one copies; investors not may from primary South grams speech in the learned that fed when will tightened policy, because Bernanke I is know also was doubts. &Quot;

Hong Yu says that Ben Bernanke on future economic prospects are expected to be very important, it will be at least as we judge of Federal Reserve monetary policy during the year a clue; judgment of the economic prospects for the future and expected, judging from the last beige book report released, most parts of the Federal Reserve considers the good momentum of economic growth, economic prospects for the future is expected to have a better change.　

He further pointed out that the road his attitude to inflation are also very interesting; from the nearly two-month United States inflation data released showed that United States inflation pressure has increased. At present, represented by crude oil commodity prices brought about by inflation, would be possible to continue to render the upward trend in the future, will increase United States inflation pressure; so the Federal Reserve about inflation prospects and attitude towards inflation is very critical.

15:45 ', the dollar index 73.75.

Moody 's maintaining Japan rating Outlook negative continuous observation of developments

Moody's (Moody"s) Senior Vice President Tom Byrne Wednesday (27th), maintaining Japan's rating Outlook to negative, and continuous observation of development of the situation.

previously, Qiang (S& P) has lowered Japan sovereign credit ratings Outlook to negative. Biaopu said, earthquakes, tsunamis and nuclear crisis will make Japan fiscal deficit increased to a level higher than previously estimated.

Byrne said: "the bottom line is that we currently maintain a negative rating Outlook and watch developments. We are concerned about the bottom line, is the bottom line of our ratings, that is, Government budget deficits and government debt levels. "

in February, the Moody's warned that if Japan Government's lack of a comprehensive tax reform measures, it may cut Japan" Aa2 "level rating. This rating is the third highest rating of the institution.

New Zealand fed 2.5% maintain interest rates unchanged

New Zealand Board (RBNZ) Thursday (28th) that maintain the index at 2.5% level of interest rates unchanged again highlights February 22 earthquake very serious impact on the country's economy.

New Zealand Fed Chairman Burrard (Alan Bollard) that after February earthquake, New Zealand with the Economic Outlook is still very uncertain. In view of the core inflation rate and economic prospects continued the earthquake caused damage, so the current rates at a level appropriate for.

New Zealand basically consistent with the economists expect the Federal Reserve current interest rate resolution.

offset February 22 Christchurch large earthquakes have a negative impact on the economy, New Zealand fed interest rate cut of 50 basis points in March will index, interest rate cuts to 2.5%.

Dollars by Terry thanks put a strong rebound in future face more tests

abstract: strong recovery dollars in Asia in early trading on Tuesday. Trichet said "fully agree with the strong dollar in line with United States interests views" remarks boost dollar. But the future face more tests. Fed interest rates after the Declaration, Declaration resolution Bernanke press conference remarks, before that market to the latest forecasts of the two events, as well as the sudden freedom of speech or rumors, rise of the stock market, will test the dollar.

m Tuesday (26th), strong recovery in early trading, Asia. Trichet said "fully agree with the strong dollar in line with United States interests views" remarks boost dollar. Monday (25th) overall slightly higher, but still on the defensive, investors gradually return after the holiday market. In front of the resolution and of the Federal Reserve Bernanke announced a news conference, the market is short-term trend of the dollar to the events related to the expected major test. Investors concerned about the expected changes in the market you want. Now investors expect Bernanke speech will show "moderate" position.

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according to media Tuesday (26th) invoked European Central Bank (ECB) Governors Trichet (Jean-Claude Trichet) words reported said , The Central Bank will make every effort to prevent the rising energy and commodity prices affect other prices. "We are faced with a second round of the risk of inflation, we must guard against this risk becomes a reality. "The euro boost to rise against the dollar, but the trend quickly go down, by Terry thanks also known as:" fully agree with the strong dollar in line with United States interest views. "US dollar index rebounded, rebounded from daily low 73.977 continue to 74.335 day high, the current rally has slowed down.

federal reserve policy meeting, to be held on Tuesday and Wednesday will be a major event risk this week, a dealer trying to search for United States policy leads in the direction of.

Thursday Beijing time (28th), United States Federal open market Committee (FOMC) announced interest rate decision and made a statement after the meeting; 2:15, Chairman of the Federal Reserve held a press conference.

markets by Bernanke's the reporter looks for clues to how the Fed's plan to withdraw from ultra-loose policy. This is the President of the 97-year history of the Federal Reserve routine news conference held for the first time.

if the Fed's policy stance became unexpectedly tough, the massive dollar short in the market will be at risk. According to the commodity futures trading Commission on Friday (22nd) data, foreign exchange market speculators in the past four weeks continuous reduction of dollar short positions, but there is still us $ 24.36 billion dollar NET short positions.

the latest comments and expected:

Chief market analyst at FX Solutions company Joseph Trevisani, New Jersey, at a press conference after the publication of FOMC rate decision will be before the end of dollar rise cannot go too far in both directions. Around quantitative easing and interest rate policy both of these topics should be enough to make dealers prior to sidelines.

capital of Nova Scotia, Toronto, Chief Forex strategist at Sutton (Camilla Sutton), said: "foreign exchange market and the reaction of the public debt remains a unknown quantity, and is a significant risk".

she said once the new round of end of the quantitative easing policy, certain upward pressure on bond yields. United States monetary policy is still quite weak, dollar stronger long-term is still impossible. …… This is a medium-term risks; the wording of the statement after the meeting, any change in tone, latest economic press conference itself and the FOMC (310,358, Fund) expected to constitute a short-term risk.

market is expected, the Fed will confirm its purchased debt of US $ 600 billion plan will end as scheduled in June. The planned negative on the dollar because the equivalent of printing money, therefore, any of the plan will end prematurely suggested there would be beneficial to the battered dollar. Euro/dollar accumulated during the year rose nearly 9%.

strategist says, if Bernanke hinted that the Fed's easing may continue in the foreseeable future, the dollar could face selling, the euro/dollar will rise to 1.5 psychological resistance level.

Brown Brothers Harriman (BBH) currency strategist Mark McCormick pointed out that, on the euro/dollar could try 1.47 level will depend on the Federal Reserve this week (Fed) meeting results. He said that if as expected the Federal Reserve said according to the plans to complete the second round of quantitative easing (QE2), 1.47 level test on the EUR/USD is expected to further target will point to the level of 1.5.

$ index rebounded to above 74 mark currently. But many traders said,Tests last week hit a three-year low of 73.735. Technology model data display, who fell to wear the level (73.735), will pave the way for the test hit a record low of 70.698 in July 2008.

09:14 ', $ index 74.244.

Fed on the means of income focused delisting

report from the Federal Reserve started yesterday about the income, the meeting will last for two days, and will hold a press conference after the meeting for the first time ever, he will personally answer a reporter's question, market expectations from which to judge the future policy of the authorities and the United States forecast of economic prospects.

in addition, the Federal Reserve's latest economic forecast will be issued, is expected to increase this year inflation expectations, and slightly lower growth forecasts.

but in tremendous opportunities to maintain interest rates unchanged, would only reiterate rounds of quantitative easing (QE2) under the monetary policy background of the end of June, this maximum will be the focus of the meeting when the Federal Reserve will begin "collect water" and in what manner, "your water".

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suspended buy debt is not tightened currency

since fed last year November launched QE2 heavily purchased into United States bonds yilai , Bonds issued by the Ministry over 80% is represented by the Federal Reserve to buy in, biggest buyers disappeared when the US debt, fear or pushed up interest rates, turmoil in stock markets, commodities will happen.

QE2 will be completed by the end of June, but the market consensus is that this is not the beginning of the Federal Reserve to tighten monetary policy, but only wide end of the policy.
Market believe that the Fed will stop buying bonds, but will temporarily hold assets in hand, the limited impact on the financial markets. (Our gold)

monetary policy of the Federal Reserve forecast

assuming scene: end of the round of quantitative easing in June as scheduled.

may: immediately announce batches and sold over trillions of dollars of bonds held by on a regular basis;

II: expiration of bonds from circulation of money on hand, again entered the market to buy government bonds, amount of material about more than 10 billion dollars a month.

Decline in 2010 as a whole in the eurozone budget deficit rising debt generally

the EU Statistical Office (Eurostat) on Tuesday (April 26) data shows that in 2010 as a whole in the eurozone budget deficit has declined because most eurozone countries cuts in government spending to rebuild market confidence. However, the rise in eurozone debt remains.

according to the 2010 deficit to GDP ratio of 6% per cent in the eurozone, 09 per cent. 2010 debt to 85.1% per cent of GDP in the eurozone, 09 per cent. EU 2010 deficit to GDP ratio of 6.4% per cent, 09 per cent; the EU 2010 debt to 80% per cent of GDP, per cent in 09.

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data also display , Suffering from debt crisis of Greece 2010 deficit to GDP ratio of 10.5% per cent, the Government estimated as 9.4%; Greece 2010 debt to 142.8% per cent of GDP, per cent in 09. Ireland 2010 deficit to GDP ratio of 32.4% per cent, 09 per cent; Ireland 2010 debt-GDP ratio of 96.2% per cent, the Government expected to 94.2%. Portugal 2010 deficit to GDP ratio of 9.1% per cent, 09 per cent; Portugal 2010 debt to 93% per cent of GDP, per cent in 09.

data showed that eurozone only Germany, and Ireland, and Luxembourg and Austria's budget improved and in debt, with the exception of Estonia had increased in all countries except.

Four reasons to support the yen, or take over a financing currency

, analysts said the medium term, four reasons to support the yen, or will replace the dollar as the funding currency.

funding currency, that is, lower borrowing costs of currency, investors can borrow on international markets financing currency, and then buy a higher interest rate currency such as the Australian dollar on international markets, through both post access receipts.

reason:

1 and the Japan 0-0.1% benchmark interest rate of the lowest in the world, ideal for investors with Australian carry high interest currencies such as the carry trade.

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2 , The current medium term, all monetary possibilities almost no monetary policy tightening in only the yen. Japan fragile economy is absolutely impossible for allowing Japan's Central Bank to tighten monetary policy, Japan's Central Bank has been launched to the market after the earthquake of 4 trillion yen liquidity to stimulate economic recovery. Dollar after the June monetary policy trend has yet to be clarified.

3, appreciation of the yen cannot stand. Earthquake Japan economy extremely vulnerable, if the rising yen on Japan's exports was a devastating blow. G7 joint interventions have made clear this is.

4 and the Japan little inflationary pressure. Japan national consumer price index for February (on an annualised basis) balanced, national core consumer price index for February (on an annualised basis) down and 0.3% the Tokyo core consumer price index (annual rate) to 0.3%. Japan on Thursday March CPI data (28th).

therefore, the analyst recommendations, see the euro or Sterling investors should go long on the Euro/yen, GBP/JPY; facing the Fed's interest resolution and the United States CPI and the GDP, exchange rate uncertainty there is a direct disk.

Ben Bernanke speech or disclose the Fed exit road map

Federal Reserve monetary policy meeting held on April 26, is expected to be discussing whether to end second round of quantitative easing monetary policy according to schedule (QE2). This will also break the practice of the Bonan grams, Fed Chairman, speech at the Conference on media, markets expect Bernanke when the future policies of the Federal Reserve can release more signals.

published by low interest rates will remain

4 13th "Beige Book" report is the important basis for the Federal Reserve's monetary policy meeting. Reports show that United States inflation remains within the control. Most federal reserve policy makers also believes that United States second stage quantitative easing monetary policy (QE2) will not be extended, at the end of June. As the unemployment rate remains high, the Fed will continue to maintain a low interest rate policy to promote economic growth.

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report display Recent United States economy continued to expand around. Industrial production and consumption continue to pick up, recruitment activities remain active in manufacturing, weaker job market has improved. United States retail sales rose in most areas, and strong manufacturing growth. Although rising gasoline and food prices, March United States consumer spending is still growing. Although in most of the job market weakness, improves. Real estate market remains sluggish, pose a drag on the economy.

United States March consumer price index (CPI) months rose 0.5%, an increase of 2.7%, largest increase since December 2009. The basic data in line with market expectations. Per cent from March, the core CPI rose 0.1% 0.2% of lower than expected, an increase of 1.2%, the Fed core inflation remained at depressed levels of most concern.

fed transparency

Bernanke on April 27 after a federal reserve policy meeting held a news conference. Due to the regular meeting of the Federal Reserve, markets generally expected the Fed will maintain the current low interest rates unchanged. Market hopes to get more information from the Bernanke speech, such as views on the prospects for economic growth in the coming year, and when to raise interest rates.

since the 2006 helm of the Fed Bernanke, have argued for improve the transparency of the Federal Reserve. The Fed said that the boot media press conferences on a regular basis, will further strengthen the Federal Reserve's monetary policy clarity, and timeliness of communication. Ben Bernanke at the policy press conference after the meeting, in June and November of this year also has a.

for Bernanke's debut, analysts said markets will over wording of Bernanke, and likely to be misunderstood his position requires great care. Analysts also worry that if the Fed disclose too much information in this time the press conference, but will cause excessive turbulence.

investors to understand the data will be released this week with Bernanke's comments. Some important economic data will be published this week. Published weekly on Thursday United States latest unemployment data and the first quarter of this year United States GDP initial value, due to bad weather the United States the construction and consumer spending, growth is expected to slow sharply to an increase of 2%, fourth quarter of last year United States GDP growth 3.1%. (Huang Jihui)

Non pilot enterprises can participate in cro59 border RMB trade settlement

report from (reporter Liang says reporter Lu Liyan) amount of renminbi settlement of cross-border trade in the first quarter soared. Yesterday from cross-border RMB settlement Forum was informed that the 2011 first quarter domestic banking Trojan and cross-border trade business 360.3 billion yuan renminbi, about 70% of the total volume of business last year.

the people's Bank of Second Secretary Deputy patrol officer Yao Yudong said the monetary policy, at present the Renminbi has been extended to non-pilot enterprises. Bank may, in accordance with the relevant provisions of the domestic institutions in foreign investment enterprise or project issue RMB loan.

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on export enterprise, , The Renminbi to exporters to avoid exchange rate risk, exchange loss reduction, saving financial costs. In addition, the Renminbi verification link does not exist, capital does not enter the verification account, an enabling environment for business working capital.

Bank of China will speed up the distribution of overseas

General Manager of Bank of China Guangdong provincial branch international settlement Lin Wei River introduction, Bank of China Group from 2010 to cross-border RMB settlement amount accumulated in the first quarter of this year over 740 billion RMB. For enterprise on RMB liquidity issues in the overseas, Bank of China will speed up overseas network layout, for cross-border RMB settlement paved channels. Wei Lin said Jiang, from cross-border RMB settlement pilot boot to the first quarter of this year, Bank of China row handle the volume of cross-border transactions within the territory of more than $ 300 billion.

April run RMB appreciation where more than

⊙ reporter Wang Wenyan 0 edit Ai Jiajing

4 25th, China foreign exchange trade center data shows the dollar price of 6.5161 in the middle of the Renminbi, after breakthrough 6.52 this important point on Friday to keep 6.51 interval. Since April, rendering to accelerate appreciation of RMB exchange rate situation, appreciation of the Renminbi exchange rate against the dollar close to 0.5%. According to analysis by many institutions predicted that RMB appreciation will be further accelerated, with high foreign currency liabilities properties of air, paper-making industry is expected to continue to benefit from.

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in addition Renminbi appreciation will promote warming of outbound. Sinolink securities believes that RMB appreciation will bring down the passenger air travel costs incurred, so that the residents have more capacity consumption abroad, which would facilitate China's outbound explosive growth in the future. Substantial growth in overseas tourist flow will also be guest rate directly improve related Airlines, helped their performance.

on Friday, after the middle of the US dollar against the RMB exceeded 6.52 gate, shares in paper industry activity, qingshan daily limit on that day, and yesterday's gains over the 5%. Shanying paper, chenming (000488, unit) is a sharp rise on the day.

the world's largest importer of pulp, paper-making industry at present is China's third-largest meeting industry. Because the pulp raw materials accounted for most of the cost of paper industry, the Renminbi will reduce the import cost of raw materials for pulp, enterprise's profit margin will improve significantly. The other hand, most of the large paper machine in paper-making listed companies in China relies on imports, RMB appreciation will also be added to the paper mill significant exchange rate gains. According to estimates, if the appreciation of RMB 1%, 3.25% paper industry net profit increase, if appreciation 3%, net profit growth of industry 9.57%.

there are market bodies analysis that in 2011 as a revaluation of the Renminbi rate far exceeds the range of 2010, will reach a rate of 7% per cent. Aviation, papermaking industry will step into a longer rise of channel.

Fan Gang Japan and South Korea should seek to reserve currency diversification reduce dollar dependent

⊙ according to the Xinhua News Agency

Economist fan gang 25th told celebrity in Northeast Asia will be held in Hangzhou, including China, Korea, and Japan, States should consider establishing a regional bond market in Northeast Asia, holding each other's countries sovereign bonds, to promote the diversification of reserve currency, reduce dependence on the dollar.

"to achieve a single world currency is a distant ideal, to make financial markets safer, it should be in the reserve currency diversification direction. "Fan gang, Director of the Institute of national economy of China economic reform Research Foundation proposal," first among Northeast Asian countries to achieve sovereign debt holding each other's countries, promoting the reserve currency diversification, reduce dependence on the dollar. "

fan gang believed that after the financial crisis, how to strengthen bilateral and multilateral cooperation, reduce the risk of financial market, is facing common issues in China, Japan and South Korea. "When we hold each other when bonds, on their own economic risk is more concerned about, in terms of macro-policy allows for better coordination and cooperation. "

fan gang said that trade and economic cooperation in Asia, want regional bond market, which is also one of the important issues on the regional economic and trade cooperation, but the relative stagnation over the years. Bond by holding each other's countries, as well as important step in promoting the development of regional financial markets, bond markets.

Dollar against the Canadian dollar a modest rebound before Fed meeting market caution

on Tuesday (April 26) in Asia, US dollar/Canadian dollar remained at 0.9530 glimmer of a modest rebound, narrow regional consolidation of the overall maintained at 0.9530-0.9560.

for dollar/Canadian dollar favourable factors include: investors cautious sentiment in the US Federal Reserve (FED) to improve before the meeting; began to decline in commodity prices, spot Gold falls to $ 1500 per ounce mark below; international crude oil prices is blocked at the level $ 113.5/barrel.

however, the market expects Canada Bank (BOC) will raise rates in the months ahead, and the Fed will not exit second round of the light made easing in advance, it makes us dollar/Canadian dollar rebounded restricted.

some analysts pointed out that, US dollar/Canadian dollar daily chart indicators point to varying MACD bearish, and stochastic indicators rising. He predicts that exchange rate of the resistance above is at 0.9563, and then 0.9600; supporting and 0.9500 below.

13:37 ', $ c $/0.9550/54.

Japan's Central Bank or prediction of lower economic policy will remain stable

economists expect Japan's Central Bank (Bank of Japan) or slashed this year Japan economic growth estimates, caused by strong earthquakes tsunami catastrophe March 11 "supply injury", but the Central Bank probably will not take additional easing measures at the moment.

media survey of economists on average expected Japan's Central Bank may cut Japan GDP growth estimate to 0.8%, estimated to raise the 1.6% for January.

Japan's Central Bank plans this week four (April 28) after the end of the monetary policy meeting announced half-year half-yearly estimates of economic growth.

recommended reading primary South grams speech or revealed fed exit route figure QE2 or painting Shang period European Central Bank new Palm lock will "meaning" in the people RMB on dollars 25th disk in the volatility near 0.5% RMB is period currency yesterday once fell stopped vulnerable dollars has is "spent" Shen Jianguang: exchange rate interest rate need more flexible second quarter investment policy will hot registration in the

despite is expected estimated will was degraded , But all the 10 economists are of the view that banks will maintain the index level of interest rates in the 0-0.1% of the original unchanged, and does not take unconventional easing. Instead, the Central Bank is likely to continue to implement the mobility policy earlier this month, to finance the magnitude nine earthquake disaster area.

Japan's Central Bank announced earlier this month after the monetary policy meeting of maintaining 0 ￣ 0.1% benchmark interest rate unchanged, and introduced a scale of 1 trillion yen for a one-year special project, increase issued low interest loans to the banking industry, corporate post-disaster reconstruction. After pumping massive liquidity into the markets to stabilize the financial markets, which is Japan's Central Bank after earthquake first introduced financial assistance programs for the real economy.

Japan Central Bank Governor Shirakawa (Masaaki Shirakawa) on Friday (April 22) in a media interview publicly acknowledged for the first time Japan economy or in the first half of 2011 into recession. Shirakawa, commitments, such as the further deterioration of the situation, Japan's Central Bank will take the appropriate action.

Shirakawa accepted United States media noted in an interview, 3-11 earthquake caused many enterprises cut off, facing a serious shortage of domestic problems. With the advent of summer, economic challenges or face power supply limits and extension of the production cycle. If the aim global, supply limitations at least until August.

Shirakawa said Enterprise discontinued March 11 East Japan after earthquake Japan economy faces major problems. He pointed out that this is the crux, domestic demand did not disappear after the earthquake, but less supply demand cannot be met. He also said that power shortages that may occur during the summer may extend the time for disruption.

Shirakawa admitted, Japan's Central Bank has made in the economic environment deteriorated further relaxation of the policy in the context of preparations.

according to the latest in April media survey, analysts generally expect Japan first quarter real gross domestic product (GDP) per annum or contraction of 0.22%, 2.83% or atrophy in the second quarter.

Fed balance sheet and then a record

United States Federal Reserve data showed Thursday, as of April 20 week of the Federal Reserve's balance sheet increased to $ 2.67 trillion, refreshed again history, previous week: US $ 2.649 trillion. Because the Federal Reserve to buy more bonds that support the United States economy. The Federal Reserve held by the United States Treasury bills increased to us $ 1.402 trillion on Wednesday after a week for $ 1.375 trillion. Data also show that provided through the Federal Reserve discount window borrowing scale 20th dropped to $ and $ 17.86 billion a week ago. Reports also show that foreign central banks managed accounts held by the United States Government securities size increased to us $ 3.423 trillion after $ one a week.

As NEET RMB

money week reporter Jiang Xun

last week, congfei widows and PWC girl died of unnatural deaths makes us sad, this week, medicine Xin of normal death penalty makes us little comfort. Another big powers but Newton, greater knowledge, greater days.

last week talked about why traditional Chinese regime is not easy, even as Chiang Kai-shek "all evils of the old days", even Katana into the internal organs are also "dying".

a very important reason, is the monetary mechanism. Chinese ancient banknotes is not just monetary, but also quietly becoming a government bond and eventually became An IOU. This is a knot, vicious circle, with the pangshi nature of the scam. Low volume, high monetary operation, this guarantees within the regime and will not go bankrupt, not like Western Europe since the 13th century as the Government again and again into the debt crisis, then forced to help the people. This is an important civilization of modern Western political and economic background and impetus.

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European no China can. We say that there some unique smoothing mechanism – the European not stupid enough to hand over of power at International Conference Centre of the Royal family--so what?

the glitz of the powder of the Southern Song dynasty, because gold and silver, copper resources controlled by the fool in the North were plundered and monetary system to the point of inconceivable. To late, you know, they divided into four different national currency area, a set a, jianghan district, Yangtze-huaihe region set in Sichuan province, to imperial capital Hangzhou to other areas of the core is a set. Four regions are intertwined with various civil and official notes, is mashup of hard currency. But can still control the Southern Song dynasty southern regime's 153 years-if not the cruel oppression of Kublai Khan, there may be more.

the first factor is simple, country is big enough. Relatively closed economy, dissemination of information in a long chain, great imbalances in economic, dragging down currency circulation speed and width. You imagine, this kind of thing happens in Italy City States, Portugal or the Netherlands that tiny place, what are the results?

the second element, is the financial and taxation in the piston movement between Central and local, rather than the Government and civil interaction. Thus, financial power system with the zhajinhua game. And in medieval European City State, because they often war, and a does not look out on Rob Xia a large site, even than original of territory also large, ruled forces enough, so on delegate part nobles to agent local tax management--you to know, in here formation has most original of partnership system, and this is capitalism of important foundation--to created has a large unit civil strength, King no money has can asked they borrow.

the Chinese Central Government has no money to do? Or currency, death robbed the local money is then put in some right, does the Yuan dynasty in the Song dynasty, and later went out notes of Ming dynasty, they had to steal money, robbed civil robbed the place, in short not to borrow money. Both causes and effects of monetary hegemony, were also soft means to control economy.

the third factor, say it you don't believe, that is born Chinese and the fortress. In the financial field, is a wise man always had a way of manufacturing alternative currency in the dark society, to circumvent An IOU. Do not say of the ancient, you take a look at our House, garlic does it look like today? We also thank the strong fortress of parallel imports, so many years, they not only failed to rise, also discounted the huge liquidity, increasing the number of technical standards labor efficiency, and how grievances.

you look at the three relics of our ancestors, we really NEET. So smart, you tell me can you avoid the vicious circle of the Renminbi?

Spain Portugal bond attention rising borrowing costs

Spain Wednesday (20th) will subject sales of up to € 3.5 billion bond sale results should reveal some clues, see whether the country can be spared Greece, and Ireland, and Portugal and other effects of State aid.

while officials deny that Greece might have to restructure debt rumours of a pitch that the weak financial health of Member States of the eurozone bonds suffer from combat in the past few days, and pushed Portugal bond yields blow to the euro since the beginning of the road, while Spain bond yields are close to record highs.

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although Portugal Wednesday sale of treasuries scale relative smaller , It is difficult to explain the problem, but Spain will be marked for sale EUR 253.5 billion 10-year and 13-year bonds were seen as Spain can and the weak second-line national test of decoupling.

due to market concerns European debt problems spread, Spain sold Treasury bills yields jumped on Monday. Traders said the firm foundation for the sale of government bonds on Wednesday set the tone.

but the bond market, analysts said market Spain after bond prices declined, debt demand may be true. Bond market strategist at BNP Paribas Bank Ioannis Sokos pointed out: "Spain are on the right, in Portugal before seeking assistance, Spain spread of bonds on issue showed toughness. This may be a new market (buy) a good time, so demand may be true. "

Spain 10-year government bond yield 5.5% on Tuesday, compared with the euro since the beginning of the road only the low yields high 20 basis points. Spain sold 10 years coupon yield is higher than the March level of debt, when yields a value of 5.162%.

2024 coupon 4.8% expires Spain yields hovering near 5.7% in the secondary market. Spain last due 2024-sale bonds in April 2009.

Spain economic Minister Salgado (Elena Salgado) on Tuesday played down the bond cost problems, saying it is not obvious, and for trading before the Easter light amplification market fluctuations.

Portugal will be available at the total 7.5-1 billion euros in the three-month and six-month Treasury bills. Yields on three-month Treasury bills rose to 4%, by comparison, in January sold the three-month Treasury Bill rate is 3.686%; and six-month Treasury Bill yields may be pushed to 6% above, above Portugal announced before seeking assistance, on April 6 when the sale of 5.117%.

, analysts said Portugal sales of treasuries is mainly and Greece, to remain in the bond market, and as long as possible, try to ensure that financing until the country received assistance funding.

Dollar short term decrease of pre09ure will weaken

dollar fell further this week, European monetary and commodity currencies are stronger and create short-term highs, dollar against the yen also fell to 82 following again. Dollar tumbled $ comes from bad external environment as a whole there is still no change. At the same time, accumulation of dollar short positions have reached a certain altitude, there is no reason for positions and opportunities. Expected high next week with the main non-dollar currencies held steady after the record high and investors in the short to short, sharp falls in the dollar further pressure will weaken.

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Shenzhen Xu Mr: euro against dollars can supplement warehouse buy , The target above the 1.48?

Chen Jing,: EUR/USD exchange rate in the vicinity of 1.455, short expected technical correction pressures, it is not recommended for this near and above to buy euros. Recommended held the euro in the vicinity of 1.46 150 point track stop, temporarily continued, targets in the vicinity of 1.457. Recommends short positions temporarily in 1.436 and following further consider whether to buy the euro. In addition, the exchange rate of the euro against the yen to continue rising to more than 122. Thought for operation in Sterling, US dollar against the Swiss franc against the dollar as above, but Swiss franc 0.8850 and below could be considered closed.

Beijing Xu: US dollar Canadian dollar now what to do? The fall in oil prices, why Exchange rate has not risen?

Chen Jing,: dollar against the Canadian dollar fell to lows near 0.9530 currently, dash may fall further to 0.9440. But the dollar Canadian dollar even repeated low finishing or c $ to buy at the current exchange rate levels is not recommended, but considered closed. Other commodity money, finishing high Australian dollar against the US dollar, but is not recommended to buy short-term recommendations to sell.

Ms Fuzhou forest: the dollar Yen how to do? Whether to buy the yen?

Chen Jing,: the 82 the following are not recommended to buy the yen, the dollar rebounded against the yen to 83.60,84.40 and then consider whether to buy the yen. Recommends in the vicinity of 82 of 100 yen point track stop loss, target set in the vicinity of 80.8.

(Chen Jing, GMI international financial analyst)

Major non US currencies against the yen were profits rise was not modified

day of Trust Bank dealer Friday (22nd), major non-US currencies against the yen in light trading in Tokyo suffered a small amount of profits, but is expected to regain their upward trend, because capital flows of risk assets and higher-yielding currencies trend unchanged.

the trader said: "the prudent stance if markets confirmed that the Federal Reserve's monetary tightening, and at some time in the future will continue to maintain interest rates at low levels, even if the second round of quantitative easing plan was completed in June, so abundant funds continued flow of risk assets. "

as of ' 12:16, the Euro/Yen rose 0.05% per cent, has touched nearly one-year high last week 123.33; AUD/Yen 87.85/89, by 0.09%, last week rose to break 90 mark.

European debt crisis and rising Portugal demonstrators protesting austerity

2010, May 29, tens of thousands of Portugal demonstrators took to the streets of Lisbon, the capital, protesting a series of austerity policies adopted by the Government.

4 20th member of the European Central Bank's Management Committee, the Cyprus Central Bank Governor said in an interview, Greece does not have a need for debt restructuring. On the one hand, may play a role in stability of morale, but now readers have grown used to the "true Word against listening", this "fire" on the international community may not douse the concerns about European debt crisis and counterproductive.

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recombinant of rumors

recently , Greece newspaper cited an EU source said, "Greece Government had realized that no way optional, is the only way out of debt restructuring." But also quoted IMF and United States Treasury Secretary remarks "authoritative" full.

, major Western currencies such as EUR/USD exchange rate fell, stock market bond market turmoil, Greece 10-year bond yield breakthrough 13%, also meant that Greece will assume greater due pressure.

Greece and major countries in the eurozone, of course, the Government does not want this phenomenon. Greece has repeatedly denied the Government, Ministry of Finance on 20th inspection bodies involved in the investigation have been asked. The European Central Bank also stepped up the rumor. But these remain to European debt crisis has cast a shadow over the prospects of settlement.

Greece debt continued to expand, is now up to 340 billion euro, only by borrowing to fill the black hole, pay interest costs are getting higher and higher. Greece also has 3 years in a row a serious economic recession last year shrank 4.5%.

in 55 analysts interviewed by Reuters, 46 people said Greece will have to restructure debt in the next two years.

the gloomy eurozone

at the same time, countries embroiled in Europe's sovereign debt crisis facing their adverse environment.

20, Portugal expected rate of return of 10-year Treasury bonds rose to 9.127%, its Portugal joined the euro's highs. At the same time, the European Commission, the European Central Bank and the International Monetary Fund sent a group of experts continued consultations on aid in Lisbon. This was Portugal media called "troika" estimates are difficult to pull Portugal out of the debt "quagmire".

Moody's lowered Ireland ratings in the banking sector, Ireland banks ' long-term bank deposit and priority unsecured debt rating Outlook to "negative". On the aid issue, Ireland and the EU on a number of key issues and no consensus.

last week, the poor's have been Iceland's local currency sovereign credit rating on the negative watch list. Reason is Iceland increased external financing risk, to the disadvantage of its economic recovery.

the problem and solution

analysts pointed out that the wind waves waves of the eurozone debt crisis, notes the European currency integration open door of economic integration easier said than done, also show started in the United States financial crisis on low immunity and preference of financial enjoy the European part of the State of "Darwinism" looting is not over.

Greece, and Portugal and other countries the debt problem is renewed, is that eurozone interest rates, increased debt interest costs, the original nation in deep crisis worse. After all, is derived from their own and also United States quantitative easing policies adopted in response to the financial crisis, liquidity not only of the prevalence of wounding, eventually hurt oneself.

analysts pointed out that the resolution of the European debt crisis, the key is prevention of excess liquidity.

as a major flood of liquidity pushing hands United States, but to consolidate their own real economies and the crisis passed on to other countries. Open the eurozone interest rates, the Fed continues to pursue its policy of quantitative easing. &lT;/P>

expert pointed out that the greatest risk facing the global economy may not be the system holes possible leakage effects of the euro or United States once again become the crisis eye of the storm, but among the major economies "mingled with each other" lead to global economic imbalances of time window on Miss governance, thereby detonating systemic economic and financial crisis.

United Kingdom's Central Bank expected inflation to Super 5% GBP USD the substantial high

United Kingdom Bank (BOE) on Wednesday (20th) April meeting records show that the Central Bank's monetary policy Committee (MPC) to 6:3 vote results at that time decided to maintain interest rates unchanged. MPC believes that because of rising energy and commodity prices, inflation more than 5% is a high possibility.

Meanwhile, the United Kingdom's Central Bank said, to oversee the United Kingdom's monetary policy Committee of the financial system (FPC) formal meetings will be held on June 16 for the first time.

New York late on Wednesday, GBP/USD the substantial high, GBP/USD window open at a 1.6366 level in New York, in early trading, exchange rate shocks going up, refresh the intraday high of 1.6424 in level. Midday hours currency bottomed out, near the end at 1.64 level.

from a technical point of view, GBP/USD 30 min MACD has high death fork face adjustment. Date line MACD is showing on deviation phenomenon.

06:20 ', GBP/USD 1.6400/12.

Easter catch two bodies to sing euro to 1.51

abstract: midday in New York on Thursday, in the "Easter" decreased market liquidity before the holidays, part of the long closed pressure decline of EUR/USD since the 16-month high, while Trichet speech the same bad euro, but Germany commercial bank and France Industrial Bank (601,166, unit) is still singing the EUR/USD to 1.51.

Thursday (21st) midday in New York, the EUR/USD is stymied 1.465, before easing back to 1.456, decreased market liquidity before the Easter holidays, part of the exchange rate of the long positions may be cause of 1.4648 down from the 16-month high.

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also , EUR/GBP, Euro/Japanese Yen cross weakening also drag down the euro/dollar to some extent, near the short-term support at 1.45.

a US Bank dealer in Hong Kong, said: "if I selected, I will after the London market began trading to sell part of the Australian dollar and the euro. We have many times before the holidays to see before this correction trend appears. "

Trichet Speech bad euro

the European Central Bank (ECB) President Trichet (Trichet) pointed out that before, we are looking to self-sustained recovery, but he said, has not yet decided whether to continuous rise.

Trichet also said the United States deal with full confidence in the budget. The dollar boosted investor confidence, the United States means a slight rebound from the 32-month low, but the euro is bad.

Thursday Germany data released overall poor performance, Germany April status of the IFO index is higher than expected, but the other two indicators are worse than expected.

in addition, Greece and Ireland yields continue to rise, euro trend also darker latent risk, should be vigilant.

two bodies to sing euro/US dollar to the 1.5100

Germany commercial banks (Commerzbank) technical analyst Karen Jones said, the euro/dollar concern 1.5145/50 area.

Jones said, the EUR/USD rose breakthrough 1995 high 1.4535, which made us to the currency of the judgment from which turned positive.

she considered 1.4535 very key resistance level, if above this week to close at this point, from which will be more confirmation into a positive point of view.

she pointed out that, if above the exchange rate closed at 1.4535 this week, the next target would be 1.5145/50.

Division, Bank of New York Mellon strategist Michael Woolfolk said: "emerging market central banks to reduce desire, this will have on the euro support. "

France Industrial Bank (Societe Generale SA) technical analysts said the euro/dollar break the 1.45 level resistance bands, the exchange rate is expected to rise to 1.51.

the Bank pointed out that, above the euro/US dollar pressure located near the 1.47 level, 1.483, if Exchange rate exceeded two resistance, the target will point to the November 09 high 1.5145 level up.

tips

Easter (Easter Day) is an important holiday in the West, in the vernal equinox of each year first Sunday after full moon. Christians believe that Easter symbol of rebirth and hope, to commemorate Jesus Christ was crucified on a cross in between ad 30-33 day of the third day after Easter.

2011, April 22 for good Friday, April 24 for Easter.

Greece Ministry of procuratorial organs was required to investigate rumors of debt restructuring

Greece Ministry of Finance on Wednesday (20th), a bank e-mail claiming that Greece will, during the Easter period on the restructuring of its debt, the Ministry has asked prosecutors investigate.

Greece Ministry of finance said in the notice, a multinational investment bank brokers in the e-mail mentioned in Greece during the Easter weekend the debt to be restructured, the Treasury direct this email to the Athens Prosecutor's Office.

Greece Ministry of finance said, this rumor is not serious and absurd, have effect on the market.

the Ministry also said that due to spreading this false information to the public at large causing distress, Ministry of finance will be required to exhaust all legal means to ferret out the people behind the scenes and be disciplined.

according to some foreign media according to a survey published on Wednesday, while Greece and the eurozone officials strongly denied that, but most economists expect Greece debt restructuring in the next two years will have to.

surveys show that most likely way of debt restructuring will be the due debt extension, followed by reduced interest payments, last May was the bond holders to accept debt reduction.

ECB tube Yves Mersch Central Bank interest rate plans unchanged

the European Central Bank (ECB) Board Member Yves Mersch (Yves Mersch) Tuesday (19th), the only mission of maintaining price stability continues to be the European Central Bank.

M, said: "we always set the medium-term price stability as the only mission, the European Central Bank does not plan to change its interest rates. "He pout that, even more serious crisis in banking plan will not change interest rates.

the European Central Bank, on April 7 the benchmark interest rate from a record low of 1% per cent, the interest rate for the first time since July 2008 initiative.

M also said, the European Union (EU) and the International Monetary Fund (IMF) assistance provided to the solvency of the country only. Reference to Spain when the financial situation, Yves Mersch commented, Spain budget deficit lower than other problems in the eurozone countries.

Biaopu lower United States Government rating Outlook to negative

hexun exchange messages according to the latest news, United States credit rating company standard and poor's company cut United States Government rating Outlook to negative, and expressed the downward because of United States Government debt is too high.

the standard and poor's believes that negative rating Outlook means one-third of the fall in may in a two-year United States long-term government bond ratings. United States solve the problem of budget deficits and government debt increased prospects remain uncertain, United States sign of government liabilities continue to increase rapidly. At present, United States policy makers may not be resolved before the year 2013 budgetary difficulties, because United States policymakers have yet to agree on how to reverse the deteriorating financial situation. Therefore decided to decrease United States Government rating Outlook to negative. But they said, good history of prudent and credible monetary policies support United States rating.

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biaopu while confirmed , United States current AAA long-term and short-term credit ratings and A1-. Degradation, United States Treasury officials Miller, biaopu rated prospect of underestimating the United States leadership.

biaopu for United States credit prospect of demotion of greatly increasing the risk of market concerns. Although the distance from the actual downgrade United States credit rating is still there, but which the dollar assets of the credit risk is also rose. At 21:40 ', European stock markets also fell sharply, FTSE index fell fell 1.73%,CAC index 2.54%,DAX index dipped 2.19%.

biaopu down United States Government rating Outlook to negative effects, the euro quickly bounced more than 80 points. On the other had just rallied the dollar index slips again, into a full-time gains, falling to near 75.

Greece touched for the first time in two year Treasury bond yields 20%

21:05 hexun exchange messages ', standard and poor's international credit rating company cut announced by the US Government rating Outlook to negative. Under the influence of this international risk aversion soaring. Fall into debt crises before Greece 2 year government bond yields rose and hit 20% for the first time.

the standard and poor's said the negative rating Outlook means one-third of the fall in may in a two-year United States long-term government bond ratings. Biaopu said the United States solve the problem of budget deficits and government debt increased prospects remain uncertain, United States sign of government liabilities continue to increase rapidly. At present, United States Government may be 2013 years ago existing budgetary difficulties cannot be resolved. Therefore decided to decrease United States Government rating Outlook to negative.

biaopu for United States credit prospect of demotion of greatly increasing the risk of market concerns. Although the distance from the actual downgrade United States credit rating is still there, but which the dollar assets of the credit risk is also rose. At 21:40 ', European stock markets also fell sharply, FTSE index fell fell 1.73%,CAC index 2.54%,DAX index dipped 2.19%.

Markets await Bernanke as exit policy the key

reporter Huang Jihui

recent United States publication of economic data overall to be good, many senior officials of the Federal Reserve monetary policy stance in the near future, has to test market reaction was intended. Parties are expected, the Fed will continue on the April 26 meeting to discuss whether should end second round of quantitative easing monetary policy according to schedule (QE2), which may release more policy signals. Particularly worthy of mention is that this will break the practice of the Bonan grams, Fed Chairman, speech in the media after the meeting. Markets expect Bernanke to more clearly explain the Fed's monetary policy prospects.

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fed officials tone varies

currently United States economic steadily recovery , Some fed high think that they can tighten monetary policy at the appropriate time, bring support to the dollar.

United States Chairman of the Richmond fed Lake, recently said that, based on the current economy and the Outlook for inflation, the Fed may raise rates before the end. He also said that the rise in inflation in the past 6 months. Mortgage market can easily withstand the Fed mass settlement of mortgage-backed securities (MBS) positions.

United States former President of the Dallas Fed luobote·maikedier said, hope that the Fed can now begin to reduce the size of the second round of the quantitative easing policy, and will reduce the number of purchased after postponed until June this year, and phase out loose monetary policy. He expected the Federal Reserve will raise interest rates by the end of this year.

President of the Philadelphia Fed Prosser said a few days ago, when the machine comes, the Fed will tighten monetary policy in the near future, and exit after the massive easing measures implemented. He stressed that the United States economy since the summer of 2010 to get a more powerful engine of growth, is currently on a more solid basis for moving on.

current Deputy of the Federal Reserve President Janet Yellen is considered, in the United States unemployment rate is high, and basic inflation trend under mild conditions, ultra loose monetary policy still applies. New York Federal Reserve Bank President Dudley also believes that the rise in oil prices may push up the inflation rate, but this will only be a short-term phenomenon, the Federal Reserve should not hurry to tighten monetary policy.

expect Bernanke answering

United States Government's latest statistics, United States March consumer price index (CPI) months rose 0.5%, an increase of 2.7%, largest increase since December 2009. The basic data in line with market expectations. Per cent from March, the core CPI rose 0.1% 0.2% of lower than expected, an increase of 1.2%.

said CITIC Securities Economist Hu Yifan, the data prompted CITIC Securities by 2011 year United States inflation forecast, from an increase of 2.3% per cent to 2.7%, and in August reached peak of 3.1% per cent. The Federal Reserve will not be too worried, because core inflation at a low level. In addition, the promotion of consumer confidence and inflation expectations stable or fed themselves persuaded its adequacy policy played an important role, which means that the second stage of quantitative easing monetary policy will end in June, the policy will not be extended, and from the quarter of 2012 began putting in place tighter monetary policies.

of the Federal Reserve announced on 13th "Beige Book" report says United States economies continued to expand. Industrial production and consumption continue to pick up, recruitment activities remain active in manufacturing, weaker job market has improved. Commodities and raw materials costs led some enterprises to improve product prices, prices passed on to consumers of various trades with different capacities.

for Fed Chairman Ben Bernanke will be released to the media after the meeting in April on the income statement. Bernanke is expected to explain to the markets of the market, how the Federal Reserve intends to maximize economic growth and inflation under control. The Fed said that "introduction of the media conference, intended to further strengthen the Federal Reserve monetary policy clarity, and timeliness of communication. "But there are analysts said, despite media launches to give Bernanke a chance to clarify the error analysis of market to the Federal Reserve's monetary policy, but the market is likely to repeatedly misunderstood Mr Bernanke's words, his position requires great care.

Australia Board meeting minutes at present suitable not adjusted the monetary policy interest rate

Australian Federal Reserve on Tuesday (19th) announced April minutes of the monetary policy meeting. Australia fed says strong high in view of the terms of trade and investment, the current monetary policy appropriate. Policy stance appropriate to the medium-term inflation prospects, currently not adjusted interest rate.

Australia fed said business investment rose strongly is still "important factors in the medium-term Outlook", job market prospects of a positive, robust pace of growth in domestic demand.

Australia fed noted that overall inflation levels can be high in the first quarter, Australian high pressure of the tourism industry and manufacturing industry. The Federal Reserve said, based on the flood disaster in the first quarter GDP growth may be lower than earlier expected.

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the joint storage said , The main challenge will be to maintain a moderate investment boom, and does not cause the cost pressure. Job growth slowed down since the beginning of 2011, domestic demand is expected to continue to grow strongly. Study effects of weather factors on growth and inflation, export prices will remain high for some time.

Australia fed says oil prices pose a challenge to large developed economies, to cope with the high growth in Asia and the problem of inflation. Japan increasing the uncertainty of global short-term prospects for natural disasters.

the Federal Reserve also said that Japan and the European crisis, rising oil prices will exacerbate the global economic Outlook uncertain. Global economy is still expected in trend growth or higher.

Zhou xiaochuan said the renminbi into the SDR also required more preparation

the people's Bank of China Governor Zhou xiaochuan 15th to attend Boao Forum-Forum "G20: at a crossroads," said RMB joined the SDR (special drawing rights) basket also needed more time to further prepare, China will continue to promote monetary reform, promote the development of RMB's convertibility, the RMB exchange rate mechanism more flexible.

SDR is the IMF (International Monetary Fund) creation of a unit of reserve assets and accounting. When the Member States in the event of the balance of payments deficit, it can be used to the other Member States of IMF specified in exchange for foreign exchange, to pay the balance of payments deficit or repayment of IMF loans, but also as with gold, convertible currency acts as international reserves. SDR method of the current value of a basket of currencies, a basket of currencies including the dollar, Yen, euro and sterling.

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in accordance with the IMF provisions , SDR currency basket to review once every five years, while IMF currency basket in 2015, the next review. Last November, IMF adjusted the weights of currencies in the SDR currency basket, but does not add any new currency types. Analysis, in the international financial crisis, a dominance of the dollar ills exposed. Accompanied by emerging market countries in the world economy is becoming more and more high, the currency can be increased to SDR should be considered a basket of currencies, which will help solve the global economy for over-reliance on dollar as international reserve currency.

it was suggested that the Renminbi's position in the world all the more important and therefore should be included in the forefront of consideration. In this regard, Zhou xiaochuan said on 15th "does have a certain amount of pressure". He said, "we need more time to prepare further, required further discussion and consideration of this should be the November G20 Summit is one of the topics, no matter what, this is a discussion on the policy. "According to the quoted description of the people's Bank of China Deputy Governor Yi gang," when will the renminbi into the SDR is a matter of things ".

IM f President Kahn pointed out the other day, when the new currency when you join the SDR, standard it is necessary to make certain adjustments. For example, the Renminbi exchange rate on the market may still be lacking, but its share of world trade has far exceeded SDR basic requirements for reserve currency.

President of the Institute of international business and Economics Finance Ding zhijie pointed out that China already belong to the world's top four trading countries, according to this standard, RMB will undoubtedly have the qualification of the enter the SDR, but Yuan from "wide international use" this standard also is still a gap. He said, "when the renminbi into the SDR should be decided by the national conditions of China, China should not also do not need to change in order to join the SDR domestic reform process. "

and Min Tang, Vice Chairman of the people's Bank of China Department of graduate Affairs Committee pointed out that the RMB and its accession to the SDR, than pegged to the SDR. He said that if you change the Renminbi-dollar exchange rate policies, to focus on SDR, is beneficial to China and the world. This will reduce the pressure of RMB appreciation on the one hand, on the other hand has the support of RMB SDR will play a more important role in the international monetary system. "The RMB pegged to the SDR can 100%, can also fluctuate within an interval of the SDR. ”

United States Treasury Secretary Geithner Congre35 will improve in the near future United States public debt limit

United States Treasury Secretary Geithner (Timothy Geithner) Sunday (17th), said he believed the United States Congress will improve in the near future United States public debt ceiling to avoid Government into financial difficulty.

Mr Geithner said Republicans 13th is told in the White House, President Obama, he was present at that time. Economic downturn and years of deficit financing policy allows United States total public debt is accumulating. To the end of February 2012, the United States total public debt has been above $ 14.1 trillion, is now approaching $ 14.29 trillion ceiling approved by the Congress.

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Geithner 4th in wrote Congress leaders of a seal letter in the said , United States public debt will be reached before May 16 at the latest the total ceiling approved by the Congress, if Congress did not increase the debt ceiling as scheduled, government expenditure will face big stops, extension of the scope or limited, thus affecting the pay, pensions, social welfare and health insurance and other fields, it will give many United States impact family.

more recently, United States Democratic Party and Republicans continue to total government budget and public debt ceiling for intense game.

the United States House of representatives Budget Committee President baoluo·ruian Republican heavyweight recently said that, unless at the same time drastically reducing expenditure is not agreed to raise the public debt limit.

United States officials hope that the countries listed the G20 this week economic imbalances

United States senior Treasury officials on Tuesday (12th), the Group of 20 (G20) hopes this week in the development of definitions there has been progress on the policy of economic imbalances and will list the problem most rapidly in several countries.

the official briefing reporters said: "I really want this process to and from the States included in lists of which countries will be the focus of the second stage of analysis. "

G20 is working on the" guiding principles ", used to detect some imbalances like excessive trade deficits or surpluses, next to for them to develop policy recommendations.

the official said this week's meeting will focus on the first phase of the process, that is, defining terms of imbalance.

next phases are expected to commence later this year, focused primarily on further analysis of those countries that were defined as having important systemic imbalances, take this possible countermeasures.

G20 will meet on Thursday and Friday. G20 meeting is the use of the International Monetary Fund (IMF) and the intermittent time of half of the World Bank annual meetings held.

Beige Book, as always, optimistic but the dollar is terminally ill

$ recent performance really can be "devastated" to describe, although the United States Congress eventually reached a preliminary budget agreement to avoid Government shutdown, but market concerns about Government sentiment already stated on the face, also wrote on the trend of the dollar recently. At this point, the Federal Reserve (FED) latest beige book economic report (Biege Book), as always, optimistic $ finally helped restore a little face. But market participants suspect that, in the current United States fiscal position "messy" situation, the dollar's rally can last long?

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although Congress two party temporarily on budget problem reached consensus But posture of both David talks are expected to continue to make President Obama (BarackObama) needles, the Obama administration supporting the implementation of the programme still face a reduction in the future many setbacks.

in the Conference on the latest budget agreement, Obama's United States deficit reduction targets set to cut $ 4 trillion in the 12 years and is committed to in 2015 the deficit dropped to 2.5% per cent GDP; in per cent of GDP by 2020 deficit ratio down to 2%.

Obama plans to cut spending and interest 75% reduction of Chek Lap Kok project has been completed, the remainder will come from the tax reform, he said that policy cannot be the indefinite extension of the Bush-era tax cuts for the rich. Revenue-raising plans were immediately refuted the Republicans. United States Senate Republican Leader McConnell (MitchMcConnell), Republicans are willing to take initiatives to raise taxes. United States speaker of the House of Baunat (John Boehner) says that tax increases should not be included in the Red reduction plans.

at the same time, a survey released on Wednesday found that United States gasoline price increases have been damage to citizens ' confidence in the country's future and force the Americans to change spending habits and lifestyle. 69% United States people says United States is in the wrong orbit, the proportion of the population is highest since Obama took office. 68% of Americans expressed high prices forcing them to cut other spending; 62% of Americans, have selected driving less due to cost issues. Survey also showed that popular support for Obama fell to 46%.

analysts say Obama performance politics of devastated a replica of the dollar in the near future: the same "devastated".

beige book says economy improving but probably harder to save us $

Fed's beige book economic report released Wednesday also are always optimistic, for dollars sent to awaken. Beige Book said the United States economy continued to improve in the past month, manufacturing growth accelerated, enterprises feel the effects of increases in energy and raw material costs.

the Beige Book said that while economic activity in many parts of only moderate enhancement, but in most of the Federal Reserve said the industry generally improved, and the Kansas City fed refers to strong economic growth. In addition, the manufacturing sector continues to lead the growth, regions are basically examples of steady improvement, usually accompanied by increased employment.

analysts pointed out that, the Fed beige book for the United States economy cautiously optimistic attitude constitutes a little boost against the dollar, dollar index plate once hit a 75.1 days high. However, in the United States of the overall financial position is still not optimistic case, may rebound in the us means space is very limited, overall sluggish trend will appear difficult to improve.

02:56 ', the dollar index 74.95.

Dollar against the Yen received modestly higher beige book shows economy continues to improve

the dollar/Yen Wednesday (13th) received modestly higher, fed releases beige book economic report said the United States economy continued to improve in the past month, accelerated manufacturing growth.

the Federal Reserve (FED) releases beige book economic report (Biege Book), United States economy continued to improve in the past month, manufacturing growth accelerated, enterprises feel the effects of increases in energy and raw material costs.

the Beige Book said, although many areas of economic activity only moderately enhanced, but in most of the Federal Reserve said the industry generally improved, continues to lead the growth of manufacturing industry.

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fed in brown skin book in the also mentioned , Most often referred to as energy prices rise, but believed that the cost of raw materials all the more worrying.

at the same time, Bank of Dallas (Dallas Fed) Chairman Fisher (Richard Fisher), the Federal Reserve (FED) adopt overly loose monetary policy, led to runaway inflation.

in addition, Japan announced that the Government cut its economic assessment, is the first time in 6 months. Japan Government, since its experienced strong earthquake and tsunami in the Northeast last month, economic weakness revealed.

window open in dollar/Yen New York 84.06, early period, currency steadily downward. Midday sessions, exchange rate rebounded modestly, near the end at 83.8 level.

, analysts said dollar/Yen was 200-day moving average support, if the exchange rate fell below 83.4, the callback target will point to 82.2. If Exchange rate exceeded 84.5 levels rebound goal will point to the level of 85.9.

6:56 ', US dollar/Japanese Yen 83.84/86.

Obama's new Chek Lap Kok reduction progra49es wishing to tax wealthy first axe

United States President Barack Obama last night slammed Republican austerity plan and oppose reducing Medicare and Medicaid spending. At the same time raised a total amount of us $ 4 trillion package of long-term deficit reduction plan. From a certain extent, the United States government deficit reduction plan duel can also look for the 2012 United States presidential election begins previews.

Obama pointed out that, no matter how the Government's deficit reduction plan, both parts must include raising revenue and cutting expenditure. Simple sides with one of these policies were not conducive to the solution of the problem. Obama said in the Bush era the rich made large-scale plans in Jianshui County, there is a serious problem, need to make massive changes, he believes that for those earning more than $ 250,000 families to pay higher taxes, is to make United States fiscal deficit in 2014 drops to a key within the control. He also stressed the importance of the protection of economic growth, stressing that only economic development can promote employment growth.

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Obama while also attacked has Republican of deficit cut , He believed that Republican plans to reduce the health and welfare expenditure is unfeasible, Republicans just want to extend the rich tax cuts, while those of the older people more proportional burden of their medical expenses. Obama promised as long as he was United States President will not let the Republicans succeed, because the medical insurance plan for 47 million United States the elderly and people with disabilities provides medical assurance, he can't leave them regardless.

the President Obama clearly turning the fire, the Obama administration, for a time before attempting to start with the cut military spending, solve the problem of excessive expenditure. However, strong resistance by the arms lobby in the country, at the same time the State Governments also criticize, because it could be to the employment situation of these arms companies. While the Obama administration put the brain to the how to increase their income above.

the Obama administration last week agreed to a compromise $ 38 billion fiscal spending cuts package, avoiding the United States Government was forced to close due to lack of money. While the Obama administration intends to thoroughly solve the problem of current borrowing too much. Current United States national debt is more than 14 trillion dollars, in accordance with such speed, economists fear United States economy will soon be overwhelmed, huge interest on the debt will destroy the current economic recovery.

4 trillion in fiscal expenditure cuts of Obama, US $ 2 trillion from the budget reduction of various sectors, US $ 1 trillion to derived from the tax system and rectification, cancel some tax cuts and increased the intensity of tax checks to avoid tax evasion behavior. Remaining by reducing the national debt interest payments, reducing new projects, and other ways to achieve.

set in the era after the expiration of the rich tax cuts the Bush Administration will not be extended, this will also contribute to fiscal balance, additionally prior to 2023 the Government intends to cut military spending of US $ 400 billion to reduce agricultural production subsidies, reducing domestic investment projects.

of course, it made certain concessions to the Obama administration would, for example, as shown in the plan, still cut medical benefit 33 million older persons. But will have no income families, providing another health care plan.

4 trillion of the Obama plan is made to the, number is also very loud, can be passed by Congress is another matter.