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Technology Stocks : C-Cube

CUBE 35.93

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To: CPAMarty who wrote (26646)	12/14/1997 12:11:00 PM
From: John Rieman	Read Replies (1) of 50808

Bank of China says no currency devaluation in 1998........................ muzi.net China Currency Will not Depreciate in 1998 [Lateline 12/12/97] Beijing - China's yuan currency will not depreciate in 1998 because of government policies to boost trade and control credit, the Financial Morning Post on Friday quoted Qiu Qiaoyuan, a senior economist with the Bank of China as saying. China would see economic growth of nine percent in 1998, with inflation coming in below four percent. Ample personal bank savings of nearly five trillion yuan and foreign currency deposits of some $30 billion would help ensure the stability of the yuan next year, Qiu said. Beijing's quickened pace of export tax rebate payments would help its international balance of payments next year, with total foreign trade expected to hit $370 billion. China notched up a trade surplus of $35.6 billion yuan in the first 11 months of this year, the State Statistical Bureau has shown (see related story). Qiu said China would continue to keep an appropriately tight monetary policy next year and would maintain control over fixed assets investment. China announced on Thursday its retail price index had fallen 0.8 percent in the year to November after another annual decline in October and no annual change in September, sparking fears among analysts of deflation. The figures have fuelled speculation that Beijing could cut interest rates further, after a reduction in October, or slash bank reserve requirements.

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