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Strategies & Market Trends : Asia Forum

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To: Derrick P. who wrote (2136)	2/13/1998 10:51:00 PM
From: Bucky Katt	Read Replies (2) of 9980

Salomon economist warns on China devaluation If they devalue, the west is burning toast. PHILADELPHIA, Feb 13 (Reuters) - Salomon Smith Barney analyst Brian Gendreau said on Friday that he feared China could move to devalue its currency in light of the Asia crisis. ''A big concern of ours now is whether China will devalue,'' he told a business conference hosted by the University of Pennsylvania Wharton School. He was referring to fears among Southeast Asian countries that China could be tempted to follow the downward spiral in local currencies in a bid to preserve export competitiveness. Recent devaluations have cut labor costs in Indonesia and the Philippines to below those current in China. Earlier Friday, China's Prime Minister Li Peng sought to defuse devaluation worries by telling a Luxembourg news conference that his country will continue to honor a promise - made in December - not to devalue.>> Sure, trust a communist!

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