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Gold/Mining/Energy : Euro Impact on Gold, USD ... -- Ignore unavailable to you. Want to Upgrade?

To: banco$ who wrote (162)	12/28/1998 9:12:00 PM
From: banco$	Read Replies (1) \| Respond to of 289

"Shanghai Exchange Plans to List Euro Early Next Year" - In a clear vote of confidence for the euro, China says it will list Europe's new common currency, the euro, on its main foreign-currency exchange in Shanghai early next year. This is particularly significant given that only three currencies, none of which are European, currently trade on the exchange. The exact timing of the move, which will place the euro side-by-side with the U.S. dollar, the Japanese yen and the Hong Kong dollar, isn't certain but it is expected to happen within the first half. An official says he doesn't expect the euro - which will eventually replace the mark, franc, lira and a host of other currencies in Europe - to capture a lot of attention immediately, predicting that trade in the euro will increase, if the currency proves to be strong. Though China's currency market is still closed and tightly regulated, government banks are starting to embrace the euro. Industrial and Commercial Bank of China recently said it would set up vehicles through which individuals on the mainland can buy and sell the new currency, and Bank of China is opening euro accounts. Meanwhile, China Securities News reported yesterday that Shanghai Dazhong Car - a joint venture between Shanghai Automobile Industrial and Germany's Volkswagen - opened the city's first euro account. (Wall Street Journal, 24 Dec., pg A5)