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Technology Stocks : C-Cube

CUBE 35.87

-1.2%

Nov 19 3:59 PM EST

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To: PaulW who wrote (28652)	1/24/1998 9:52:00 AM
From: John Rieman	Read Replies (4) of 50808

Cut the numbers and go to a strong buy? Yaun hits 46 month high............................. hkstandard.com Yuan soars to surprise 46-month high against greenback By Mukul Munish and agencies IN a development that surprised a number of foreign exchange dealers, the Chinese yuan soared to a new 46-month high of 8.2780 to the US dollar on Friday as the central bank stayed away from the China Foreign Exchange Trading System in Shanghai. The rate was the highest since the forex centre was opened in April 1994. Dealers said the Chinese central bank had a policy requiring local enterprises to sell all their dollars, but some companies had been allowed to hold on to 15 per cent. Meanwhile, on the black market, the US dollar rate eased this week after last week's surge drew a flood of sellers from other provinces, money changers said. ''The yuan has been setting new highs this week because banks and export and import companies were selling dollars while the central bank did not intervene,'' a dealer said. ''It seems that the central bank is willing to see the yuan rise.'' But a Hong Kong-based currency analyst at a leading bank warned that the black market was in no way indicative of the foreign exchange market on the mainland. ''The black market has been in existence since 1994 but it does not affect the situation in the official market, which is very tightly controlled by the central bank,'' he said. Another analyst said the dollar-buying rate went as high as 8.7 yuan last week and had fallen to 8.5 yuan this week. Dai Xianglong, the governor of the People's Bank of China (PBOC) on Friday reaffirmed his earlier assertion that the yuan would not be devalued to offset the effects of the Asian currency crisis. His statement followed similar remarks made by Vice-Premier Zhu Rongji.

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