Archives for July 2007

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BEIJING, July 10 (Xinhua) — China has scrapped a reward scheme set up eight years ago that gave preferential treatment to domestic companies which earned the largest amounts of foreign currency in the latest attempt to keep tabs on its soaring trade surplus and foreign exchange reserves. The State Administration of Foreign Exchange and the Ministry of Commerce on Monday told local foreign exchange and trade departments in a joint statement to stop grading local companies based upon their previous year’s foreign currency revenue. Companies rewarded with distinctions would then enjoy preferential interest rates for loans, more access to foreign trade development funds, higher export tax rebates and greater freedom in the management of their own foreign currency revenue. Export firms that were deemed “high risk” and failed to report their foreign exchange revenue correctly to local authorities, or had been ranked high risk for two consecutive years, had their imports and exports licenses revoked. The past ten years has seen China develop from a country facing foreign exchange shortages to a global trade power with a trade surplus for the first five months of this year of 85. The Ministry of Finance imposed extra export tariffs and cut import duties on June 1 to narrow China’s widening trade surplus and recently issued special bonds for foreign exchange investment to absorb excess liquidity. read more

[Tags]foreign, exchange, trade, companies, years, 1, forex news[/Tags]

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Forex – Dollar selling starts again ahead of Bernanke speech – Forbes. LONDON (Thomson Financial) – The dollar came under renewed selling pressure this morning, moving back towards its all-time low against the euro and 26-year low against the pound. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. Neither the Subscriber nor AFX News warrants the completeness or accuracy of the Service or the suitability of the Service as a trading aid and neither accepts any liability for losses howsoever incurred. The content on this site, including news, quotes, data and other information, is provided by AFX News and its third party content providers for your personal information only, and neither AFX News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Sitemap Help Contact Us Investment Newsletters Forbes Conferences Forbes Magazines Forbes Autos Ad Information Forbes. read more

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Forex – Pound underpinned as markets see inflationary pressures in PPI data – Forbes. LONDON (Thomson Financial) – The pound was supported by mixed UK PPI data, which investors chose to interpret as inflationary for the future despite soft headline PPI rates. Although the headline fall in PPI will be welcome at the Bank of England, ‘as long as the survey measures of price intentions remain high, the BoE is likely to remain concerned about the threat of a further rise in firms’ pricing power’, Dales said. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. The content on this site, including news, quotes, data and other information, is provided by AFX News and its third party content providers for your personal information only, and neither AFX News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Sitemap Help Contact Us Investment Newsletters Forbes Conferences Forbes Magazines Forbes Autos Ad Information Forbes. read more

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