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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area

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From: allevett	6/7/2005 7:01:47 AM
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Greenspan sees China yuan move ´reasonably soon´ Tuesday, June 7, 2005 2:52:10 AM afxpress.com Greenspan sees China yuan move 'reasonably soon' BEIJING (AFX) - US Federal Reserve Board chairman Alan Greenspan said he believes that China will adjust its foreign exchange regime "reasonably soon" He did not elaborate on why he believed a move would be made soon though he said a more flexible system is in China's interest "It is very much to the advantage of China to introduce a flexible exchange rate and I'm certain they'll take it on reasonably soon," he told a banking conference in Beijing. His remarks were relayed via satellite from the US He said that the cost of sterilization of foreign financial assets, aimed at reducing the impact of foreign assets on the domestic money supply, cannot go on indefinitely Greenspan added that pegging the exchange rate subsidizes certain types of capital allocations in the Chinese economy. He also said that if the yuan appreciates it will not have a major impact on the US trade position If the yuan appreciates, the US will likely import less from China but replace those goods from other countries, he said The yuan is effectively pegged at 8.3 to the dollar

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