Archive for September, 2010

• learn Chinese – Japan intervenes in currency market for 1st time since 2004

  Date: 2010.09.30 | Category: Chinese Mandarin, Chinese Online Class, Chinese School, Chinese Tutor, Chinese language, Learn Chinese Class, Study Chinese, learn Chinese, learn Chinese online, learn Mandarin online, learn mandarin | Response: 0

  A signboard shows the U.S. dollar trading at the upper 82 yen level on the late evening in Tokyo September 14, 2010. The dollar fell below 83 yen for the first time in 15 years on Tuesday after Japan’s prime minister won a ruling party leadership vote, reducing the chances Japanese authorities would attempt to stem yen gains. (Xinhua/Reuters)

  TOKYO, Sept. 15 (Xinhua) — Japan’s Finance Minister Yoshihiko Noda confirmed that Japan has intervened in the currency market for the first time since March 2004 to stem the yen’s rise, which has spiked to a 15-year highs against the U.S. dollar and severely battered Japan’s export-led recovery.

  “We have conducted an intervention in order to suppress excessive fluctuations in the currency market,” said Finance Minister Yoshihiko Noda, who alluded to further intervention into the currency market if deemed necessary.

  “We will closely monitor currency developments, and take firm action including intervention,” Noda said, adding that the move by Japan was unilateral.

  The Bank of Japan (BOJ) stepped into the market to sell yen and buy dollars shortly after 10:30 a.m. in Tokyo, analysts said, sending the dollar up to 84.36 yen from a fresh 15-year low of 82. 87 yen earlier.

  The yen’s recent appreciation has severely weighed on the Tokyo stock market of late and following news of Japan’s intervention the key Nikkei stock index climbed 1.8 percent.

  Many Japanese companies have set their assumption rates for dollar/yen at 90 yen and at 110-115 yen for euro/yen in the year to March 2011 and when the yen is strong profits are eroded when repatriated, hence a weaker yen will be welcomed particularly by Japanese exporters.

  Japan hasn’t actually intervened in the currency market since March 2004 when the yen was at 109 per dollar at that time the BOJ sold 14.8 trillion yen (177 billion U.S. dollars) in the first three months of 2004, after record sales of 20.4 trillion yen in 2003.

  Market strategists had previously thought that Prime Minister Naoto Kan, who staved off a leadership challenge from ruling party heavyweight Ichiro Ozawa on Tuesday, would be reluctant to intervene in currency markets so quickly and was more tolerant of a stronger yen, which rose after he won the Democratic Party of Japan’s leadership election yesterday.

  The revised view in the market is that the Kan now is actively trying to reverse the perception that he lacks a proactive stance when it comes to the strength of the yen and his readiness to act decisively.

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• Chinese School – China’s yuan rises to record high against U.S. dollar Wednesday

  Date: 2010.09.29 | Category: Chinese Mandarin, Chinese Online Class, Chinese School, Chinese Tutor, Chinese language, Learn Chinese Class, Study Chinese, learn Chinese, learn Chinese online, learn Mandarin online, learn mandarin | Response: 0

  The central parity rate of the yuan, China’s currency Renminbi (RMB), strengthened to a new record Wednesday at 6.725 per U.S. dollar, according to the data released by the China Foreign Exchange Trading System.

  The yuan’s central parity gained 128 basis points, or 0.19 percent, to 6.725 per U.S. dollar Wednesday, beating the previous record of 6.7378 per U.S. dollar Tuesday, according to the data released by the China Foreign Exchange Trading System.

  The Chinese currency has appreciated for four consecutive trading days.

  The Chinese currency has seen increased volatility in the trading days since the People’s Bank of China (PBOC), the central bank, announced on June 19 this year to increase exchange rate flexibility.

  The yuan’s central parity against the U.S. dollar has risen by 1.5 percent from the rate of 6.8275 per U.S. dollar, set a day before the PBOC’s pledge to increase flexibility.

  On China’s foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate during trading each day.

  Based on Wednesday’s central parity rate, the yuan weakened against the euro, the Japanese yen and the British pound.

  The yuan’s parity against the euro was set by the central bank at 8.7499 Wednesday, higher from 8.6561 fixed Tuesday. The yuan’s rate against 100 yen was 8.0941, up from 8.0833 Tuesday. While the rate against the British pound was 10.4493, compared with Tuesday’s 10.3634.

  The Chinese currency’s value also rose against the Hong Kong dollar and Malaysian Ringgit Wednesday based on its parity rates against them.

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• Chinese language – Dollar hits 15-year low against yen, one-month low against euro

  Date: 2010.09.28 | Category: Chinese Mandarin, Chinese Online Class, Chinese School, Chinese Tutor, Chinese language, Learn Chinese Class, Study Chinese, learn Chinese, learn Chinese online, learn Mandarin online, learn mandarin | Response: 0

  A signboard shows the U.S. dollar trading at the upper 82 yen level on the late evening in Tokyo September 14, 2010. The dollar fell below 83 yen for the first time in 15 years on Tuesday after Japan’s prime minister won a ruling party leadership vote, reducing the chances Japanese authorities would attempt to stem yen gains. (Xinhua/Reuters)

  NEW YORK, Sept. 14 (Xinhua) — The dollar weakened against all major currencies on Tuesday as better-than-expected economic data and speculation of no immediate government intervention in Japanese yen weighed on the greenback.

  The dollar hit a 15-year low against the yen, nearing 83 yen level, while the euro rallied above 1.30 dollars. The dollar also fell below one Swiss franc.

  Both the yen and Swiss franc have strengthened against the dollar this summer with growing concerns that the U.S. economic growth would slow sharply in the second half of the year.

  On Tuesday, upbeat economic data prompted risk appetite. The U. S. Commerce Department reported that total retail sales in August rose 0.4 percent following a revised 0.3 percent rise in July. Meanwhile, business inventories rose one percent in July, exceeding the 0.7 percent increase market had expected.

  In Japan, current Prime Minister Naoto Kan won the ruling party leadership vote, prompting market speculation that there won’t be an immediate action to weaken the yen.

  In late Tuesday trading, the euro rose to 1.3019 dollars from 1. 2867 dollars late Monday, while the British pound gained to 1.5569 dollars from 1.5408 dollars.

  In other trading, the dollar fell to 83.07 Japanese yen from 83. 63 yen, slid to 0.9950 Swiss francs from 1.0085 francs and dipped lower to 1.0248 Canadian dollars from 1.0271 Canadian dollars on late Monday.

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