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Strategies & Market Trends : Greater China Stocks

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From: Julius Wong	12/2/2010 8:50:46 AM
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Yuan Withstands Europe Debt Crisis With Biggest Gain in Asia: China Credit By Bloomberg News - Dec 2, 2010 2:33 AM ET China’s yuan is climbing the most in Asia as investors from UOB Asset Management Ltd. to Union Investment predict the world’s biggest foreign reserves will help the currency withstand the spreading debt crisis in Europe and tensions on the Korean peninsula. The yuan rose 0.6 percent against the U.S. dollar in the past month, while the South Korean won slumped 2.8 percent. China’s currency was the second-best performer among 25 emerging markets after the Chilean peso, which gained 0.8 percent. The yuan will advance 6.6 percent by the end of next year, the biggest appreciation in the so-called BRIC nations of Brazil, Russia, India and China, according to the median forecasts of strategists surveyed by Bloomberg. The 5 billion yuan ($750 million) sale of Chinese government bonds in Hong Kong this week was 10 times oversubscribed, reflecting growing global demand for the currency. Deposits of renminbi in Hong Kong jumped 45 percent in October to a record 217 billion yuan, the Hong Kong Monetary Authority said Nov. 30. “The renminbi has a very stable appreciating trend,” said Chia Tse Chern, director for fixed-income in Singapore at UOB Asset Management who helps oversee $10.6 billion and is interested in buying yuan debt in Hong Kong. “The Chinese are comfortable for the renminbi to appreciate 4 percent to 5 percent every year against the U.S. dollar.” Read more bloomberg.com

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