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Technology Stocks : C-Cube

CUBE 37.23

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12:59 PM EST

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To: Thomas J. Smith who wrote (25812)	11/27/1997 5:40:00 PM
From: John Rieman	Read Replies (2) of 50808

China is uneffected by the Asian Crisis. This is dated 11/13/97.......................................... insidechina.com Prime Minister Li Says Economy Healthy, No Effect From Asia Turmoil <Picture: lipeng09.gif>TOKYO -- Chinese Prime Minister Li Peng (pictured) said on Thursday that China has not been affected by the market turmoil rocking much of the rest of Asia and said he is confident of the steady growth of the Chinese economy. "The current fiscal woes that originated in Southeast Asia have affected many regions of the world, but not China," Li told Japanese business leaders in Tokyo on the third day of his six-day visit to Japan. Backing up his optimistic assessment, customs data showed China's trade surplus in the first ten months of this year surged to $35.5 billion from $11.9 billion a year earlier. The surplus is swelling China's foreign exchange reserves and underpinning its currency. China's Big Four commercial banks are plagued by bad debt piled up by ailing state companies, and other non-bank financial institutions are overextended and in trouble. But Li boasted that China stood apart from the Asian financial crisis. "The exchange rate of the Renminbi Yuan and the U.S. dollar has been stable at 8.3 to one." Chinese financial analysts said Asia's crisis had further convinced China that a go-slow approach to currency liberalization was vital. "China will move cautiously on allowing convertibility of the yuan on the capital account," said Hu Zhuangjun, a senior economist with the State Council. "It is not worried about the movement of capital in and out of the country by itself but it is concerned over potential disruption," he said in a reference to speculative trades. China has freed up convertibility on the current account for trade purposes. (Reuters)

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