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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: bill meehan who wrote (22392)	2/28/1999 5:25:00 PM
From: Lucretius	Read Replies (1) \| Respond to of 86076

gee whiz, what has gotten into these clowns? don't they know this is the paper age... gold is a forgotten relic along w/ the horse and buggy: -VBG- BEIJING (AP) -- Maintaining a balance of international payments and protecting the stability of the currency are the two main goals in 1999 for China's State Administration of Foreign Exchange, a Chinese newspaper reported Sunday. Li Fuxiang, the foreign exchange bureau's director, also vowed to continue the government's clampdown on illegal foreign exchange trade, according to the Financial News, the official publication of the People's Bank of China, the central bank. Last year, an outflow of hard currency from China eroded foreign exchange reserves as fears mounted that Beijing might devalue its currency to boost exports. The government responded by tightening controls on trade financing, a major channel for converting the Chinese yuan into foreign exchange. Beijing also adopted a tougher stance toward the black market, making unofficial currency trade a criminal offense. As a result, reserve levels rebounded, with China reporting $145 billion in foreign exchange reserves at the end of 1998, up $5 billion from the previous year. Chinese leaders, who pledged not to devalue the yuan in 1998 and reiterated that stance for this year as well, want to minimize points of weakness for the currency. Officials point to massive reserves, second largest in the world next to Japan's, as proof that it can keep the yuan stable. China also recorded a $43.59 billion trade surplus last year. But stagnant exports, hurt by Asia's slow economic recovery, will make it difficult to match the same level in 1999. Li, the State Administration of Foreign Exchange director, said China would try to make management of foreign exchange more efficient as part of efforts to bolster foreign trade and investment. In a separate report Sunday, Chinese analysts said China should increase its gold reserves to reduce reliance on the U.S. dollar and to hedge against financial risks. ''If there are problems with the dollar, there will be an international catastrophe,'' said Liu Shan'en, deputy director of the Gold Economic Development Research Center. ''An increase in our country's gold reserves is necessary,'' the Business Weekly quoted Liu as saying. China doesn't disclose what portion of its foreign reserves are held in dollars, but officials acknowledge the bulk of it is invested in U.S. treasuries. By contrast, China's gold reserves represented only 2.6 percent of total foreign reserves.

To: bill meehan who wrote (22392)	2/28/1999 7:27:00 PM
From: John Pitera	Read Replies (1) \| Respond to of 86076

Bill, I think its definately worth a gander. I met the David Brown- head and founder of Telescan, the parent of Wall street City, at an investment presentation in Houston this past year he is a pretty sharp guy. NBC took a 10% stake in TSNC, the owner of WSCity, just a couple of months ago so I expect to see it utilized more on Cnbc in the Future. I believe Bill Griffith alluded to this one day recently on air. Goofing off with clients...hmmm... just tell them to stay fully invested ......BK is a Myth..looking forward to seeing you on Tuesday