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The Dollar Swings Its Hammer Again!
“If you look at the U.S. dollar as the ‘stock’ of the U.S., the dollar's value has corresponded directly to the level of the Current Account...is the dollar not down vs. the euro by almost 50%? And what has the Current Account done since 2002?”
http://www.dailyreckoning.com/Writers/Butler/Articles/101006.html
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Fan Gang: Economic growth of 8-9 pct healthy for China - Zibb.com
BEIJING, Nov 13, 2008 (Xinhua via COMTEX) --
Respected Chinese economist Fan Gang, also a member of the country's Monetary Policy Committee, holds an 8-9 percent economic growth rate is healthy for China.
In stead of a product of spreading global financial turmoil, China's current economic slowdown is a result of government's initiative macro economic control and has prevented even bigger economic bubble from emerging, Fan says, hinting at China's previous years of growth of about 12 percent.
Addressing the 6th Shanghai Wealth Management Forum, Fan predicts that China's GDP growth would decline below 9 percent in the fourth quarter and slightly below 8 percent next year.
Fan says the country's economy main regain a growth of 8-9 percent by 2010 if recent 4 trillion yuan economic stimulus package takes effect.
China introduced the expensive package days ago against a backdrop that the country's economy dips overly fast. But Fan says the package will not pay off until 2010.
The respected economist holds that the fiscal spending package can only prevent economy from further declines and spur the gradual recovery of other demands, rather than solving the fundamental problems of the country's economic growth model.
Tags: china economic growth economy gdp government monetary policy shanghai yuan
Euro should become second largest reserve currency, Fan Gang - Zibb.com
BEIJING, Nov 18, 2008 (Xinhua via COMTEX) --
Euro should become the second most imp ortant reserve currency of the world next to US dollar, renowned Chine se economist Fan Gang, also a member of the Monetary Policy Committee under the People's Bank of China, the central bank, says today in Beij ing.
Fan says US dollar hegemony is the source of the still spreading gl obal financial crisis and measures should be taken to change the situa tioin.
He also suggests that International Monetary Fund (IMF) should dra ft chapters to increase restrictions on US bond issuance sizes. Endite m
Tags: bank china currency euro imf international monetary fund policy us dollar
The world needs 3-5 years to step out of recession, Fan Gang - Zibb.com
BEIJING, Nov 18, 2008 (Xinhua via COMTEX) --
Respected Chinese economist Fan Gang, also a member of the country's Monetary Policy Committee, predicats that the world economy needs 3 to 5 years to step out of recession.
Fan said the world economy would first go through a slight negative growth in the following 1 to 3 years then a low growth in another 1 to 3 years.
Tags: economy monetary policy recession
*XH China should refocus on manufacturing industry, Fan Gang - Zibb.com
Nov 18, 2008 (Xinhua via COMTEX) --
*XH China should refocus on manufacturing industry, Fan Gang
Tags: china manufacturing
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