C-Cube Message Board - Msg: 7750472

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Technology Stocks : C-Cube

CUBE 37.23

-0.3%

Nov 28 9:30 AM EST

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To: John Rieman who wrote (38890)	2/10/1999 5:22:00 AM
From: SC	of 50808

No pressure for China to devalue yuan, said the Asian Development Bank's new President Tadao Chino biz.yahoo.com ADB says no pressure for China to devalue yuan MANILA, Feb 10 (Reuters) - The Asian Development Bank's new President Tadao Chino said on Wednesday there was no pressure for China to devalue its currency. ''China's balance of payments situation remain good and there is no pressure to devalue,'' Chino told a news conference. Chino said China's foreign reserves, which stood at $145 billion in 1998, provided the nation with a ''thick cushion'' to resist any speculative attacks on the yuan. Rumours about China possibly devaluing the yuan shook Asian currency markets intermittently last year and in January. The Chinese government denied last month that it would devalue the yuan.

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