The White House rejected application help California bankruptcy countdown

According to the Shanghai Securities News reported that covers the entire US economy 13% of the total United States first great state of California is facing a bankruptcy situation. Open Tuesday, the White House rejected the crisis of the State Government to provide emergency assistance, and that the needs of California's own to solve immediate problems. If you cannot find a new way, faced with huge budget deficit of $ 24 billion of California Government may have to be in the next couple of months to declare bankruptcy.

Refused rescue

"Obviously, now on California, is a difficult period," White House spokesman Gibbs at a Conference on Tuesday.

A reporter asked whether it would be a financial crisis in California to provide emergency assistance. Gibbs implicitly gives a negative answer: "we will continue to focus on the challenges facing them, but unfortunately, the current budgetary problem may resolve itself by California. ”

Affected by the recession, California government revenue dropped significantly, State unemployment is increasing, while the property market crisis also. Only in the past years, California government revenue is reduced by 27%, first in the late 1990s. California's budget deficit the Government currently has more than 240 billion, which also limits the Government by issuing bonds to finance efforts to make the financial crisis is becoming increasingly serious.

Insider, in response to the crisis in California, United States Government has recently held a series of top-level meetings. Geithner, the White House Council of economic advisers Director Roemer, the White House National Economic Council Director summers et al. 's view, California, and you can rely on our own forces support a period of time, should solve budget problems and not by the Federal Government assistance.

California audit shortly before the Yangtze Chun-Hui always warned that if you cannot immediately locate the solution, not 50 days, California Government have closed. Schwarzenegger said last week, June 15, after that, each day will endanger the delay from the State Government of liquidity and the functioning of public institutions.

Dilemmas

The moment to California, is the most "leg" of the period. For Schwarzenegger proposed resolution 240 billion budget deficit of the plan, the California Assembly this week a consensus cannot be reached, it also makes California may soon fall into no money available in an awkward position.

Rating Agency standard and poor's on Monday warned that may lower creditworthiness rating of California, the State further seek bond financing brings greater challenges. Sandp says California without the 2010 budget to carry out large-scale adjustment, may be unable to repay debts on time.

Standard & Poor's put California nearly 670 million of bonds include negative credit watch list, and that the State's structural budget deficit may cause serious liquidity gaps, debt arrears or forced to release securities instead of cash for debt repayment. Standard and poor's warning that if California Government does not resolve the problem, you may put the State's rating drops to A following.

On the Federal Government, is now in a dilemma. If you do not aid in California, is likely to cause greater confusion; if you open the head, and other State tops, putting a heavy burden on the Federal Government.

Compared to the mess of California, United States and many other State's financial situation or not. According to professional organizations in the financial year 2010 and 2011, the United States there are 50 States facing budget deficits are 47, cumulative deficit of up to $ 3500.

In this one, most of the deficit will raise taxes or cut expenses have been resolved, but will still be a considerable part of the ultimate in some form to pay by the Federal Government.

There is still room for

However, taking into account the special position of California, the Federal Government seems to not speak dies. Before Congress to receive questions, when asked are you sure you want to exclude the possibility of rescuing California, Geithner said that in order to resolve the confusion that we might have to take some unusual behavior, as we previously adopted measures. "This is not easy, but I just want everyone to know that I'm afraid we have to do some of the things you want to go back. ”

California is not only the United States's most populous state, economy of scale is quite huge, covering the entire US economy approximately 13% of the total. Statistics show that as an independent economic entities, California's economy rankings or even into the top ten in the world.

California financial officer Lockyer has warned that if California economic collapse, not to say that world-wide, at least, it will be shaken financial markets in the United States.

From California Congressman lovfgren said, it's not just California, is the United States. "I can't speak for the President, but as the 50 States, a member of the California economy ranked eighth in the world, such a State if you are unable to recover, it is difficult to see the entire national economy. ”

Los Angeles a research institution of analysts Thornburg, let the California bankruptcy for California and the United States economy stakes are too high. "I think the Federal Government does not have enough courage to say no to California. ”

UK financial sector in the third quarter will layoff yuwanren

United Kingdom industry Federation 28, publish quarterly survey reported that the United Kingdom financial services business in the third quarter of this year layoff 1.3 million.

United Kingdom industry Federation Chief Economic Adviser · Ian McCafferty on London Press Conference, said that although the financial services industry is expected to occur in the next few months, but signs of situation remains grim, industry profits, investment and employment is still the "decline".

But the report notes that the financial services industry's third quarter slowed the pace of job cuts. The first quarter of the industry layoffs 1.7 million, second quarter estimated layoffs 1.5 million.

The Federation also expects United Kingdom financial services revenue in seven consecutive quarters of decline in the third quarter is expected to return to growth.

United Kingdom industry Federation in May 20 to June 3 days on 73 financial services companies were investigated, the interviewed companies covering banks, insurance companies, brokerage companies, fund companies, etc.

Bank of Japan decided to maintain the current level of interest rates unchanged

Japan Central Bank-the Bank of Japan, will be announced on the 20th day interbank offered rate unsecured overnight stay at 0.1% unchanged.

Japan's Central Bank in the monetary policy decision issued a statement after the meeting, said that although Japan domestic civil demand restoration of the lack of autonomy, but Governments policy stimulated, in particular demand in emerging countries, Japan's exports and production continued to increase in Japan's economy is improving. Therefore, Japan's Central Bank to its current economic boom of judgement from previous "is on the mend" upward "better".

About the Japan economic trend, the statement says, in 2010 fiscal year (April to March 2011) prior to the first half of Japan's economy is slowly improving possibilities is large, with enterprise performance improvement after starting benefit the family consumption, Japan economic growth will gradually improve.

Declared that Europe's balance adjustment as a result, enterprises, medium and long-term development trends and prices will be Japan economy faces major risk factors.

Since the outbreak of the financial crisis in a comprehensive, Japan in October of last year, the Bank will inter-bank offered rate unsecured overnight from 0.5% to 0.3% last December and will be lowered to 0.1% and has remained unchanged at this level.

Korea Government to create jobs to consider relaxing the investment restrictions

Korea Government 18, said that in order to create more jobs, it is necessary to decisively to relax some restrictive policies to strengthen investment flexibility.

Korea business finance chief Yin increases in Korea on the day of the year, and the financial sector representatives said, it is expected that Korea's economic growth rate this year will amount to 5%. But currently, jobs and not with the economic situation improves, employment rates have not increased the degree of economic prosperity has not improved.

Yoon-Hyun stressed that only by increasing business investment to create more employment opportunities. To this end, the Government will consider relaxing the investment limits, as well as expanding to ensure that labour market flexibility by contributing labor system in the industry category, and so on.

At the same time, will give the subjects of small and medium-sized jobs, the necessary support, introduction of large enterprises and small and medium-sized enterprises with each cooperation specific programme. In addition, the Government will make medical, tourism and other industries of new investment model, active support to effectively promote the development of employment services.

Germany to consider assistance to Greece out of Euro or 10-week losing streak shadow.

<P> Debt problems of countries such as Greece, tailored to the EU special summit in Brussels today kicked off. .Before the meeting, has reported two good news: on the one hand, self-help measures will be implemented in Greece, the government announced that it will implement a 9, a major reform of the tax system, wants to reduce the budget deficit; the other hand, there is news 10 ., Germany and the euro area the government has agreed in principle to the Greek rescue. .Always seems to be rather pessimistic, "Dr. Doom" Roubini on the intention of other European countries, expressed appreciation for the rescue, in his view, the European officials to consider to help Greece out of the woods is "a step in the right direction." .</ P> <P> the support of the good news, the 10 euro extended gains the day before; 9, the euro rose was hovering around 1%. .Analysts believe that if Greece were rescued, the euro rebounded from the lows for months, Citigroup believes that the euro's decline to 10-week losing streak come to an end. .</ P> <P> Greece announced a major reform of the tax system </ P> <P> end of last year, three international rating agencies have lowered the Greek sovereign credit ratings. .Since then, the Standard & Poor's sovereign credit rating outlook to Spain, down to "negative", Ireland, Portugal also received lower ratings or were the warning. .Another rating agency Moody's by the "slow death" to describe the economic outlook for Portugal and Greece. .In all walks of life whether you want to Greece, the euro-zone countries in trouble when you come to the rescue argue, first to the Greek government has begun to help themselves. .9, the Greek government announced a tough high-profile tax reform, trying to take advantage of the name of broadening the tax reduce the budget deficit. .</ P> <P> tax reform, aimed primarily at high-income groups, low-income people have little effect. .Under the new tax system, the maximum threshold of 40% tax rate will be reduced to € 75,000 € 60,000; dividend tax from 10% to 40%; providing employment is expected to decline in corporate tax, corporate tax rate will gradually drop from 25% .20%. .</ P> <P> Greek Finance Minister George Papa Constantine the day, said the reform of the tax increase of 1.1 billion euros. .He also said the market had a positive response to tax reform and non-salary decisions. .In addition to the tax reform policy, the Government last week announced an immediate hike in fuel tax, this tax year can bring the country about 934 million euros in revenue. .Earlier, European Commission, the Greek government has submitted a plan to cut the deficit in the country: the Greek budget deficit in 2012 gross domestic product (GDP) will increase from 12.7% in 2009 to 3%. .</ P> <P> normally holds four times the EU summit, the first annual summit was held in March, usually around economic issues. .Alleged that the emergency meeting may focus on the recent increase in Greece owned by the debt crisis. .European Central Bank President Jean-Claude Trichet will also be premature end of their trip in Sydney, returned to Brussels to attend the special summit of EU 11. .</ P> <P> rumors boost the confidence of the German rescue </ P> <P> 10, according to The Wall Street Journal quoted people familiar with the case said, Germany is considered along with the EU Member States to Greece and other eurozone members of the troubled .States loan guarantee program and hoped to dispel the market potential of these countries, debt default fears. .</ P> <P> reported that German Finance Minister Wolfgang Schäuble has recently with the European Central Bank President Jean-Claude Trichet exchange of views on this idea. .Observers pointed out that once the euro reached an agreement on assistance to Greece, it will be the euro since the advent of the euro area member states for the first time in 11 years to accept other members of rescue. .</ P> <P> 10, citing people familiar with Reuters as saying that Germany is currently considering several options, and did not decide which option chosen, but most likely is Greece "bilateral aid", that is provided directly by the German .payments, paid or unpaid, technology, equipment, supplies, etc., to help develop the economy of Greece, or through temporary difficult period. .In addition, European governments have agreed in principle to help Greece. .</ P> <P> analysts believe that given these words is by far the strongest rescue signal, suggesting that economic power in Germany, the EU may be ready to intervene to curb the euro's debt crisis. .</ P> <P> Although the market or get help on the Greek increasingly strong expectations, but the German government spokesman Weier Mu 10, carefully denied. .He said the assistance has been made in Germany reported that the resolution was "baseless." .</ P> <P> However, the German rescue of the talk will still Greece lifted the market. .9, the financial market risk appetite, the dollar and the yen and other safe-haven currency down, it also makes test a low days of the euro edged up, or was hovering around 1%. .10, the European currency, the euro continued to rise, but gains have narrowed the previous day. .As at Beijing at 19:46 on the 10th, the euro-dollar exchange rate reported $ 1.3790, up 0.11%. .</ P> <P> "If they do to help Greece, which will help the euro rebounded from the lows for months." Tan Pasi senior vice president of Advisory Capital Markets Caravaggio Gesar Gray said. .10, while Citigroup recommended investors buy the euro at around $ 1.3737, the Group believes that the trend of the euro fell 10 weeks may have ended. .</ P> <P> "Dr Doom", said the rescue was the right choice </ P> <P> 10 days, that is, the day before the EU summit, Greece within Europe on how to deal with the issue of debt crisis, serious differences .. .In the United Kingdom and Sweden, led by non-euro area countries, with Germany, France and other euro-zone different positions. .Britain, Sweden and other countries claim that if Greece to seek help, the International Monetary Fund (IMF) is the most suitable body to provide assistance, rather than the euro area member states themselves. .What it means to save Greece needs IMF to foot the bill, rather than the euro area member states out of their pocket. .</ P> <P> but known as "Dr. Doom" Roubini said the U.S. economist, 9, said European officials consider the relief of Greece is "a step in the right direction." .However, he also said the loan from the IMF is more beneficial in the long run. .</ P> <P> Roubini said the problem in Greece is only "the tip of the iceberg", the same high level of fiscal deficit and the weakening of external competitiveness, but also Spain and Portugal, and to some extent also includes Ireland and Italy. .Roubini said: "The problem of sovereign risk in the next few years will become a critical issue, the issue will not only Greece and the euro zone." </ P> <P> and share the same view also Roubini .with the EU Economic and Monetary Affairs Commissioner Joaquin Almunia, who also made the Greek words are the expected warming rescue. .He called on European leaders on Thursday a special summit to reach a consensus on aid Greece in exchange for the Greek radical fiscal reform. .</ P>.

European debt crisis will not translate into the global economic crisis.

<P> Katzman, chief economist at JP Morgan Chase (Bruce Kasman) and the chief market strategist at Loews (Jan G. Loeys) recently in Beijing for the China Securities newspaper interview that the debt crisis in Europe will not fully translate into .The global economic crisis, A-share market the next 6-9 months will have good performance. .</ P> <P> economic growth worries </ P> <P> Katzman noted that the main reason for global economic growth from emerging markets, increased demand for commodities, developed countries such as consumption gradually recovered. .He expected the core rate of the United States and the euro area will drop to historic low of 1%. .Major economies, fiscal and monetary policy normalization process will be taken only small steps. .Now global inflation is relatively low, the year the Federal Reserve, European Central Bank and the Bank of Japan will not raise interest rates. .</ P> <P> when asked about China's economic growth forecast, Katzman said it expected GDP growth in China, 2010,2011 8.7%, 7.3%, China's growth rate would become relatively more moderate. .</ P> <P> Katzman also said the global economic recovery also reveals hidden, "This is reflected in all aspects, including the labor market, public finance policies and what the credit market and so." </ P> <P .> He pointed out that the implementation of all major economies, long-term low interest rate policy, making the emerging economies, policy control more difficult, which also led to weak job market, the deficit at a high level, the impact of developed markets vulnerable to effects of such policies. .In addition, although the euro-zone policy makers to curb the financing crisis, but they have not estimated the subsequent sustainability issues. .While he considered the debt crisis in Europe will not fully into the global economic crisis, but for the developed market economies, Katzman from the medium-term perspective still hold more pessimistic mood. .</ P> <P> for the current financial market fluctuations, Katzman said the one hand, fears that the European sovereign debt crisis caught the country can long-term sustainable development; the other hand, the United States is trying to pass legislation on the financial .regulatory reform, the market also worried about the future direction of policy development may lead to uncertainty, "the pressure of this fact in recent weeks in the U.S. and Europe reflect the obvious, so there are more low-risk assets to .conversion of investment initiatives. " .</ P> <P> A medium-term bullish stock market </ P> <P> Loews also said that the debt crisis in Europe did not translate into the global economic crisis situation. .In asset allocation, he optimistic about the European currency assets, the proposed small cap holdings, cyclical stocks and value stocks, taking into account the holdings of Europe, the German Dax Index. .Policy tightening in emerging markets due to fears for his evaluation of emerging market equities to "neutral." .In terms of foreign exchange and commodities, he suggested that short the euro, in general do more commodities, metals holdings, gold, WTI crude oil and platinum. .</ P> <P> for holdings present, "stumble endlessly," the European stock, Loews that on the whole world developed economies to maintain a good level of development, and interest rates at relatively low levels, "particularly in Germany .Manufacturing prospects are good, then given the current situation of a weak euro, now is a good buying opportunity. " .</ P> <P> talking about China's A share market, Loews said the medium-term bullish. .He believes that despite concerns about tightening the market, but good fundamentals, the stock market is expected to Asian markets including China in the next 6-9 months will have a good performance. .He suggested including manufacturing, including the holdings of cyclical stocks. .</ P> <P> the RMB exchange rate, Loews said that the RMB against the U.S. dollar at least will not be rapid appreciation, but, overall, especially given the current weakness in the euro, the future trend of RMB appreciation is the event. .</ P>.

European media said the G8 only a sense of nostalgia is a pleasant surprise G20.

<P> Published June 28, according to the "Global Times," The G20 summit, held from 26 to 27, G8 summit is held from 25 to 26. .The international stage debut new Japanese Prime Minister Naoto Kan suggested in the G8 summit should let China join the G8. ."Japanese Economic News" said Naoto Kan, the same values as proposed in the discussion of the G8 group released its splendor, was also worried about China in the report may make Japan's presence affected. .In fact, the discussion of whether to invite China to join G8 has long been the subject appeared in the West, and now, G20 is replaced by G8 is more fashionable topic. .</ P> <P> 26 ended the G8 summit adopted a statement in which the part related to international political issues and more surprisingly. .A statement condemning North Korea's hostile stance, urging Iran to its nuclear program as soon as possible a dialogue with the international community, demanded that the Afghan forces to control the situation as soon as possible, but also exhaustive references to the Palestinian-Israeli issues and Burma. .Interpretation of Radio France Internationale, said that with the emergence of G20, G8 with the G20 gradually with distinction, the former head of the political, the latter charge of the economy. .But the "Deutsche Welle" quoted experts as saying that his Canadian colleague: Canada does not have the Maple Leaf, large enough to cover the failure of the G8. .</ P> <P> Germany 2 TV 27 comment that, G8 only a nostalgic sense, now leaving only the smile. .Reported to the next G8 summit in Nice, France is not the ice, the French first lady will sing. .Canadian "Globe and Mail" that, G20, the developing and developed countries, the Pacific and the Atlantic Ocean between the lack of consensus between Islam and Christianity. .But the article said, it is the lack of consensus makes the G20 is so important. .20th century ideological divide to make the most tragic period of history, survival hinges on our own history does not repeat itself. .G20 is the best hope for prosperity and peace. .</ P> <P> French "Le Monde" that the G20 is a "pleasant surprise in Beijing." .The article said, G20 and not entirely for economic reasons, the composition of other values, the Chinese out of here when the Group of Eight summit as the edge of the role. .The Chinese have a lot in a group of emerging countries to participate feel more at ease. .The report quoted a professor at Hong Kong Baptist University, as saying, G20 can improve their international status of China, even in the current situation playing a major role. .Because almost all the face of a loan or debt by the industrialized countries, China is playing the role of the world's major creditors. .</ P> <P> Research Center, Tsinghua University, China-US relations on Sun Zhe, "Global Times" said, G8 and G20 different roles, different tasks undertaken by the United States will North Korea, Myanmar and other areas of their concern .issues at the G8 summit to discuss topics, that the United States tried to use its dominance to achieve its political intentions, but can not decide G8 pipe political, G20 control the direction of economic development, emerging countries will not talk about the economy do not speak of political power. .Sun Zhe think, G20 increased the role of the interest of China, many foreigners look at this issue along with the different interpretations, some envy, some jealousy, also brought an issue, they ignore the difficulties in China. .Within the framework of the G20, China not only assume the role of convergence with the developed countries, but also coordinated with the internal contradictions of the developing countries. .While seeing the scenery in China, this difficulty but was greatly reduced. .</ P>.

RMB should be included as soon as possible IMF SDR.

<P Align=center> </ P> <P> </ P> <P> local time on June 28, International Monetary Fund (IMF), Mr Kahn said that the yuan continued to rise in China's interest, but it is not .redress the trade imbalance panacea. .He also hoped that the yuan "as soon as possible" into the special drawing rights (SDR) basket of currencies, the yuan exchange rate must first be determined by the free market. .</ P> <P> Kahn told reporters at a press conference that he believed that with the booming Chinese economy, the RMB will be the driving force into the SDR. .</ P> <P> Kahn said: "I think the real exchange rate pricing by the market to achieve some form of free-floating before the yuan is still difficult to enter the SDR system." However, Kahn believes that this process will .will be very short. ."The passage of time, SDR, more and more into other currencies reason to accept the yuan will be the starting point of this process." </ P> <P> China, Russia, Brazil and IMF now hope that the increased use and promotion of SDR .. .SDR is a supra-national reserve assets of the U.S. dollar, euro, yen and pound to a basket of currency composition, is an IMF member assigned to the right of use of funds. .</ P> <P> generous in IMF aid to Greece, their shortage of funds have emerged. .IMF Policy Steering Committee in charge, the Egyptian Finance Minister Ghali said earlier, IMF may have to issue more SDR, to raise funds from members, or will the yuan to a basket of currencies in the SDR as a member. .</ P> <P> Goldman Sachs economist Michael Buchanan, chief Asia-Pacific region, taking into account China's export share and the share as a reserve currency will increase in the future, on the whole, the total share of RMB future will account for SDR .25%. .</ P> <P> and at the weekend the Group of 20 (G20) during the Toronto summit, IMF reform problems of concern. .Kahn said the IMF after the reform, China's seat will have increased significantly. .</ P> <P> Kahn said the increase in emerging countries, especially as emerging Asian countries such as China's role in the IMF, the right to speak, seats, etc., is the IMF at the end of this year to achieve the goal. .Increase China's seat is a natural thing, because China's economy expanded rapidly in China should give more space. .Not only in China, some other countries of the seats will increase, such as India and Brazil. .Therefore, some developed countries must give up some of their own seats in order to maintain the balance of seats IMF. .</ P> <P> At the same time, Kahn also praised China's decision to further promote the exchange reform, and that the rapid appreciation of the renminbi will not, "but policy changes will be gradually modified the case of an undervalued exchange rate." .Kahn believes that the appreciation of the renminbi in China's interest to continue, but this is not the panacea for China-US trade imbalance. .(Source: People's Daily Online - International Finance News) </ P>.

International wheat prices skyrocketing Liucheng.

<P> Recent international futures market, by the Russian dry weather, the market may be affected by concerns about agricultural production, promoting agricultural prices on the international market soared. .Text, table / reporter Chen Fang </ P> <P> by the Russian dry weather, Chicago Board of Trade (CBOT) wheat prices began to rise significantly since early June, as the current price is close to 7 U.S. dollars / bushel, from 6 .low in January has risen more than 60%. .</ P> <P> According to the U.S. Department of Agriculture statistics, Russia's wheat production accounts for 8% of global wheat production is about, barley accounted for 10% of global output. .The oats and rye production of the world's more than 20%. .</ P> <P> also led to soaring wheat prices are rising in other agricultural products, corn futures prices rose nearly 20% over the same period; soybean futures prices began to soar since early July, the cumulative increase has reached 10%. .</ P> <P> Domestic: up 6% stock futures did not rise </ P> <P> in the case of foreign markets soaring domestic wheat futures prices rose only about 6%, while corn futures rose about 7%, .Since early July soybean prices rose only about 5% since. .</ P> <P> the inflow of funds of the City </ P> <P> Liu Ching-force GF Futures analyst, said the foreign futures prices rose sharply pressure on the domestic market, China's corn and wheat imports in total consumption .constitute a very small proportion. .</ P> <P> start since early June when the price of wheat, Zhengzhou Commodity Exchange wheat futures open interest of about 5 million in hand, and by the early August rose to 150,000 the total open interest level of the hand, there was a marked volume .amplification, indicating the inflow of funds in the. .</ P> <P> spot of wheat declined with the rise </ P> <P> main current futures contract price of wheat has risen to 2,400 yuan / ton, much higher than the spot price. .Basically, no gain in the spot market, early June 14 cities in wheat production and marketing area average price of 2009 yuan / ton, while the average price yesterday rose to 2033 yuan / ton, was up only 1%. ."It is understood that inventory is basically flour mill consumption to six months, the fundamentals do not support the price rose." LIU Qing forces, "said wheat round up, increase more than expected. Late wheat prices will gradually return to rational, to recover more .to be careful. "</ P> <P> reasons: the expected decline in China will increase imports </ P> <P> Tianqi Dong Jianye Futures analyst said:" China is an important consumer market for agricultural products on the international market investors expected .China's next two annual food grain production will decline, China may increase imports of grain, so pushing up the price. "</ P> <P> According to USDA's latest forecast data, 2010/2011 wheat production will drop to 1.145 .million tons, lower than the 2009/2010 level of 1.15 million tons, while imports will reach 90 million tons, although somewhat lower than the 2009/2010, but it is 2 times of the year 2008/2009. .</ P> <P> Board APB that if the domestic wheat prices continue to rise to 2,500 yuan / ton will face great pressure, once the domestic prices stop rising, part of the international market prices will lose its support. .</ P> <P> view: differences between long and short commodity market to increase </ P> <P> to adjust the futures market yesterday, the main industrial products decreased in most varieties, agricultural futures continued a strong trend early, corn, soybeans .other varieties closed up, while wheat futures edged down 0.04%. .</ P> <P> despite increased production, due to weather there is greater uncertainty, greater differences between long and short. .</ P> <P> fundamentals, attention to producing weather conditions, changes in metal stocks and the dollar. .We believe that commodity prices have technical adjustments to the request, but after today's shock whipsaw, the latter would be more cautious mood short. .Proposed to do more farm bargain. .</ P> <P> (Chen Fang, Tianqi Futures Zhao Weiwei) </ P>.

Central Bank interest rates-US dollar unexpectedly go rise in global market panic

The US dollar against the euro on Tuesday in New York City strong go against the Japanese yen, the dollar is holding steady, but the days of the accident announced increases in interest rates caused global market confusion.

Tuesday after the EUR/USD is located in New York City fluctuation 1.3720 interval 1.3714/1.3937 low segment. Opening the interval high segment.

After the US dollar against the yen in New York, balanced 81.53 opening level, but are still in the interval 81.37/92 volatility is low.

After the sessions, two Exchange rates are moderate tempo, rhythm at the beginning of the trading in comparison to more actively, the US dollar against most currencies on line. This is mainly due to the recent short the USD started the open positions, in addition to the interest of accident-it announced in New York shortly after the opening, leading the US stock and commodity market appropriate depreciation.

This interest rate increase a market the majority of traders and analysts expect that China had loan reserve rate by 25 basis points to 5.56%, the current one-year deposit interest rates to 2.50%.

This decision, not just in time for the unexpected, but beyond market is expected to cause global market panic, triggered the US stock market and other commodity prices, the depreciation.

As the market diminishing risk interest, US dollar against most currencies on line going up, because of the recent short the dollar have launched the open positions. Recently, the Federal Reserve further quantitative easing is expected to make the dollar under pressure.

Opening EUR/USD is located above and approximation 1.3900 overnight high 1.4000. Early trading hours all rise in the dollar, euro, sell order stop loss level is triggered. After the former EUR/USD dropped to a low point, then 1.3770 in after hours extend decline to 1.3721.

Dollar rally driving the US dollar against the yen on high 81.92 early trading, but then fell back in after the moderate.

Similarly, the Dow Jones industrial average plunged more than 200 days, dealers think this round of accidents increases interest rising or slowing down global larger countries, the pace of economic growth, and commodity market also fell down.

City, in China announced increases in interest rates, many European market trading hours end, slightly more damage.

After the sessions, the spot price of gold at $ 1331.50/ounces, since the beginning of the New York City, far lower than the decline 1356.50 overnight high point $ 1371.05.

The same period in the shares, the price of crude oil prices since Monday closing 79.72/barrel, down $ 3.67, far less than the New York City early 81.82.

Dealers said China's rise is not intended to reflect, they anticipated the Asiatic market on Wednesday will be the interest rate on this wheel performance negatively. In China announced before the market interest rate had concluded transactions.

Korea intends to relax restrictions on foreign investors off-exchange transaction

Korea financial control Court 19, said that in order to eliminate foreign investors in the country of the investment process, we make the financial investment industry provides for the purposes of rules amendment. According to this amendment, foreign investors in Korea can make over-the-counter object range will be expanded, securities trading-related reporting requirements will also be relaxed.

It is reported that the amendments will go through the program, gathering views from around mid-July this year introduced.

According to this amendment, foreign investors will be and Korea domestic financial firms for OTC derivatives clearing transactions with securities.

At present, the foreigners to take advantage of international securities settlement institutions ICSD account in Korea domestic bond transactions, you must declare the obligation bond trading profit margins and bond trader's name, nationality. This system will also be implemented as the amendment was withdrawn.

In addition, even when foreigners in Korea investment to a different name to register, simply submit the actual investment assets has proved that you can not comply with the registered name of the account number of the transfer of funds.

The Obama administration to recognize the extent of the United States economic grim underestimated

United States Vice President Biden in the United States, playout Broadcasting Corporation (ABC), "this week" in recognition of the shows, the Obama administration on the United States economy, the degree of difficulty had been underestimated. Analysts believe that Biden out this expression of the main reasons is that the Obama administration in addressing the employment this core issue failed to honour their commitments.

Early this year, the Obama administration launched the economic stimulus plan made the unemployment rate will not exceed 8% of the commitment. While the United States Department of labor, the latest data show that the United States in June rose to 9.5% unemployment rate. In other words, the Obama administration has already gone back on his word. Biden acknowledged that 9.5% unemployment rate is too high.

Currently, the unemployment rate continues to rise in the United States Government has become the number one economic challenges. Labor Department figures show that as of June 2009, the United States unemployment totals 1470 million to 1948. Since the Obama administration economic stimulus plan was implemented, the United States lost jobs has reached 200 000.

The Obama administration also face attacks from the opposition. Senate Republican Leader Mitch McConnell · 5 in a statement said: "I'm on economic stimulus plan will produce any good effect is very suspect. I think that the economy would have self-recovery, and stimulating projects. "House GOP leader John · bona criticism that economic stimulus plan and create employment, but in fact it is more of the big government bureaucracy spend on the project. The Obama administration economic policies failed to deliver on promises of higher proportion in the next Congressional midterm elections, the Democratic Party pressures will be bigger.

In addition, the United States public discontent will rise with the increase in unemployment rate. 4 July, in the United States celebrate independence day around Washington street demonstrations against the Government appears, protesters attack "against big government" and "the Obama administration increased unemployment" and other slogans. Despite Obama's support rate is still high, but compared with the beginning of the year, its popularity has declined.

Biden said, 1 month launch of economic stimulus plans are based on the prevailing economic data, is the Bush Administration's legacy of economic chaos. He insisted that, at the launch of economic stimulus plan is a wise choice. Biden said the project expenditure is expected to be completed within a year and a half, the major projects to the month of September this year will take effect. With the economic stimulus plan 7870 billion accelerated implementation, in the long term will create more jobs. However, Biden said, the current discussion on whether to launch a second round of economic stimulus plan was premature.

The Fed increased the next year US economic performance prediction

According to radio reports, the Fed made the prediction of the United States economy, it is expected that the magnitude of economic contraction this year than originally expected, from the original forecast contraction 1.5-1% to shrink 0.4-0.1% next year's economic forecast by the original estimated increase of 2.1-3.3% to 2.5-3.5%. However, according to the Federal Reserve lowered the rate of economic growth in 2011 to 3.4-4.5%.

For unemployment, the Fed this year, the unemployment rate in 9.9-10.1%, roughly with the original estimate, and a slight improvement in the next year to 9.3-9.7%, than the original forecast slightly downwards.

"A year of graduation," Obama to produce the exam results

A year ago on January 20, Washington, United States, from all corners of the 200 million people braved the cold to listen to the history of the United States, the first Black President-bellac · Obama pledge: we are in crisis, the United States will pull through!

A chance, Obama's "first grade" has graduated and was a lot of voters believe the "Roosevelt's second" he, what kind of results you can explain to supporters? is summarized in one sentence: "is fairly good, but also can do better. ”

Economic performance "fairly good"

In Obama's lead, the United States economy is finally in the second half of last year went out of the Roosevelt era the biggest crisis since so many millions are still looking for the "rice bowl" hope of the people; the force pushing in the White House, the United States Senate last December adopted a landmark health care reform bill, for the majority of the population has brought the Gospel; and on the perpetrators of this crisis — the Wall Street Journal, Obama also led launched the history of the largest financial regulatory reform.

Obama took office during the first year of performance of the famous magazine the Economist, the evaluation is "fairly good, but also can do better."

Obama's greatest achievement is soon led the United States economy out of the great depression was the most serious financial and economic crisis.

The Wall Street Journal last week on nearly 60 Economist surveys show that the industry is generally expected that released this month by the United States in 2009 for the fourth quarter GDP growth rate will reach 4.3%, much higher than the third quarter of 2.2%. But this year, the United States by GDP growth rate is expected to increase by 3%.

You can do better

Although commercial mortgage, and other areas still not reassuring, but United States financial services industry's situation has stabilized. As of the end of last year, the United States Government's TARP program funding has been recycled, and 1640 billion have produced at least 160 billion in profits.

In the not very satisfactory employment market, the Obama administration of a series of measures also achieved positive results. The White House, said the President last year, shortly before the emergency stimulus measures, keep up to 200 000 jobs. In addition, analysts expected, although economic growth continues to slow, but the United States over the next 12 months of work is expected to increase 140 000.

As for the crisis of the financial industry sources, the Obama administration has also taken more stringent measures for the purpose. Last month, the United States House of representatives passed a long 1279 page financial regulatory reform programme, once the Senate passed and the President's signature, the programme since the great depression will be the largest financial regulatory reform.

Last week, Obama also announced another unprecedented decision — to large financial firms to introduce the "financial crisis in liability fee". It is estimated that this new tax is expected to be 12 years or so to raise 1170 million, in the next 10 years to raise funds for 900 million. Of these, approximately 60% of tax revenue will come from the United States ten of the largest financial enterprise.

However, in the back of a prosperity, Obama still has too many problems to solutions. Continuing decline in the rate of public support, is his best warning and impetus. United States, the unemployment rate remains high as two digits, the last year of the loss of jobs up to 420 million. At the same time, the budget deficit on a trillion, still hanging in the United States economy heads of a sword. Also, how to restrain the resurgence of protectionism, and China, and other major trade partners to maintain good relations but also is Barack Obama the next few years an important subject.

Greek carnival in Europe drive the debt crisis of the haze that lingers.

<P> The past week, the Chinese celebrate the Spring Festival, the Europeans are to enjoy the crazy carnival. .Recent debt crisis-ridden Greek is no exception, and they had a carnival. .But the carnival owned by Carnival, carnival after the debt crisis of the haze is still shrouded in Greece and other EU countries in the head. .</ P> <P> Greece, the EU did not come up with aid programs </ P> <P> before the passover of the February 11, the EU informal summit was held. .Originally, the meeting was not prepared to discuss the debt crisis of Greece. .However, the repeated request of the Greek, the problem was to "squeeze" into the agenda. .At the meeting, 27 members of the Heads of State or Government agreed to "take firm and coordinated action" to help Greece, but the fact is "paying lip service to", they did not come up with specific assistance programs. .</ P> <P> 15, 27, finance ministers were meeting again in Brussels. .But the outcome of the meeting is to urge Greece to take self-help measures as soon as possible, asked the Greek government in mid-March to come up with convincing solutions. .After the self-help programs in Greece but also from month to month to accept the EU review. .As a result, the Greek equivalent to the EU carry out a mandatory national financial management. .</ P> <P> Rehn, the European Commission Financial Monetary Committee, said: "Today, people are once again stressed that the process of reducing the deficit, Greece must be announced before mid-March in which new additional savings measures." </ P .> <P> 2009 年 10 months, the Greek government announced the new 2009 budget deficit will reach 12.7% of GDP is twice the previous government estimates, but much higher than the EU's "stability and growth pact" .The deficit can not exceed the provisions of the GDP target of 3%. .Then, Standard & Poor's, Fitch and Moody's have the world's three major rating agencies lowered the credit rating of Greece's sovereignty. .Thus the Greek government's debt crisis began. .</ P> <P> "pigs" crisis become a hot topic </ P> <P> At the same time, the so-called "pigs" (PIGS) crisis has increasingly become a hot topic in European media. ."PIGS" is the Portuguese (PORTUGAL), Ireland (IRELAND), Greece (GREECE) and Spain (SPAIN) 4 State English name of the first letter of the acronym. .Apart from outside Greece, Portugal, Ireland and Spain, countries of the deficit of 3 levels far beyond the EU's "stability and growth pact," the provisions of the 3% target. .And Spain is the euro zone's fourth largest economy, the economy is almost twice the size of Greece, Portugal and Ireland combined. .According to the Spanish Ministry of Finance report released in February this year, the public deficit to GDP ratio may still be as high as 9.8%. .The end of 2009, Standard & Poor's sovereign credit rating outlook to Spain, down to "negative." .</ P> <P> in the end is what led to the debt crisis of the Greek? .Janis Stewart Nadu Greek-known economist summarized its fiscal years, cost overruns, the huge civil service, the three major reasons for serious tax evasion. .First, political parties and trade unions based on the pressure, the Greek government over the years of excessive increases in public spending, over to raise wages and pensions and other social benefits, the Financial overwhelmed; Secondly, only the number of government departments, civil servants account for the national labor force of Greece .10%, if you count the pension management institutions and some public sector employees, the proportion of higher civil service a huge huge financial burden; Third, over the years, the Greek government has been performance in the fight against tax evasion .weak. .It is estimated that the Greek government because of tax evasion behavior at least equivalent to an annual loss of revenue to 4% of GDP. .</ P> <P> Greece, no one is willing to save? .No one can save? .</ P> <P> how to help Greece out of the woods? .Now the problem continues to haunt the European Union. .EU-27 countries, 16 countries adopted the euro, constitute the so-called euro zone. .Britain and Sweden and other countries, although EU member states, but not using the euro, does not want to save the Greek "bill" and advocate of Greece should be the International Monetary Fund (IMF) for help. .And inside the eurozone, opinions are not uniform. .Germany is the richest country in the European Union, but most Germans do not agree with the Greek crisis of pocket. .</ P> <P> German "Bild" commissioned by Em Needham Market and Social Research Institute to do the poll, 67% of Germans do not want Germany to Greece and other EU member states to provide tens of billions of euros .dollars of financial assistance; 53% of Germans believe that if necessary, the EU should be expelled from Greece, the euro zone. .German Chancellor Angela Merkel's Christian Democratic Union and the leadership of the ruling coalition of the Liberal Democratic Party belong to many members are opposed to relief Greece. .Liberal Democratic Party who Shiao Tuo - Frick said: "To solve the problem, should not be providing financial assistance to Greece, but should be away from all the damage to the German taxpayer." </ P> <P> to the European Central Bank .that it currently has no plans to help Greece. .But even if it wanted to lend a helping hand to Greece, there are insurmountable legal obstacles. .Because the existing legal framework, neither the European Central Bank obligation and can not help Greece. ."Maastricht Treaty" has been called a "non-assistance clause." .This provision explicitly prohibits members of the European Central Bank and the Central Bank or the Community to the Member States to provide public sector institutions or similar overdraft overdraft loans; prohibit members of the European Central Bank and central banks to buy bonds directly to these institutions; against the European Central .banks to accept or seek instructions for other relief agencies. .</ P> <P> British think-tank "Open Europe" of the Greek EU aid of 10 possible options. .It was found that the law is only one feasible, and that is paid to the Greek advance payments under the European Union Solidarity Fund. .According to the EU in 2007 to the mid-term budget for 2013, Greece should promote the development of backward areas in the European Union Solidarity Fund received a total of 20.2 billion euros in financial support, so far there is no allocation of nearly 18.1 billion euros, it'd be a partial solution to the Greek government is facing this year .gap of 530 billion euros. .Of course, the best method is still Greek to self-help, self-help way to find out as soon as possible. .</ P>.

Debt crisis in Europe dragged down oil prices continued to decline.

<P> Last week, the decline in international crude oil do not change, May 21 closing, the New York Mercantile Exchange, light sweet crude for July delivery futures fell 76 cents to settle at $ 70.04 a barrel. .London Brent crude fell 16 cents to close at $ 71.68 a barrel. .</ P> <P> industry analysts said the euro zone debt crisis and a series of recent U.S. economic data released less than expected, the market worries about the economic outlook increased, European stock markets fell, so that the already sluggish oil prices .suffered another hit. .New York Stock Exchange price of oil fell to $ 64.24 a barrel, the highest since the end of July last year, the lowest price. .Next week, the international oil price is still worrisome, upstream weakness. .</ P> <P> debt crisis in many developed economies, but a wide range of sovereign debt tip of the iceberg. .New crisis could spread to the United States, Japan and the UK. .A global sovereign debt crisis is brewing, the world economy may face risks of second bottom. .Noted economist Nouriel Roubini at New York University professor said. .</ P> <P> U.S. economic data released last week showed U.S. initial jobless claims, there is no decline as the market expected, but increased by 2.5 million people, and its highest value since hitting a five-week; housing mortgage application volume .chain fell more than 27% to May 1997 levels, making the market expected the U.S. economy is hard to form V-shaped rebound occurs. .</ P> <P> Thus, while the euro rebounded against the dollar, higher New York stock market turmoil, but investors are worried that the debt problem in Europe will slow the pace of world economic recovery, resulting in energy consumption decline. .In addition, the uncertainty in the market, a sudden increase in the backdrop, investors avoid all be considered too risky assets, leading to panic selling emerging. .</ P> <P> U.S. crude oil inventories remain high oil prices also led to fatigue. .Data showed U.S. commercial crude oil inventories in the last 16 weeks up to 15 week of the New York Mercantile Exchange, crude oil futures for delivery in - Cushing, Oklahoma crude oil inventories are at record levels. .</ P> <P> but there are also optimistic analysts believe that demand in Europe the impact of the debt crisis and the stock market and currency market sentiment is bearish oil market is in a state of turmoil. .However, the data show that the energy needs of the United States and China has already begun, and relatively strong. .</ P>.

New York gold futures price sharply

Affected by the strong US dollar exchange rate and gold futures profitability spitting back, New York Mercantile Exchange 28 August gold futures contract at $ per ounce by 17.6, 1238.6 u.s. dollars, representing a decrease of 1.4%.

United States Department of Commerce 28, published data show that in may, United States consumer spending growth 0.2% of personal income growth 0.4%. Because the United States consumer spending accounts for about 70% of the total economy, is the United States as an important indicator of economic activity, although it may increase in consumer spending is limited, but better than 4 months of zero growth and market previously expected, shows that the United States economic recovery, although the lack of power, but the overall situation to improve, so the market sentiment is a low-key, weakened the gold hedging demands.

The g-20 leaders during the weekend summit meeting to request developed countries to strive to achieve a stable recovery at the same time, in 2013 budget deficit in half before, but also pointed out that part of the country's efforts to reduce the deficit or on global economic recovery. This message does not relieve investors recently on global economic recovery prospects of continued concerns, supporting gold period prices touch early liquidation/oz high point $ 1263.7.

Gold remains high early disk shocks, but on the day of the dollar going strong and the price of gold period of two consecutive trading days remain of rally and Intraday breaking $ per ounce 1260 of key price profit back to spit, gold at the close of the day before to spit and all gains, to a drastic fall in closing.

7 month delivery of Silver Futures fell in price per ounce, 43.2 cents to $ 18.678 2.3%. 10 month delivery of Platinum futures price of USD per ounce by 4.1, 1570.4 u.s. dollars, representing a decrease of 0.3%.

IMF2010 dollars in the first quarter's share of global foreign exchange reserves fell to 61.54%.

<P> YORK June 30 report, the International Monetary Fund (InternationalMonetaryFund referred to as the IMF) 30 released data show that the first quarter of 2010, the share of global foreign exchange reserves in dollars than the 2009 fourth quarter declined slightly. .</ P> <P> dollars in the first quarter of the global foreign exchange reserves accounted for 61.54%, slightly lower than the fourth quarter of 2009 62.14%. .Euro share has slightly declined from the fourth quarter of 2009 decreased 27.3% to 27.19% in the first quarter, but still higher than the fourth quarter of 2008, 26.4%, when the foreign exchange market is suffering from global financial crises. .</ P> <P> IMF data show that the first quarter of the global foreign exchange reserves of 4.61 trillion U.S. dollars, higher than the 2009 fourth quarter of 4.56 trillion U.S. dollars. .$ 2,838,000,000,000 U.S. dollars foreign exchange reserves, higher than the fourth quarter of 2009, $ 2,836,000,000,000. .</ P>.

Diversion of large global funds sought-after U.S. and Japanese government bonds in Europe.

<P> There are signs that global capital began to moved to government bonds from the stock market. .3, 2-year U.S. Treasury yields fell to record lows, the British 10-year Treasury yields fell to 15-month low; 4, Japan's benchmark 10-year bond yields fell below 1% below the low of seven .point. .The U.S. stock market fell 3; 4, the major indexes in Europe also fell across the board in early trading, Japan's stock market fell more than 2% of the day. .</ P> <P> 3 May, the U.S. announced poor consumer spending and real estate data. .Analysts believe that the weak economic data the Fed injection of quantitative easing may restart the bond market expected to heat up, which became an important factor in capital flows change. .</ P> <P> record low bond yields Fun </ P> <P> funds flock to the bond market led the United States, UK and Japanese bond yields fell to stage low. .Usually yields lower, it means that bond prices were more sought after buying the rise. .</ P> <P> 3 days, change of perspective is particularly sensitive to Fed policy-year bond yields 0.57 late Tuesday from 2% to 0.54%. .Session, the biennial bond yields fell 4 basis points to a record low of 0.51%, and since the July 14 record of the biggest days of decline. .5-year Treasury yield dropped to the lowest in more than 1 year, 2 yield from 1.64% to close at 1.55%. .</ P> <P> media reported that the recent Federal Reserve data showed, as a reserve holdings of U.S. debt management and other foreign central banks for investment purposes and its subsidiary units, to increase purchases of U.S. Treasury bonds. .BNP Paribas rate strategist in New York 谢尔盖邦达尔丘 grams of the United States, said, "This is very beneficial in terms of the Treasury market." </ P> <P> British 10-year government bonds yield 3, after hitting the same .3.259%, in April of last year the British economy during the worst recession since the first time. .Britain also marked the date of sale of 37.5 million pounds of five-year bonds, subscription ratio of 1.99 times, indicating strong investor demand. .</ P> <P> addition to the U.S. and Europe, government bonds are sought after in Japan. .Japan's benchmark 10-year bond yields fell to 1.0% from 4 years below the low for the first time since August 2003 fell below 1%. .Chief market economist at Mizuho Securities in Tokyo Koji Ochiai said, lower than Japan's rate of return, but the world over. .Japan's rate of return will continue to face downward pressure, may last less than 1%. .</ P> <P> In addition, the German Treasury prices opened higher on the 4th, the biennium bond yields slightly higher than 3 in a record low 0.526 percent hit the top of wandering. .</ P> <P> relatively weak stock market performance </ P> <P> and sought-after of all major economies, in stark contrast to the national debt is the world's weak stock market. .U.S. stocks closed down 3 at the three major stock index average decline of 0.45%. .4, pre-data show that the three major U.S. stock index futures was down 0.1%. .12 </ p>.

Western swimmers "printing policy" in the global economy experienced a "time bomb"

There are indications that a representative of Western Union Chuwei new round of quantitative easing, is to bring new emerging market risk. The World Bank, International Monetary Fund (IMF) and other institutions have recently warned that the US and UK funding for gate wide open again, you may give emerging economies brought an influx of hot money and the asset bubble significant risk, to a certain extent, this also to the current world economy have a maximum of "time bombs".

World Bank IMF frequently warning

At 19, published the latest issue of its half-year report, the World Bank specifically made for Asia, especially East Asia may alert the asset bubble formation in order to let you on this potential risk increasing attention.

With the global economic recovery as well as the massive inflow of foreign capital, East Asian stock markets have completely recovered before the decline and rise in varying degrees, and measure the areas of real estate price index is bounced, the current level is higher than at the beginning of 2007 around 17%.

As the world's fastest growing economic regions in East Asia in recent years attracted a large number of international capital flows, resulting in a result, this area currencies generally faced with larger appreciation pressure, to the number of export-oriented economies have a tremendous impact. Some States even have to take is to slow down the inflow of capital.

The World Bank report points out that the increase in capital inflows, domestic liquidity ample and investor confidence, and other factors, to push up the economies of the stock market, real estate and other assets, and to form new fears about the asset bubble. The report noted that the East Asian economies in particular should take precautions to ensure that no repeat ten years ago when the Asian financial crisis.

The previous day, the International Monetary Fund (IMF) also on large-scale cross-border capital into Asia expressed great concern. The first Vice-Chairman Lipski pointed out that the huge amount of capital mobility opportunities, but also may cause the asset price bubbles and financial instability. 123

Sweden IKEA Group plans to lay off 5000 people worldwide

The world famous home of chain enterprises IKEA Group announced in Stockholm on 23 May, to further reduce costs, determine the global retrenchment 5000 people.

Outgoing Group President and CEO Anders · Dayr dimensional lattices on Sweden's daily industry news, market slump of the environment in the face of the global financial crisis remains highly profitable IKEA Group will inevitably be affected, therefore, the company decided to lay off 5000 people worldwide, further compressing the operational costs.

This redundancy is primarily concerned with global 264 1000-plus sales departments and companies belong to Sweden home product manufacturer SWEDWOOD.

Deir means that IKEA Group had never taken such a massive layoffs, although the employees and suppliers is very heavy, but in the face of financial crisis and the reduction in market demand, the company had to seek slash operational costs.

He also said that, in spite of this, the end of August this fiscal year, IKEA Group sales is expected to reach € 215 million. This is mainly thanks to the group in the United States, Europe, China and Russia, and the addition of 22 new stores.

Korea institutions predict Korea this year exports rises to world no. 9

Korea Foreign Trade Association of the international trade Institute 12, published a report forecast that this year, Korea's exports will exceed $ 3560, a world history of the ninth-best results.

Report predicts that Korea 2009 Annual imports for 3270 billion trade surplus for the year 290 billion.

The first half of this year, Korea's imports and exports sales were $ 1445 and 1661 billion trade surplus of 216 million. Report forecasts that the global economic downturn affected in the first half of the exports decrease 22.3% to enter the second half of the year, exports of reduction will substantially reduce, the only 8.7%, exports will reach $ 1899. In the second half of the imports are also distinctly reduced by half to down 14.9 34.6%, imports will be% 1825 billion.

Previous history of Korea achieved the highest export records to 1985 the tenth of the world.

Report forecasts, exports, exports growth momentum is the most violent of liquid crystal devices, 45.8%, ships, wireless communication devices and semiconductors.

The report finds that contributed to the increase in Korea export including emerging developing countries actively import demand recovery and expansion of domestic demand stimulus policies of home appliances, automotive demand growth.

Department of Commerce's global launch for 30 seconds "made in China" advertisement

Recently, our Government introduced a series of global advertising, attempting to upgrade "made in China" of international image.

Duration of 30 seconds of the "cooperation" is the theme of the world

By watching the video, you can find the 30-second advertising around the "made in China, world cooperation" this central theme, emphasized that the Chinese enterprises to produce high quality products, being constantly and overseas to strengthen cooperation among companies.

Advertising one screen set to show a "Chinese manufacturing is everywhere in sight," and "made in China, world cooperation" concept throughout the advertising.

A day of day, early morning jog of the athletes wearing sneakers is "made in China", but "the movement of the United States, everyday family science and technology" in the refrigerator with "made in China" label, but a European fashion, as your storage and delicious food.

A similar iPod MP3 player with English annotations "made in China, but we use software from Silicon Valley," reflects the love music loves China manufacturing concept.

Even France's top models wearing brand clothes from "made in China", while advertising the last occurrence aircraft screen, is a fusion of crystal globe engineers, but also shows the "world cooperation" this philosophy.

Put objects international mainstream media is key

The advertisement is considered to be the first Chinese Government branding activities. This advertisement is from the internationally renowned communications group macro League group shareholding DDB Guoan advertising production company which lasted several months, carefully planned production, advertising in multiple scenes filmed in the foreign site.

According to the United States a specialized tracking media and advertising market dynamic website to disclosure, the 30-second ad from the Chinese Ministry of Commerce, in conjunction with the four Chinese Association jointly commissioned production. In addition to broadcast in Asia, next is also planned to include North America, Europe and China's main trade object area.

The four industry groups including: the China Chamber of Commerce, China Ministry of mechanical and electrical products import and export Chamber of Commerce, China import and export Chamber of Commerce, crafts, China Chamber of Commerce for import and export of textiles.

The advertising campaign's main appeal is trying to promote overseas Chinese brands, improve foreigners Chinese manufacturing product awareness, so that they no longer only China as a low-cost market. Department of Commerce has now purchased a six-week period, the number of international advertising mainstream media such as CNN (United States television networks) will be focused on the delivery object.

National strategy to show our "soft power"

For the Department of Commerce Initiates "made in China" overseas publicity, the State of the industry research department Deputy Minister Dr. Shi Yao-Dong is a good thing. Shi Yao-Dong said: "the behavior of Commerce, reflects the Government's strategic concerns, show the Chinese manufacturing of soft power. But we also realize that, once advertising may change to brand awareness, brand loyalty of culture is a long-term process. ”

The well-known brand experts, Chris, that in the face of the new world situation, China's advocacy initiatives, building a good national image, will undoubtedly have a positive meaning. Of course, this also requires good creative, Department of Commerce if you will be able to face the global programme of the open call for advertising, the effect will be better.

Last November the euro zone industrial new orders increased by 2.7% qoq.

25 <P> Eurostat released revised data show that last November, the euro zone industrial orders rose by 2.7% qoq, with this year's January 22 announcement of the rate of increase of 1.6% has improved greatly in comparison, but the year still .down 0.5%. .</ P> <P> latest data show that, compared with October 2009, the euro zone in November 2009 orders of intermediate goods rose by 2.3%, capital goods orders rose 1.1%, non-durable goods orders rose by 0.8%, durable consumer goods .Orders rose 0.6%. .</ P> <P> data also show that the 27-nation European Union in November last year, the chain of industrial orders rose by 2.6%, down 1.2%. .</ P> <P> experienced a heavy blow to the international financial crisis, the euro-zone industrial orders and the European Union in general since early last year was picking up. .</ P>.

Research institutions in Japan: Toyota recalls of Japanese economic growth.

<P> Daiwa Research Institute published 18 "Toyota recall the impact on Japan's economy spreadsheet results" show, by the Toyota recall events, the U.S. auto sales fell in Japan, the domestic passenger car production fell 30 million .vehicles, Japan's nominal gross domestic product (GDP) could fall by 0.12 percentage points will reduce the number of related industries employ 4.9 million people. .</ P> <P> Japan Research Institute The results show that cut 300,000 passenger cars in Japan in nominal GDP due to the direct loss of 714 billion yen ($ 1 about 91 yen), auto parts, electrical .and steel-related industries reached 310.3 billion yen loss, including the deterioration in employment and personal income market to reduce the impact of individual consumption, for a total loss of 609.2 billion yen. .</ P> <P> economist at Daiwa Research Institute, Hiroshi Watanabe, said: "Hatoyama government measures to stimulate the economy boost GDP growth of about 0.4%, while the production cuts by car, of which a quarter may come to naught, for .a great influence on the Japanese economy. "</ P>.

List of China-US dialogue, announced a total of 26 results.

<P> In the second round of Sino-US strategic economic dialogue under the framework of strategic dialogue, the two sides discussed bilateral, regional and global level, the major problem. .During the dialogue, the two departments also on energy security, climate change, the United Nations peacekeeping, counter-terrorism and other problems with law enforcement counterparts in consultations and meetings were held. .Dialogue has 26 concrete results. .China and the U.S.: </ P> <P> a sign of the "China National Nuclear Safety Administration and the U.S. Nuclear Regulatory Commission on Further Strengthening the Westinghouse AP1000 nuclear reactor nuclear safety cooperation memorandum." .</ P> <P> II signed the "National Energy Bureau and the U.S. shale gas resources in the U.S. State Department working group plan." .</ P> <P> III, signed the "China National Development and Reform Commission and the U.S. State Department on the Green Partner program implemented in the framework of the Memorandum of Understanding" (referred to as "Green Partner Implementation Plan"); announced the establishment of the Joint Secretary of the Green Partner Program .Department, and start a new round of Green Partner Results of work. .</ P> <P> four, signed the "s Republic of China and the U.S. Department of Homeland Security Customs and Border Protection on the Supply Chain Security and the Memorandum of Understanding to facilitate cooperation." .</ P> <P> V. renewed the "Republic of China Ministry of Health and the United States Department of Health and Human Services on the new and re-emerging infectious diseases memorandum of understanding on cooperation projects." .</ P> <P> six, welcomed the implementation of the "United States on the strengthening of climate change, energy and environmental cooperation memorandum of understanding" and the "decade of Sino-US Energy and Environment Cooperation Framework," the progress made and agreed to strengthen cooperation in climate .change, energy, environment and other areas of practical cooperation. .</ P> <P> July, agreed to in the "Decade of Sino-US Energy and Environment Cooperation Framework" to continue efforts to carry clean water, clean air, clean and efficient electric power, clean and efficient transportation, protected area and wetland protection, energy efficiency six .concrete cooperation in priority areas; announced the release in English and Chinese of the seven action plans in these areas; announced opening of two years of their cooperation in the framework of the competent department of the official website (http://tyf.ndrc.gov.cn and http: ./ / www.state.gov / oes / env / TenYearframework / index / htm). .</ P> <P> eight in the second round of the Sino-US strategic economic dialogue was held for ten years before co-sixth meeting of the Joint Working Group; and will be held after the first Sino-US dialogue on energy efficiency forum. .</ P> <P> nine, on May 25 held a Clean Energy Research Center Working Group. .</ P> <P> ten, agreed to be held in the second half of 2010, "Electric Vehicle Forum", "The Fifth China-US Energy Policy Dialogue," and "Tenth Forum on China-US oil and gas industry"; reaffirmed the "Sino-US Oil and Gas .Industry Forum "to promote the two countries to develop shale gas resources. .</ P> <P> XI, agreed May 26 to 27 hold the first "China-US Forum on Renewable Energy", "Sino-US Forum of advanced biofuels", and start the "American Renewable Energy Partnership" .related work. .</ P> <P> second, announced the United States Trade and Development Agency will fund the two countries businesses and institutions to carry out combined heat and power, aviation and biofuels, smart grid standards of cooperation. .</ P> <P> XIII, reiterated the two countries will strengthen cooperation on the project in the AP1000. .China National Nuclear Safety Administration and the U.S. Nuclear Regulatory Commission is willing to properly solve the issue on the basis of intellectual property protection, according to the mode of transfer of nuclear technology between the two countries, to promote technical cooperation temperature gas cooled reactor nuclear safety efforts. .</ P> <P> XIV, issued a "Joint Statement of Sino-US energy security", pointed out that China as the world's largest energy producer and consumer in ensuring energy security have common interests and responsibilities, is also facing .common challenges. .To uphold the mutually beneficial cooperation, diversified development and coordinated the principle of protection of energy security, recognizing the complementary energy security and clean energy, intention to strengthen the stability of international energy markets, diversified energy supply security, rational and efficient use of energy and other fields. .</ P> <P> fifth, agreed to strengthen cooperation in preventing, combating nuclear and other radioactive materials, illegal transport cooperation. .</ P> <P> XVI held during the year of Sino-US agreement to combat illegal logging and associated trade the third meeting of the bilateral forum. .</ P> <P> seventh, the National Arboretum in Washington, agreed to the successful construction of "Chinese Garden" to be done. .</ P> <P> eighth, agreed that the basis of equality and mutual respect to continue a dialogue on human rights issues; positive comments on May 13 to 14 in the USA and China [0.200.00%] was successfully held bilateral Washington .Human Rights Dialogue, held in China next year looking forward to the next round of dialogue on human rights. .</ P> <P> nineteenth, agreed to adopt the "China-US Joint Liaison Group on Law Enforcement Cooperation Group against Corruption", "APEC Anti-Corruption Working Group" and other multilateral forums cooperation to combat corruption, including acts of bribery of officials; agreed to jointly .to fulfill "the United Nations Convention against Corruption"; decision held in Beijing in November this year, Sino-US law enforcement cooperation the eighth meeting of the Joint Liaison Group; reiterated advance the field of combating terrorism and transnational crime, law enforcement cooperation. .</ P> <P> twenty, agreed to hold the eighth time this year counter-terrorism consultations. .</ P> <P> the twenty-first agreed to in the next round of Sino-US strategic economic dialogue with the former, on security, arms control and non-proliferation held a new round of consultations. .</ P> <P> XXII, agreed that the next round before the Sino-US strategic economic dialogue on policy planning, Africa, Latin America, East Asia, South Asia, Middle East, Central Asia new round of consultations were held to clarify two .State cooperation to address the challenges of regional and international opportunities. .</ P> <P> xxiii, agreed to United Nations peacekeeping operations, including peacekeeping operations, reform of dialogue and cooperation. .</ P> <P> round, announced China's Ministry of Transport and salvage bureau will work with the U.S. Coast Guard search and rescue in China for exchanges and training. .</ P> <P> XXV, talked about the macro-development issues, agreed to strengthen communication and dialogue. .</ P> <P> XXVI, as the "United Nations Framework Convention on Climate Change," the Parties, reaffirmed the "Copenhagen Protocol" support; announced that China National Development and Reform Commission and the U.S. Environmental Protection Agency will perform on the November 2009 " .on strengthening capacity building to address climate change Memorandum of Cooperation "commitment and intends to hold a meeting within one month starts to implement; agreed to start discussing the short-lived greenhouse gases. .</ P>.

Non-dollar currencies tumbled by which the international hedge funds flee species.

<P> A non-dollar currencies as the yen and government bonds plunged stock prices soaring </ P> <P> G20 summit has just ended, another unexpected drop in global financial markets yesterday, almost simultaneously with the A shares fell, the international foreign exchange .the market also suffered non-dollar currencies tumbled, the euro fell below 1.22 again, the Australian dollar also return to 0.86 below. .At the same time, hedge the currency the yen rose against the market trend, the United States, Japan and the domestic bond market prices have also soared, international hedge funds flee again, the signs are very obvious varieties. .</ P> <P> some banks in Europe on Thursday to the European Central Bank will have to repay 442 billion euros of one-year debt, liquidity of the banking system, concerns about tight heating, were suppressed non-dollar currencies yesterday. .</ P> <P> Australian dollar, the euro back to the decline </ P> <P> Asian markets yesterday, the euro was around 1.2277 the previous day's closing price fluctuations in a few hours later, around 10 am yesterday, with the .the A shares fell, the euro started falling sharply, as of 22:35 yesterday, the lowest dropping 1.2157, day or nearly 1%. .</ P> <P> At the same time, the rapid test a low Australian dollar, and has fallen below 0.87 and 0.86 mark two integers, as of 22:35 yesterday, the lowest reported to 0.8519 Australian dollar, compared with the previous day ., dropped 2.28% in non-dollar currencies in a led by the position. .</ P> <P> Analysts said the Australian dollar tumbled yesterday, partly by the collapse of A shares. .As a resource exporter, the Australian economy and the Chinese economy and international resources closely linked to price movements, China's economic growth if the weak dollar is bound to hit. .</ P> <P> In addition, the Tokyo market, part of the exporters to repatriate overseas profits in Japan, leading Australian dollar fell against the yen crosses in, but to the Australian dollar's fall. .</ P> <P> hedge varieties of soaring prices </ P> <P> the same time, hedge the currency is in a strong yen and Swiss franc yesterday, the yen rose against the dollar broke 89, at 88.53 yen against the $ 1 .. .ICBC Guangdong Branch Exchange Discovery David An analyst said the rising yen against the dollar yesterday, mainly driven by the crosses. .</ P> <P> Swiss franc against the dollar yesterday, is also high oscillation. .Hedge funds benefit sought after in Europe, Swiss francs more than in the past 3 weeks, the substantial increase of 7.8% or so. .</ P> <P> around the bond funds have also been sought after, yesterday, U.S. 10 year Treasury yield fell below 3.00%, the highest 29 April 2009 the lowest since; Japan's 10-year bond yields fell below 1.125% .7-year low. .</ P> <P> in the country, the A shares plummeted, capital fled the bond market, resulting in the highest bond index reported 125.62 yesterday, approaching May 28 hit a record high. .</ P> <P> afternoon Analysis: </ P> <P> concerned about U.S. economic data </ P> <P> euro, Australian dollar and so on down, is non-dollar currencies has sounded the clarion call a new round of fall .what? </ P> <P> currency analyst at Bank of China Guangdong Branch of HSBC, said Hu, while the euro weak medium and long term do not change, but the short-term downside should be limited, from a technical point of view, the euro downside support at .1.2150, a good set of stop-loss in the case, try wet storage buying. .</ P> <P> ICBC branches in Guangdong Province, also said foreign exchange analyst at Dai Wei Yu, the current bearish euro is gradually digested, it is estimated again, unlikely to fall to below 1.20, is expected to hit new lows in between 1.18 ~ 1.2150. .Australian dollar has strong support around 0.85. .</ P> <P> However, some analysts said that if China's stock market continued to fall, it may drag on Australian dollars. .In addition, the United States will be released this week, housing and manufacturing data, nonfarm payrolls, if weaker than expected, which means that the stock market and bond yields will continue to decline, on non-dollar currencies will be negative. .</ P> <P> key currency </ P> <P> positive capital flows repeatedly stronger yen </ P> <P> spending for durable goods fell 5 in Japan, rose adjusted annual rate of household spending unexpectedly fell 0.7%. .However, the exchange rate and capital flows in Asia is expected to drive the yen. .</ P> <P> the same time, relative to the Japanese economy, the slowdown in U.S. economic recovery, while the European economy is still troubled by the debt crisis, economic fundamentals are there to support the yen, repeated trend expected to continue the strong side. .Currently supports bit 88.30/87 and resistance at 89.50/91. .</ P>.

International oil prices fell more than five consecutive trading days last week, down 8%.

<P> On Friday, the U.S. economic data continued to bearish commodity markets, oil prices fell for five consecutive trading days, closing at 72.14 U.S. dollars / barrel. .While the weaker dollar to promote the non-ferrous metals rebounded slightly, but fell sharply earlier this week, the weekly is still the three basic metals fell, including copper, zinc and decline in more than 5%. .</ P> <P> the trend for this week, analysts are more cautious. .Tianqi futures analyst Hanjin Zhu believes that copper prices last week, the callback rate is not large, short-term oscillations are still the main; zinc, aluminum, copper trend to follow the trend, in which concern is the Shanghai zinc, the recent significant expansion of its volume, .rebound may have more space, but the whole non-ferrous metals will remain oscillation. .</ P> <P> but the market also is not just bad news, fundamentals, there are many good news, the first non-ferrous metals stocks continued to decline, as LME copper stocks on Friday reduced to 447,300 tons, while .Most of the first half of the data at 50 million tons. .On the other hand, after entering the peak season consumption, crude oil inventories also declined signs. .</ P> <P> Another good news is the market began to rebound in the euro, the euro against the dollar last week hit a new high for 6 weeks. .This led to the recent trend will become difficult to grasp, to crude oil and base metals as the representative of the industrial slowdown may reflect the pressure on the U.S. economy continue to weaken, the dollar may rebound upward correction for the chance to get out of the stock market. .</ P>.

FAO: Global food crisis will not reproduce.

<P> Natural disasters around the world constantly, Russia is facing the worst ever recorded drought, Pakistan's main agricultural areas are the aftermath of 80 years, the most severe floods. .In addition, even with no fear of the Chinese food supply, but also because foreign investors to join "Qiangliang wave" action, which led to soaring food prices. .UN Food and Agriculture (FAO) 4 日 cut global wheat production forecast, but stressed that at present does not repeat itself in 2008 the global food crisis. .</ P> <P> According to Taiwan's "Economic Times" reported, FAO lowered its forecast wheat yield this year, from the June forecast of 676 million tons down to 651 million tons. .FAO said that the reduced wheat production forecast, mainly reflecting the tight supply, as well as the possibility of increased wheat prices Xu Zhang, but the global food supply and demand situation is still far better than 2008, can not infer the global food crisis would break out. .</ P> <P> FAO pointed out that even two years, global wheat harvest, timely replenishment of the Global Stock, enough to cut through the immediate difficulties may be encountered. .More importantly, the traditional wheat exporting countries is still danger of lack of inventory, should be able to mitigate unforeseen emergencies. .</ P> <P> Recalling the reason why international food prices soaring in 2008, mainly affected by the overall economic situation and development of food markets to outside factors, but in the FAO, these factors are still not present a threat. .</ P> <P> addition to suffering from dry wheat destroyed large country outside of Russia, Kazakhstan, Ukraine and Canada, and other important suppliers of wheat yield decline is also the plight of the sensitive nerves are stirring up the market, worried about food crisis in 2008 may return .. .Chicago Mercantile Exchange market price of wheat rose from 3 to 22 months, the highest price, with prices between July rose 38%, the highest since 1973 to increase. .</ P> <P> Russian Hydrometeorology Center said the drought no signs of abating, and now threatens to endanger the winter grain planting words. .Hydrometeorology Center said in a statement, the Russian north-east of Europe was scheduled to start planting in August, but dry soil affected. .Russia's winter wheat production typically accounts for 65% of annual cereal production. .</ P> <P> weeks across Europe have suffered the threat of drought, coupled with the time earlier this year, extra long cold winter, June and very little rainfall, crop production cuts facing the threat. .Italian agriculture Union predicted, the local tomato harvest this year will be reduced by 10% to 15%. .Belgian potato farmers predict production will decline. .</ P> <P> German brewers barley prices are likely to face heavy pressure, agricultural consulting firms Toepfer International, predicted that up to this year's barley production may be reduced by 20%. .Polish farmers say crop will shrink this year, nearly 20%, grains, vegetables, cut each to 10%. .</ P> <P> the UK the longest, connecting Leeds and Liverpool canal, has been closed to marine traffic due to low water levels. .</ P>.

Canada interest rates remain unchanged o implied interest rate

October 20, Canada's Central Bank announced 19 maintain benchmark interest rate unchanged, while repair today and tomorrow under two years of economic growth estimates, suggesting that the short term will not be offering the austerity policies. In addition, according to the minutes of the Australian Bank, although the policy officials in two weeks ago decided to wait, but it seems that'll be the interest.

This move three times in a row, the Canadian Bank of 19, maintain benchmark interest rate fixed at 1%, and external expectations. The row and cut in Canada this year, the economic growth rate predicted values from a previously estimated 3.5 per cent to 3 per cent next year from 2.9% to 2.3%, and cost to the end of 2012 will play all potential than July estimated early also late 2012.

According to "the economic times, Taiwan, Canada's Central Bank to join message Korea, Brazil, Malaysia and Australia's Central Bank, in the global recovery is still there when you choose to maintain the existing variable interest rate level, but also avoid and Federal Reserve (Fed) and the European Central Bank (ECB) European Central Bank are opposite; suggests that may introduce new stimulus policies.

In recent months, only Sweden and India, and other major national interest, Singapore will relax star interval, or $ fluctuation is equal to implement austerity policy.

Canada's Central Bank said in a statement, which coincided with the global recovery, the conversion period, the United States a weak Outlook for emerging markets growth began to moderate, with Canada's domestic consumption and real estate activities may begin to slow down, to reduce monetary policy stimulus required careful consideration.

Canadian dollar 19 in New York early trading Forex market slump 2% to $ 1.0374. $ 14 to $ shengpo and low-priced standard, is the first half-year. The Bank of Nova Scotia (NovaScotia) Economist John Terry, now global central banks hands are Fed Bank of bind, the other main also are considering new liberal measures.

Australia's Central Bank 19 published Conference records, officials at a meeting on 5 November that interest rates remain at resolution 4.5%, mainly because of the signs of credit growth retardation, and Australian dollars, as well as international top prospects remain uncertain.

However, the line looks intends to move quickly, because records wrote constantly rising inflation, central banks might be forced to finally had to implement austerity policy. Central banks cannot be indefinite stay, such as the outbreak of the world economy.