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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Crimson Ghost who wrote (33536)	7/12/2005 10:51:05 AM
From: mishedlo	Respond to of 116555

China central bank deputy governor Li Ruogu steps down - Xinhua Tuesday, July 12, 2005 9:29:11 AM afxpress.com BEIJING (AFX) - Li Ruogu has stepped down as deputy governor of China's central bank, Xinhua reported, citing the State Council The news agency gave no further details Media reports had earlier said the 54-year old is to take the helm at the Export-Import Bank of China, one of the country's three policy banks The Wall Street Journal reported today that the Export-Import Bank is to get an injection of up to 5 bln usd from the Central Huijin Investment Co Ltd, a vehicle set up by the government in 2003 to help with clean up China's financial sector Li, who studied at Princeton University, stirred up tensions between the US and China over the exchange rate last November when he told the Financial Times that the US needs to address its own structural problems rather than attack Beijing's currency policies. "China's custom is that we never blame others for our own problem. For the past 26 years, we never put pressure or problems on to the world. The US has the reverse attitude -- whenever they have a problem, they blame others," Li was quoted as saying The China Currency Coalition, a lobby group of US business interests pushing for a yuan revaluation, responded by calling Li's comments "inaccurate and arrogant"

To: Crimson Ghost who wrote (33536)	7/12/2005 10:59:51 AM
From: mishedlo	Read Replies (1) \| Respond to of 116555

Bank of Canada holds benchmark interest rate at 2.5% Tuesday, July 12, 2005 1:25:32 PM afxpress.com CHICAGO (AFX) -- The Bank of Canada left its key lending rate at 2.5% Tuesday, as was widely expected. The BOC has held the target for the overnight rate unchanged since October 2004, but signaled in its post-meeting statement a change is likely in coming months "In line with the bank's outlook, some reduction in the amount of monetary stimulus will be required in the near term to keep aggregate demand and supply in balance and inflation on target," the statement said. "The risks to the outlook through 2006 appear balanced, but over the medium term risks related to global imbalances are increasing." Currency analysts are looking for a rate hike in September or October. The U.S. dollar traded at a three-month low against its Canadian counterpart Tuesday. One U.S. dollar would buy C1.2035, a drop of 0.6% from late trading on Monday

To: Crimson Ghost who wrote (33536)	7/12/2005 11:59:06 AM
From: mishedlo	Read Replies (2) \| Respond to of 116555

EU presidency´s Brown expects debate on ECB´s inflation target Tuesday, July 12, 2005 2:07:17 PM afxpress.com EU presidency's Brown expects debate on ECB's inflation target BRUSSELS (AFX) - UK chancellor of the exchequer Gordon Brown, whose country holds the EU presidency, said debate over the European Central Bank's inflation target is to be expected "Of course there will be a debate about the European Central Bank in Europe," Brown told the European parliament's economic and monetary affairs committee He said he expects the debate to centre on whether the ECB should follow the Bank of England and adopt a symmetrical inflation target "which is pro growth as well as pro stability" =========================================================== Am I the only one that thinks Brown is a jackass? Mish