China
Shanghi Stock Exchange Composite Index [SSEC] :: [$SSEC at www.StockCharts.com]
Wow!
China
Shanghi Stock Exchange Composite Index [SSEC] :: [$SSEC at www.StockCharts.com]
Wow!
http://www.stocktiming.com/Monday-DailyMarketUpdate.htm
This TA is having a hissy fit over China's Shanghai Composite. He thinks that when it does its’ pullback it’s going to take the rest of the markets with it or something like that.
I see that CNBC is only now this morning talking briefly about it. Question is, if you had alot of profits to protect in China, how close to the exit would you be standing?
http://stocktiming.com/Thursday-DailyMarketUpdate.htm
China Watch - The Shanghai Composite ended last night down 3.64% !! Is it time for the parabolic rise to come crashing down?
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
China widens yuan's daily trading band
Hikes interest rate, tightens reserve requirement for banks
By Steve Goldstein & Wanfeng Zhou, MarketWatch
Last Update: 12:08 PM ET May 18, 2007
NEW YORK (MarketWatch) -- The People's Bank of China on Friday said it's widening the trading band for the yuan, hiking interest rates and increasing banks' reserve requirements, as authorities act to cool the red-hot stock market and lessen pressure from disgruntled trading partners such as the United States.
The Chinese central bank said it was widening the yuan's trading band to plus or minus 0.5% per day against the U.S. dollar, as opposed to plus or minus 0.3% per day previously. China's currency has traded in a limited band against the greenback since July 2005.
The bank said it was acting to improve the managed floating exchange-rate regime based on market supply and demand. It said it was also seeking to promote development of the foreign-exchange market and strengthen the pricing and risk-management capabilities of financial institutions.
Washington welcomed the wider band as a "useful step," and urged China now to use the band to introduce more yuan flexibility, and not have it be merely a symbolic gesture.
"This is a useful step toward greater flexibility and eventual float of the currency," said Alan Holmer, the Treasury department's special envoy for China. "It's important now that Chinese authorities use the wider band and allow greater movement within each day and over time."
The central bank also lifted the bank reserve requirement ratio by a half percentage point, and it also increased its benchmark one-year lending rate by 0.18 of a percentage point, to 6.57%, and the one-year deposit rate by 0.27 of a percentage point, to 3.06%.
Ian Stannard, a currency strategist at BNP Paribas in London, said the combination of moves shows how seriously the central bank is taking concerns about overheating in the mainland's economy.
"The fact they've taken all these measures show they are now stepping up the pace of policy adjustments and tightening," he said. "It's a result of record levels of currency reserve build-up, around $131 billion in the first quarter."
"The Chinese authorities now find themselves combatting the growing asset bubbles in the Shanghai equity market and have become quite concerned about the possible fallout should it collapse," said Boris Schlossberg, senior currency strategist at DailyFX.com.
"This policy change is just the latest attempt by Chinese authorities to rein in speculative sentiment ... by slowing inflationary pressures," he said.
http://www.marketwatch.com/news/stor...6583C2A217D%7D
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
Well the good news is it was posted on a Friday (our time). Time to have people mull it over. imagine if this had been posted on a Sunday (our time.)
Interesting article on gambling.
http://www.[[financialsense.com/fsu/...2007/0517.html
Indexes Prev. Closing Last High Low Change%
SSE 180 8342.75 8396.56 8396.94 8046.26 0.65
Looks like the Shanghai went positive.
http://www.sse.com.cn/sseportal/en_us/ps/home.shtml
http://biz.yahoo.com/ap/070522/us_china_trade.html?.v=9
WASHINGTON (AP) -- The United States and China opened a new round of high-level economic talks on Tuesday with the leader of China's delegation bluntly saying that any effort to politicize economic differences between the two nations was not acceptable.
Weatherweenie's Account Talk
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
http://biz.yahoo.com/ap/070523/us_ch...ade.html?.v=12
U.S. and China End High-Level Talks With Minor Agreements, Fail to Resolve Currency Dispute
WASHINGTON (AP) -- The United States and China concluded two days of high-level economic talks on Wednesday with a variety of minor agreements but failed to make progress in their dispute over China's undervalued currency.
Weatherweenie's Account Talk
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
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