Russia's economy has yet to exit the wheel fog area

In the international financial crisis, Russia's economy in the first half of this year, a substantial decline in the excessive reliance on energy industry and overseas market disadvantages fully manifested. It is precisely because of the economy subject to changes in the external market, therefore the Russian Government introduced a series of measures is not immediate crisis.

Prior to this, the Russian Government has projected economic growth this year from the original-2.2% to-8% to-8.5%. The International Monetary Fund predicted Russia this year-over-year decline in the gross domestic product (GDP) 6.5%. Because the "BRIC", Russia in the crisis of the worst, have individual experts recommend denial of their "brick" title.

Russia's economy or u-trend

Russia Ministry of economic development, the first half of this year, Russian economic downturn 10.1% year-on-year, second-quarter GDP decline 10.4%, higher than first quarter 9.8%. The first half of the Russian social-economic development report pointed out, "the decline and the initiative to reduce the investment."

Fixed capital investments in the first half of last year reduces 18.2%. In loans difficult background, the decline was greatest in construction investment, 19.3%. The first half of the decline in industrial output, processing output 14.8% decline 23.1%. Fall is the largest industrial electric equipment, electronic and optical equipment, transport equipment, machinery and equipment, as well as non-metallic mineral products.

However, some data display, Russia's economy seemed to be slowly coming out of the bottom. Among them, may, June and July industrial production index shall achieve positive growth. In addition, gross domestic product (GDP) growth ring than 0.4% in July, the ring than 0.5 percent. Russian first Deputy Prime Minister Shuvalov on August 24, on media that Russian economic growth "start", but not forgotten and then add that — as far as the uptrend is durable, need 3 months observation. Russian Deputy Minister of economic development's column OPAC said that Russia's economic downturn has come to an end, but which have already begun active is not durable, "recession is over, but the crisis has also".

Moscow bykovo Driscoll School of management, Office of the Registrar on warm Wade said that Russia's economic trend "may not be a V-type, but a u-shaped", i.e. not in decline after the rebound, but immediately after a period of stability is restored. The expert also said if oil prices fell below $ 40 per barrel, does not exclude Russia economy may decline again.

Russia market analysts sapronov said, before the crisis, Russian enterprises expect high demand, and a large number of reserved commodity. But the second half of last year, demand reduction, sales, inventory surplus. In this context, enterprise production, which have production decline. At present, the reserved commodity sales, companies began to fill the inventory, but at the same time the lack of demand growth, sales trend is still unstable. Three quarters of the supply of Russian enterprises. Sapronov believes that currently, Russia's economy had just walked out of the bottom, only needs to be active, talk about growth.

Although the consuming to GDP decline of not too big, but it is growing quickly. First quarter, only a slight decline in retail sales in Russia 0.1%, while the second quarter decreased 5.6%, July the year sags 8.2%--for the past 10 years the largest year-over-year decline. Temperature Wade said that Russia consumer purchasing power "disappeared overnight."

Russia "newspaper network," in late July, it is estimated that Russia the number of unemployed to 630 million, in the labour force of 8.3%. Russian Deputy Prime Minister jucov early this month, said that the last three months to Russian domestic actual number of unemployed and registered as unemployed is a downward trend. But he said, taking into account the current seasonal reasons, and the unemployment rate still exist on growth worries.

Anti-crisis measures little

Although the Russian Government to spend $ "oil" established two sovereign wealth Fund-reserve fund and the National Welfare Fund as a stable financial situation and ensure that the public welfare has played a positive role, but it cannot effectively stimulate rapid economic recovery. And a substantial portion is used to maintain the ruble exchange rate stability. 7 months before this year, Russia's international reserves reduced 5.9%. Reduced to 4019.78 billion. At the same time, the Russian banking system while opening up a relatively high level, but not enough developed. Temperature Wade said that Russia's economic development funds to a large extent from foreign financial institutions.

At the same time, the Russian Government to implement anti-crisis plan efficiency to be improved. Merrill Lynch is responsible for Russia and the CIS business Senior Economist said, Russia's economic recovery speed depends in part on Government assistance for economic decision-making time, "the funds are sufficient, but the actual use but was delayed."

In addition, some large banks have government anti-crisis funds not immediately into the real economy. Russia Grand Thies capital investment companies and financial markets Department Manager of Kozani Cove on the Office of the reporter said that some large commercial banks will anti-crisis funds to maintain its own assets and liabilities in the balance, or in the stock market and foreign exchange earnings, but the Government does not have sufficient regulatory measures to stop it.

In addition, Russia's Bank for fear of enterprise solvency and maintain a higher interest rate, this is also the enterprise cannot access to finance. To change this situation, Russia's Central Bank take into account the current domestic macroeconomic trends, particularly the factors slowing down of inflation this year is 5 times adjusted refinancing interest rate. The 10th annual financing, then turned to the 10.75%. But section zhakov think, considering that profitability is very low, so the current the index remains too high. The Merrill Lynch corporate experts say, in Russia, solid economic recovery will facilitate loan recovery, not vice-versa.

It is worth mentioning that with the deepening of the economic crisis, Russia also increasingly towards protectionism, restrictions on vehicle, meat products and harvesters and other products for import to protect domestic industries and employment opportunities. World Economic Forum report will be published in Russia as the world's most closed economies.

Economic transformation it will take time

The International Monetary Fund experts at the end of July, said that Russia has two external factors

Drag: oil prices sharply and the withdrawal of private capital. United States Goldman Sachs Chief Economist Jim O'Neill believes that Russia · economy too dependent on energy industry, Russia must undertake a profound reforms to improve their economic prospects. Russian Scientific Research Institute of higher economic head Yassin is criticized road, Russia from the current crisis did not draw any lessons learned, in terms of economic structures have not changed, just wait for the world's major economies start to recover.

Statistical data for the experts ' analysis provides evidence. The first half of this year, Russia's foreign trade turnover 45.4% year-on-year. Where exports decline year-over-year, the foreign trade surplus 46.9% year-over-year decrease of more than half. Export commodities are still dominated by resource commodities. Where the fuel energy commodity exports 50.3% year-on-year. Due to energy price fluctuations, Russian crude oil exports although levels are similar to the same period last year, but exports were up by 52.4%.

For the realization of the national economy from resource-based to innovative changes, Russian President Medvedev has announced the creation of which he personally responsible for Russia's economic modernization and technical development Committee. He said that Russia's development of an innovative economy, should focus on energy efficiency, nuclear technology, aerospace, medical and general direction of strategic information technology 5, and should this five key directions of drafting a separate implementation plan and established the appropriate working group. While Putin also stated that, while this year the Russian federal budget revenues would have decreased, but budgetary expenditures will continue to maximize retention to the aviation, aerospace, nuclear industry and other high-tech areas.

Korea exchange currency 100 old currency exchange currency for the new $ 1

DPRK Foreign Ministry officials on 1 December in Pyongyang in North Korea mission that, from 30 November, the original Korean currency to cease using, will replace the new currency.

The official said that this is the Korean Government has recently made the decision. In accordance with this decision, replacing the monetary times are from 30 November to 6 December. Old currency exchange rate with the new currency is 100 to 1, that is, 100 old currency exchange for 1 element of the new currency. Foreigners holding old currency can take personal passport since November and the exchange of evidence going to the Bank to Exchange. But he did not mention the specific reasons for replacing the currency.

Korean old currency banknotes in denominations of $ 5000, $ 1000, 500, 200, 50, coins come in denominations of $ 100 and $ 50. The new currency of denomination is not clear.

Journalists in Pyongyang, due to replace the currency, the shop has suspended business activities, waiting for the new commodity pricing. Number of salesman told reporters that the new pricing of goods not yet released, and therefore cannot be obtained, a week later you can return to normal.

Korean media has not yet been reported to replace the currency of the message. The last change time is the currency in 1992.

Russia welcomes other CIS accession countries Customs Union 3

Russia State Duma (Parliament) Chairman Gryzlov 4, on media that Russia welcomes other CIS joined by Russia, Belarus and Kazakhstan 3 countries the establishment of a Customs Union.

Gryzlov said Russia Baiha 3 countries Customs Union since the beginning of this year, which was started realization of economic integration on an important step forward. He said that the Elimination of economic borders and achieve the free movement of goods, contribute to the establishment of collaboration between the 3, improve product quality and innovation and enhance competitiveness.

Gryzlov said that Customs Union established a 1.7 million population, this unified market to invest in new production enterprises and on existing production enterprise modernization provides feasibility, will significantly enhance the productivity of the participating countries.

Gryzlov said at the same time, there existed such as to identify and consolidate the Customs Union external borders, and so on.

Russia Baiha 3 countries the Customs Union on January 1, 2010 officially begins. Russia, Belarus, Kazakhstan 3 countries in October 2007 in Dushanbe in Tajikistan, announced in EurAsEC Customs Union within the framework of the establishment. 3 countries in June 2009 on the establishment of a Customs Union reach agreement on all the details.

The Eurasian Economic Community in May 2001 was officially established, Member States including Russia, Belarus, Kazakhstan, Kyrgyzstan and Tajikistan.

Ash shadow of the European economy.

<P> Fifth largest glacier in Iceland --- eyjafjallajokull 14 glaciers around the volcanic eruption, volcanic dust across Europe, forcing many to shut down the airport, close to 90% of flights were canceled, national political leaders were forced to change the itinerary .. .Have described the European public, "a volcano paralyzed the whole of Europe." .</ P> <P> Although the volcanic eruption on the European economy is currently unable to quantitatively assess the impact, but there is no doubt the loss will be enormous. .The aviation industry as an example, the International Air Transport Association 19, the European air transport industry is expected to losses increased from $ 200,000,000 a day to 2.5 million. .In addition, air cargo dependent agriculture, retail and other sectors will also suffer collateral damage. .</ P> <P> against a variety of industries </ P> <P> Reuters article said that if volcanic ash causes disruption of air traffic in Europe for several months to travel alone and lost tourism revenues could be the regional economic growth .down 1 to 2 percentage points in 2010, former projected economic growth rate in Europe is 1% to 1.5%. .Analysts believe that this will mean that many European countries do not have the slightest economic growth this year. .</ P> <P> International Air Transport Association Director General and CEO Giovanni Bisignani said at a press conference on 19, estimates of the air cargo industry losses of 250 million U.S. dollars a day does not include air .company to change its course and pay compensation for passengers. .It is reported that the loss of most airlines will not receive the insurance compensation. .Some airline shares fell 19. .Air France shares fell nearly 7% after opening, British Airways and Lufthansa were down 3.11% and 4.6%. .</ P> <P> analysts say about 40% of the global value of goods in the form of goods transport is by air, Iceland, the economic impact of volcanic ash that will increase dramatically. .</ P> <P> other countries likely to be affected will be the production of fruits and flowers of the African countries, these products if not promptly delivered to the market will soon decay. .According to reports, Kenya flower exporters are losing each day to 200 million, three into the EU market, the supply of flowers from Kenya. .</ P> <P> In addition, the spread of smoke and dust from the current trend, the EU's animal husbandry country --- France, Britain, the Netherlands and Germany will be a considerable impact, since the EU the importance of livestock in the world .status of animal husbandry in the world prices of agricultural products will be affected by them. .</ P> <P> called for the lifting of air traffic control </ P> <P> International Air Transport Association, 19, severely criticized the European governments in dealing with the volcanic eruption on Iceland's crisis management capacity of the airport closed, and called on European governments to reconsider .open to air traffic. .</ P> <P> airlines have to put pressure on governments. .Norway Airlines warned that if to 19, is still grounded, the company will temporarily lay off 2,500 people. .Finnish state-owned airline, said the grounding caused the loss of two million euros a day, if not normal operation after two weeks, paid to employees will be suspended. .Lufthansa plane at low altitude flight arrangements in order to test the practical implications of volcanic ash on the flight, the critical air traffic control departments should not only volcanic dust according to the British Met Office computer model to predict contact center decision-making, saying that "because of volcanic dust and worried passengers .safe and the closure of airspace is no basis. " .</ P> <P> now opened up to the airspace, including Spain, Portugal, Italy and France, parts of the Balkans, Bulgaria, Greece, Turkey, part of the Nordic region. .But Belgium, Germany, Britain and other countries have announced the extension of 19 national airspace no-fly time. .</ P> <P> impact on European temperature complex </ P> <P> Analysts said Iceland's volcanic dust from the air temperature in Europe will have complex effects. .After the volcanic eruption usually smoke obscured the sun will make the temperature has dropped, but there are also large number of flights grounded research that may cause a slight rise in temperature. .</ P> <P> volcanic eruptions in history there are many causes of global climate cooling the temperature dropped even examples, such as Tanzania Bora 1815 volcanic eruption in Indonesia, a large number of volcanic ash into the atmosphere obscured the sun, making the second year of decline in global temperature, as .the famous "year without a summer" in many parts of Asia, Europe and the United States due to weather changes are also widespread crop failure occurs. .</ P> <P> the other hand, there are many researchers point out that with the history of volcanic eruptions cause climate cooling compared to the size of the volcanic eruptions or small a number. .Moreover, the volcanic dust causes a lot of flights were grounded, but also for the temperature change brought a new factor. .British "Daily Mail" has reported that U.S. researchers had in 2001 "9.11" incident, the U.S. no-fly on the impact of temperature was studied and found that the temperature rise. .The researchers said that this is because the jet exhaust condenses in the sky to form clouds, it also has the effect of reflected sunlight, in a busy place such flights in Europe and America, gathered a large number of aircraft flying on the air temperature enough to affect the results. .</ P>.

U.S. report: World energy consumption is expected to increase to 50% by 2035.

<P> According to Singapore's "Lianhe Zaobao," 27 reported that by 2035, world energy consumption is expected to increase nearly 50%, international oil prices will climb to more than 130 U.S. dollars per barrel. .</ P> <P> under the U.S. Department of Energy U.S. Energy Information Administration reported that in 2007-2035, the global energy consumption is estimated to increase by 49%, energy consumption is currently ranked first in the United States, its share of global total .the ratio of the amount of energy, from 21% in 2007 down to 16% in 2035. .</ P> <P> report also noted that with the increase in energy consumption, Asia will be the issue of global warming and environmental pollution bear the most responsibility. .</ P>.

World's largest bank vault storage of gold bars and gold coins to build.

<P> Some of the world's largest banks and security companies are busy building vaults to store tens of billions of dollars in gold bars and gold coins, a move designed to exploit a recovery in demand and record prices profit. .</ P> <P> out of the global economy and concerns about European sovereign debt crisis, investors interest in gold rising, leading to a shortage of long-term storage space, prompting the first new bank vault for many years. .</ P> <P> bankers that the Treasury has become very profitable storage business. .Rising gold prices led to increased storage costs - usually, storage fees charged by the percentage of gold. .This week, gold hit $ 1,251.20 an ounce in the name of a new high, has risen since January by 14.5%. .In yesterday's trading, gold was trading at $ 1,226. .</ P> <P> gold • Peter Hambro, chairman of Business Petropavlovsk (PeterHambro) said: "People of the unprecedented interest in physical gold, which is causing all kinds of tension." </ P> <P .> Most of the increase in demand from exchange-traded fund (ETF). .Yesterday, the world's largest ETF - SPDRGoldTrust - the amount of gold held by a record 42 million ounces, according to current prices, the total value reached 515 billion U.S. dollars. .</ P> <P> Some banks indicated that they still have storage space, while others said the vault space is close to saturation. .Many banks say they are or plan to build a new vault. .JP Morgan Chase (JPMorgan) in Singapore recently opened a new vault, Ruishi An Insurance Company - ViaMatInternational has just opened in west London, a bank vault. .Bankers said that Deutsche Bank (DeutscheBank) is considering building a new vault. .</ P> <P> Bavarian State Bank (BayernLB) • precious metals business executives Frank Ziegler (FrankZiegler) said the bank's treasury full. ."We are discussing the expansion of treasury, is still in the planning stage," he said. .Barclays Capital (BarclaysCapital) in London, head of global commodities business, Roger • Jones (RogerJones) said that Barclays was "actively studying the precious metal storage business." .</ P>.

Who are the big winners in the financial crisis?.

<P> English, "China Daily" reported June 19: Recently, the U.S. media have to the global economic downturn, and China's economic growth accelerated to enhance the international financial organizations the right to speak, on the grounds of overseas large-scale mergers and acquisitions, published "China alone show" .remarks, claiming that China is the biggest winner in the financial crisis. .Indeed, China's economic leap forward in recent years is obvious to all, especially the financial crisis, China contributed 50% of global economic growth than China, however, is really the biggest winners? ."Left a growing outflow of wealth" in China and other emerging economies, leading the global economy to remain behind the recovery process reflects the interests and the global distribution of wealth in the huge imbalance. .</ P> <P> U.S. system and U.S. financial hegemony is the source of imbalance in the distribution of global wealth. .Recently, China has a right to vote in international financial organizations has increased, but the reconstruction of the international financial structure and process of the international financial system remains extremely difficult. .Although the United States in the sole charge of the world financial order after years of power had to give him a small part of the country; although with the rise of the euro, China, Russia and India and other emerging economies and the consequent jump in the strength born of words demands .But the dollar dominated currency hegemony and the international financial system has not changed. .The reform of the international financial system, in fact, the United States do not want to "beating" type of reform, but want to engage in some "minor repairs" work, such as the appropriate strengthening of supervision, a limited increase in some countries, the International Monetary Fund .and the World Bank's share and so on. .There are two insurmountable U.S. bottom line: First, no State may weaken the U.S. in the international financial system, China's control; Second, any reform proposals must not undermine the pillars of the status of U.S. dollars, in this sense, it also determines the global economic imbalances .pattern of change can not happen. .</ P> <P> the 21st century, along with the world economy and changes in the pattern of international division of labor, global economic imbalances, especially the "Sino-US economic imbalances," more and more serious. ."Sino-US economic imbalances," alleged that the huge U.S. current account deficit and China's huge current account imbalances between surpluses, and indeed this imbalance is reflected in a deeper level of globalization and the context of international industrial transfer .The global financial center and a global manufacturing center in the international division of labor, and the imbalance between creditor and debtor rights and interests of the serious imbalance in the distribution. .</ P> <P> formed the world's major countries, based on the real economy, virtual economy based on trade specialization and division of the new division of financial shape. .In this increasingly global division of labor in close, on the one hand greatly enhance the efficiency of global production, and promote global economic prosperity for 20 years; the other hand, the globalization of the "surplus" distribution of the results poor. .The United States as the world's largest debtor, the debt not only failed to constrain them, but as a tool for the U.S. to maintain financial hegemony. .</ P> <P> In fact, the United States, the international cycle of debt depends on two "exchange": the trade channels and delivery, financial channels back; financial channel delivery, trade channels to return. .The first exchange, the United States with growing outside money income can buy the products to their needs, resources and services to maintain its low-cost, high quality of life, its performance for the U.S. trade deficit and current account deficit increased rapidly .and to cover the trade deficit means more and more dollars to the world output; second "exchange" is that the dollar overseas financial assets by buying back the U.S. dollar, the United States to its foreign trade deficit or current account deficit .financing, thus ensuring the external payments, to achieve a long-term economic prosperity. .</ P> <P> 2009, the U.S. federal government domestic debt of 8.6 trillion U.S. dollars, external debt is 3.7 trillion dollars, is the same year, 0.864 times the gross national product, 5.5 times revenue; the same year, economic growth .rate of -2.4%, revenue growth rate of -10.0%. .Even if the financial crisis highlights the failure of American strength, solvency dropped significantly, the U.S. credit rating has not made any adjustment on the U.S. Treasury. .As have the major economies in Europe and America out of recession and into recovery, the resurgence of market risk appetite, investors start to shift assets overseas by the United States, the euro zone to attract investors again become a major market, affected, 2009 .the first three quarters, the United States emerged two decades the situation has been a net outflow of capital, not only for a major blow to the U.S. financial system, but also disrupted the U.S. economy's international debt cycle. .</ P> <P> dollars the United States must attract capital back, but at this time, the United States was the "last straw." .Since last October, Dubai debt crisis, debt crisis surfaced five countries of Greece, the United States continued to reduce credit institutions in Greece, Spain, Portugal, credit rating, debt crisis, the EU continue to create instability, massive short the euro, the capital of a large number of returning the United States .local, the United States was the biggest winner. .Including the United States treasury bonds, stocks and other U.S. agency bonds, including a large sought after asset. .10-year U.S. Treasury yields and 30-year Treasury yield rates have hit a new low. .According to the latest U.S. Treasury International Capital Flows (TIC) data, as of the end of April this year, U.S. Treasury bonds held by foreign creditors amounted to 3.96 trillion U.S. dollars, up by 1.87%. .In which the top three creditors as China, Japan and the United Kingdom substantial holdings of U.S. Treasuries, reached 900.2 billion U.S. dollars, respectively, $ 795,500,000,000 and $ 321,200,000,000. .Correspondingly, the U.S. national debt hit a record high of 13 trillion U.S. dollars, accounting for almost 90% of GDP. .United States, more than 90% of national wealth is borrowed still enjoy the highest national credit and the wealth of the world's largest bonus, this is not the world's largest Inequality? .</ P> <P> seems China is the creditor countries to rethink and assess the status of the time, China's financial power to the creditors the right to speak into the country's financial and enhance ability to resist external pressures the game. .Is certain is that China is not always necessary U.S. Treasury bonds and the dollar. .</ P>.

The decline of middle-class U.S. and European economic foundations shake.

<P> Since the last century, the rapid rise of the middle class became the backbone of global economic development, but this trend has reversed in recent years. .With the acceleration of economic globalization, the trend in income polarization and social development of the growing imbalance between the increased size of the global middle class, there was a certain degree of decline trend. .</ P> <P> particularly since the financial crisis, rising unemployment and a heavy debt burden of the collapse of the global middle class is facing a crisis, olive society to the "M-type society," the evolution of trends. .The so-called "M-type society" refers to the trend of globalization, the strong Always the Winner, with the reallocation of resources, the middle class because of loss of competitiveness, and reduced to the middle and lower classes, the distribution of wealth throughout the society, in the middle of this .blocks, suddenly had a large gap, the whole world is divided into three pieces, left the poor become more and more to the right of the rich have changed, but to suddenly sink into the middle of the formation of a collapse. .Benefits of economic growth flow to the rich class, especially in the wealthy sectors of the rich Western countries have a "collective sink." .</ P> <P> In the United States after the war, with the completion of industrialization and post-industrial society changes, the structure evolution of American society in steep decline mainly reflected in the blue-collar workers, and white collar workers continue to expand. .However, since the 70s of last century, the American middle class is facing two challenges. .</ P> <P> First, income growth slowed down to the late 1990s, the level of real income stagnation and even decline. .U.S. Census Bureau data show that from 1979 to 2007, the U.S. median household income increased by 13%, meaning that the income of middle-income groups increased. .But adjusted for inflation, real disposable income but declined. .Second, significant differentiation within the middle class, with some high-income earners (mainly through capital gains on corporate stock options, etc.), more middle-class family life growing distress. .According to New York State University, since 1979, the United States increased the degree of inequality in income distribution, 1% of the population holds 80% of new revenue. .Another recent study showed that from 1999 to 2004, 90% of U.S. inflation-adjusted family income grew by only 2%. .The richest 10% of household income has increased to 57%. .</ P> <P> increasing economic pressure makes more and more middle-class families rely on debt beyond their ability to pay to maintain the standard of living, and Wall Street since the 1980s, the ever-changing financial products selected to stimulate the U.S. middle class high .liabilities, high consumption lifestyles. .From 1983 to 2004, the American middle class debt / income ratio rose to 1.19 from 0.45. .The consumption patterns and the current round of financial crisis has a direct relationship. .</ P> <P> the economic crisis hit the middle class again, the cumulative number of unemployed more than 800 million people, up to 200 million U.S. households could not afford the mortgage and losing their homes. .In addition, the plight of the middle class in addition to factors from the economic downturn, but also by lack of federal and local government finances, the reduced investment in public services. .Since 1970, although the U.S. middle class spending clothes, food, household items and some reduced costs for the car, but in education, health, housing and tax costs increase sharply. .In particular the costs of child rearing and education doubled. .Nearly 30 years, the U.S. college education increased by 43.5%, a middle-income 3 times the revenue growth, and since 2000, the general four-year public college tuition and other costs rose 7.6%. .Two-thirds of university students need to complete their studies through loans, student loans is $ 19,300. .39% of the amount owed under the age of 35 who take at least ten years to pay off the loan, a quarter of delayed medical treatment because of debt, 14% of people get married for this delay. .</ P> <P> economists are worried, losing the middle class consumer power, the U.S. economic recovery will be delayed indefinitely. .The troubled U.S. middle class, middle-class pin their hopes on Obama came from. .Obama has also begun to "save the middle class action." .February 2009 set up the administration led by Vice President Biden, a specialized agency of the "middle class working families special team" to study for the American middle class, lower middle class in particular, to provide support. .Obama in the State of the Union in 2010, again to shift the focus of his economic policies to create employment, improve social welfare to help struggling American middle class. .The policy can be effective to implement and need attention. .</ P> <P> the European situation is similar. .In recent years, along with the accelerated process of economic globalization, the trend in income levels and social development continue to exacerbate the imbalance of increased size of the German middle class, there was a certain degree of shrinking trend, measured by income levels in 2006 .the proportion of the German middle class from 62% in 2000 to 54%. .</ P> <P> As in the past thirty or forty years, the French middle class incomes rising faster behind the housing, water, electricity, fuel and other prices rising faster, leading to the current middle class who are charged a monthly raise the proportion of basic living expenses, free .declining share of disposable funds, seriously affecting their quality of life. .Survey shows that the necessary expenditure in France in 1979, the middle class of about 20% of monthly expenditure, rose by 2009 to 32-38%. .</ P> <P> middle class groups frequently in an emergency, to get governments to recognize that the crisis in this class may lead to subsequent weak recovery, and trap the economy in the long-term risk of depression. .There is no middle class, the way the global economy will be more difficult. .(Author: Ministry of National Information Center) </ P>.

More frequent U.S. national defense policy of hot money and then staged a "panic" crash.

<P> Has a number of currencies of countries keep a high level joint action is to take control measures to prevent further capital inflow of hot money too fast. .14, the Monetary Authority of Singapore announced a small expansion of the Singapore dollar exchange rate range, an appropriate tightening of monetary policy. .A day earlier, the Russian government to take similar measures to prevent excessive capital inflows; the South Korean government announced in 14 to maintain the country's benchmark interest rate unchanged, in order to offset the impact of the appreciation of red won. .</ P> <P> analysts pointed out that these countries have taken measures to intervene in the currency appreciation, the purpose is to "preemptive strike", to be implemented in the second hedge Fed quantitative easing policy. .</ P> <P> control team widen again </ P> <P> Monetary Authority of Singapore in the 14th semi-annual policy meeting, held on the decision, "the future risk of bias in the inflation rate, the HKMA will remain for some time in the future .modest and gradual appreciation of Singapore dollar policy. but slightly increased the slope of the Singapore dollar exchange rate policy interval, interval midpoint unchanged. At the same time in the international financial market volatility, the HKMA has slightly expanded range of Singapore dollar exchange rate policies. "</ P> <P .> Citigroup economist, said the wording of the show in Singapore continued to tighten monetary policy environment gradually. .Expand the range of exchange rate policy is to increase the volatility of the Singapore dollar, but also the effects of monetary policy tightening. .</ P> <P> which has been repeatedly found in the market to buy dollars inhibition won gains of the South Korean government, announced in 14 to maintain the benchmark interest rate unchanged for the third consecutive month the rate at 2.25 .% level. .It was expected, the central bank will take measures to raise interest rates. .Obviously, stop the won's appreciation of the pace of rate hikes in the country. .</ P> <P> in Singapore and South Korea the day before the central bank to take action, Russia and Singapore have taken similar initiatives. .13, Central Bank of Russia announced that the ruble against a basket of currencies have been freely floating exchange rates range from 3 to 4 rubles rubles to expand. .The move by the market to a free floating exchange rate as a prudent step taken to make the central bank can focus on response to inflation. .</ P> <P> after Japan, Indonesia and Peru and other countries have taken measures to curb currency appreciation. .</ P> <P> dollar index shocked </ P> <P> from Thailand to South Korea, and from Singapore to Russia, many markets have recently taken action to prevent currency appreciation to prevent the slow growth in the current global situation .The export of local currency appreciation as the threat posed. .But the dollar is still down inertial continuation of panic. .14 Asian trading, the dollar index was low as 76.519, the lowest level since last December, and fell below the key support at 76.60. .</ P> <P> the Singapore government's policy announcement, the dollar exchange rate against the Singapore dollar hit a record low, the U.S. dollar against other currencies to 14 also be dragged down. .</ P> <P> Asian trading day, the dollar exchange rate against the Singapore dollar plunged to 1.2886 from 1.3020 a record low dollar against other currencies after the full and accelerated decline also. .Late Asian trading, the dollar exchange rate fell 0.9% against the Korean won to 1,110.4 won, the U.S. dollar against the Australian dollar dropped to its own transactions in 1983, the lowest since the beginning, with the won exchange rate between 1 to 1 less than 0.5 cents. .</ P> <P> Pacific Investment Management Company Form 14, said emerging market currencies against the U.S. dollar rose to see, because consumer demand in these countries to replace U.S. household spending, promoting global economic growth as the main force. .</ P>.

Traditional Chinese medicine in Europe faced death case in the EU without being robbed a successful registration

Traditional medicine of the Chinese nation has thousands of years of history, cultural heritage, to Europe also have hundreds of years. But in 2011, 1 April, Chinese medicine in Europe will encounter either collapse, or fully armed underground historical choice. Belgium International Medical Center Chairman Professor Lin Kuo-ming said: "the situation is very critical. as of now, there is not a case of traditional Chinese medicine officially registered in the EU. From next year on 1 April, the practice of traditional Chinese medicine in Europe will be confronted with a gun no bullets, i.e. There is no hassle of traditional Chinese medicine. ”

March 31, 2004, the European Union enacted the traditional plant medicine registration procedures directive. The directive stipulates that in the EU market sales of all plant medicine must follow this new statute registered, get listed permission to continue. At the same time, the directive provides for a 7-year transition period, allowing for food and other identity in the EU countries sales of herbal product sales to March 31, 2011. At present, most of the EU market for herbal medicines to food, health care products, plant medicine raw materials or farmers in the form of Deputy local products. But the 7-year transitional period is coming to an end, the EU is still not formally registered, why?

EU the traditional plant medicine registration procedures directive, traditional herbal remedies before the date of filing, "at least 30 years of pharmaceutical history, including within the EU for at least 15 years of history." History proves that the traditional application carried out according to the published literature, expert reports and customs import and export text records also belong to the supporting documents. Professor Lin Kuo-ming said: "for products in the EU market with over 15 years of experience in the use of history to prove difficult. "Some in the Chinese Pharmacopoeia recorded more than 15 years, non-toxic ingredients, are still widely used in classical Chinese medicine, such as Liu Wei di Huang Wan, Wuji baifeng Wan, as early as 1995, before entering the EU market. However, together with ren Tang this century-old shop can offer in the EU market with over 15 years of experience in the use of historical evidence. In 2004, Chinese exports to the EU countries ' customs records are in accordance with the food capacity and not according to the registration of pharmaceuticals. Also, before the year 2000 by the Chinese customs requires only the of proprietary Chinese medicines or herbal harmonized reporting, enterprises do not have a single variety of export records.

The second is the high cost prohibitive for many enterprises. According to reports, a business of medicines if you follow the traditional plant medicine registration program instructions on registration, the registration fee of approximately 80 million RMB through EU GMP certification, production equipment, and other hardware investment required more than 400 million Yuan, and training, expert guidance, and other software investment also needed 400 million.

Nevertheless, some Chinese enterprises are still actively working towards in the 7-year transitional period ended in the EU will succeed in its product registration. It is learnt that the Sichuan Chengdu xinxuekang capsule has passed the examination of Drug Administration Department of the Netherlands, xinxuekang capsule production line also has adopted the EU GMP certification, is expected to become the first to enter the international market of therapeutic proprietary varieties; Guangzhou qixing pharmaceutical group is "United Kingdom Register of traditional herbal medicinal products summary (United Kingdom) with the EU GMP certification" project; Lanzhou feci "minshan" card dangdui also received Sweden national drug authority agreed and formally accepted, pre-assessment also has passed. But in 2011 before 31 March, these three companies in which a company will take the lead in the European Union officially obtain legal status, make traditional Chinese medicine in EU legal sales for zero breakthrough, people will wait and see.

Professor Lin Kuo-ming, practicing medicine in Europe have been getting about 20 years. He said: "in the face of such grim prospects, it is imperative that work together to respond to challenges. ”

First of all is in EU of traditional Chinese medicine practitioners should unite mutual exclusion had pulled out again. Secondly, European practitioners and patients should be joint signature requirements for the legal status of traditional Chinese medicine. Professor Lin Kuo-ming said: "in Europe, dependent on the medicine man. EU Member States is a democratic country, politicians are very important people. 2011 March 31, in European medicine practitioners can contact their patients, jointly petitioned the EU politicians, asked for the legal status of TCM, believe that these politicians do not ignore the voice of the people. "The third is the role of the Government of China. China is now the world's second largest economy in the world's increasing influence, rescue medicine in European destiny, the Chinese Government can play an irreplaceable role. Professor Lin Kuo-ming, the Chinese Government and the EU and its Member States for different levels of dialogue and negotiations should be made for the legal status in Europe.

Although the situation in Europe is very dangerous, but Professor Lin Kuo-Ming and not a pessimist. He said: "in the long run, I'm Chinese medicine into Europe or relatively optimistic. Because of the medicine in clinical treatment of superiority is very prominent, in Europe there is a large civil identity, there are many Western medicine cannot resolve disease only medicine can handle. I believe that sooner or later will break through the traditional EU traditional plant medicine registration procedures directive set of hurdles. ”

The Fed continues to maintain zero to 0.25% lowest interest rate history

United States Federal Reserve Board 23 may decide to continue the federal funds rate that banks interval night offered rate remained at zero to 0.25% minimum level of history, and reiterated the need to use all available tools to promote economic recovery and ensure price stability.

The fed at the end of the day of a two-day monetary policy decision issued a statement after the meeting, said that since the Fed since August meeting, the United States economic activity has accelerated, further improvements in the financial market situation, the real estate market trends and consumer tends to be more stable but still affected by unemployment, income growth is slow, real estate wealth, glycidyl and credit stress factors. Although the pace has slowed, but the enterprise continues to reduce fixed investment and layoffs. Therefore, the Fed believes that in future some time United States economy remains weak, inflationary pressures will be temporarily.

The Fed said the United States economy is likely to need a longer period of time to maintain low levels of the federal funds rate.

In addition to maintaining the federal funds rate unchanged, the Fed also announced that adjustments to promote the home loans market liquidity plan implementation deadline. The Fed was originally scheduled to be completed before the end of the year from premises and Fannie Mae Mortgage agencies, such as purchase totals 1.45 trillion in mortgage-backed securities or debt scheme, now is the time to complete the purchase plan was postponed to the end of the first quarter of next year.

It is reported that up to now, the Fed has been purchased from the mortgage agencies about 7750 billion of mortgage loan debt or debt. Analysts believe that due to the purchase of mortgage loan debt or debt amounted unchanged fed to extend the time for carrying out purchase means lower on the mortgage market in terms of, this reflects the fed on the momentum of economic recovery in the United States continued to hold a certain confidence.

In response to the financial crisis and economic recession, the Fed since September 2007, started lowering interest rates from 5.25 per cent to the current zero to 0.25%.

Korean-made jeans in Sweden by off the shelf

Sweden a Department 5, the prohibition in-store merchants selling a batch of Korean-made jeans on the grounds that the DPRK's "working conditions".

These jeans from Sweden Norco company OEM order from Korea, originally scheduled for that day in the PUB on sale at department stores in Stockholm. Norco company claims that this is the world's first Korean-made brand jeans. Their total approximately 1100 bar, self-and relaxed type two, each price 1500 Sweden kronor (about 219 USD).

Company co-founder Jakob · orstrom accept AFP interview, PUB companies check the counter and to North Korea's "working conditions" have problems as confiscated jeans. "I thought it was just a joke, but all the jeans were off the shelf. "He said.

In PUB department store in sales, business Norco jeans company said that the Aplace PUB company heads in half an hour before the start of business calls and calls to withdraw these jeans. Aplace company President Kal · tollmar said: "PUB company explanation is, this department store is such political issues of the appropriate location or platform. "Tollmar company will continue to sell in other places these jeans.

Orstrom said that Korean "has long been isolated, in our view, from the moral point of view, any more contact with the outside world of opportunity for it is a good thing."

The two countries signed the 38 and trade contracts and agreements

Chinese Minister of Commerce Chen Deming, Minister of State with Turkey caglayan 8, here present in the soil, trade and investment cooperation forum and witness the parties signature 38 enterprises and trade contracts and agreements.

In investment cooperation forum, Chen Deming, in recent years, the economic and trade cooperation between China and Turkey, the rapid development of the new century, the growth of bilateral trade has 12 times. Although affected by financial crisis, the decline in global trade, but Turkey trade prospects remain good. China is willing to continue to take measures to promote the development of trade balance in the soil, welcomed Turkey enterprises increase the intensity of the Chinese market.

Caglayan, Turkey welcomed the Chinese enterprises to invest in soil, and also welcomes Chinese tourists to Earth, and will be actively encouraged enterprises to develop third-country markets. He also said that Turkey to actively support the Shanghai World Expo, will continue to organize national enterprises participate in Xinjiang Urumqi economic and trade fair, held in China's investment and trade promotion activities.

Both sides agreed to implement the two leaders agreed to work together to revive the ancient Silk Road, promote soil economic and trade cooperation and friendly relations. In addition, the two sides also discussed bilateral trade using the local currency, bonds, and the purchase of Turkey China Chinese financial institutions in the creation of branches.

According to the China Ministry of commerce statistics, 2000 in bilateral trade exceeded $ 1 billion, in 2008 the volume of bilateral trade to $ 125.7 million.

Turkey is Chen Deming's Afro-Asian five Nations tour first stop. He will also visit Saudi Arabia, Ethiopia, Mozambique and Tanzania.

Euro 2009 budget deficit surged to 6.3%.

<P> 22, according to Eurostat preliminary data released by the eurozone 16 countries to meet its budget deficit in 2009 to 6.3% of GDP, and 2% in 2008 compared to the level increased significantly. .</ P> <P> In addition, the euro-zone countries public debt to GDP ratio from 69.4% in 2008 increased to 78.7% last year. .The data also show that in 2009 the EU-27 deficit and public debt, respectively, of their GDP accounted for 6.8% and 73.6%, were well above 2.3% in 2008 and 61.6% level. .</ P> <P> data show that the high-profile public debt crisis of the Greek deficit will exceed 12.9% of the Greek government had forecast, to 13.6%. .In accordance with EU requirements, Greece has made in the previous prediction based on the massive fiscal austerity plan. .The published data show that the EU wanted to achieve its goal of deficit reduction proposed, Greece faces a more daunting task. .</ P> <P> the EU Member States, countries with the highest budget deficit in 2009 as Ireland, 14.3%, with the exception of Greece, the higher the country including Britain, Spain and Portugal, respectively, 11.5%, 11.2% .and 9.4%. .Statistics show that in 2009 the EU member states did not achieve a fiscal surplus. .</ P> <P> In addition, the 27 member states, 12 countries in 2009 public debt exceeded the European Union, "Stability and Growth Pact," the proportion of under 60%, of which most of Italy, reaching 115.8%, Greece tight .up to 115.1% with the later. .</ P>.

U.S. financial regulation bill which will bring global.

<P> United States Senate May 20 passed a new Financial Supervision Act. .Obama said the bill will immediately start the integration process both houses, for the July 4 (Independence Day) to complete the merger, to build a unified legal system of financial regulatory reform, as the leading global financial regulatory system to lay the basis of domestic law. .</ P> <P> new system of financial regulation bill highlight the two major regulators, the business scope of financial institutions and business aspects of these two full-scale monitoring. .Act claim rights by strengthening the regulatory authorities to limit high-risk financial institutions in financial services, prohibiting commercial banks to deal directly with high-risk financial derivatives, etc.; the same time, limit the scale of operation of financial institutions to break the financial institution can not be too large .closure of the fetters, the target system from the micro-transactions, and prevent the recurrence of financial crisis. .</ P> <P> end of last year, the U.S. House of Representatives passed the financial regulation bill, the focus on "macro-credit order maintenance", by giving the Federal Reserve system, a package of financial regulatory authority, to ensure that the central bank led the banking, securities, insurance and other financial regulation, .goal is to build international coordination type of the financial regulatory system to ensure that the unique U.S. international power. .</ P> <P> U.S. Senate and House bills to achieve the merger, from both macro and micro level, building up the financial system covering the whole regulatory system, is considered to be 30 years since the last century, since the financial reform, the most comprehensive .and unified legal system of financial regulation. .</ P> <P> change the U.S. financial industry structure </ P> <P> 2010 年 1 month, Obama issued following the June 2009 to strengthen the financial system stable regulatory bill, once again proposed to prevent the crisis .another outbreak of the financial regulation bill, known as the "New Financial Regulation Act." .20 in the Senate this month passed a bill that is modeled on this. .The basic idea of the bill from the Obama campaign general counsel of the economy, former Federal Reserve Chairman Paul Volcker, is also known as "Walker rules." .</ P> <P> its specific content generally consists of three rules: first, prohibiting commercial banks to engage in hedge funds, private equity investment, equity participation and other business, the implementation of a de facto "separate operation" return; Second, prohibiting commercial .nothing to do with the customer in the bank stocks, bonds (excluding bonds, government bonds and local bonds), and related financial derivatives and other internal transactions; Third, during the restructuring of financial institutions mergers and acquisitions, the acquisition of related liabilities shall not exceed the financial institutions .10% of total liabilities. .</ P> <P> first two rules of business of bank regulation; the third rule, called the Bank of scale control, that fact does not recognize the existence of giant financial institutions. .U.S. House of Representatives passed in December last year, financial regulation bill, or to "a giant financial institutions" is the prerequisite for the survival reflects the bankruptcy of large financial institutions on the macro-financial system stability may be a tremendous impact concerns. .Walker rejected the rule in fact the existence of the giant banking group. .</ P> <P> but the reality is that the U.S. financial industry, the financial crisis, a large U.S. investment bank or a giant bank merger, or to apply to "Bank Group", almost without exception, turned into the central bank lender of last resort available .Bank Group support to form a giant banking group led by "American characteristics" of the financial industry structure. .Walker rules by denying the existence of the giant banking group conditions tantamount to completely change the structure of the U.S. financial industry. .</ P> <P> in the financial liberalization process, the giant financial institution, with its enormous size, access to the pursuit of the conditions of high monopoly profits. .Its executives, financial elites can use monopoly power to reap excessive compensation. .When the financial crisis, these financial institutions but also to deter the use of the status of the financial system, easy access to government financial assistance, serious embezzlement, squandering the national taxes, adding to the national burden, causing widespread social discontent. ."Walker rules" can be described to meet the public, for Obama to gain political popularity, save political face-saving reform measures. .</ P> <P> of the global financial regulatory reform </ P> <P> seventies and eighties of last century, with the development of financial markets, banks face a strict separation of regulatory restrictions, that 90's of last century, .In the United States to form a "bank of recession." .Therefore, the development of new financial services other than deposit and lending business to commercial banks to obtain a wider range of profit opportunities, became the basic idea of financial reform. .U.S. financial liberalization, it is also relaxed by periodically "Interest Rate", "business control" began to start. .As a means of safeguarding the financial system, when the U.S. financial reform allows banks to engage in moderate-risk business at the same time, as a buffer means, government regulators require banks to raise equity capital ratio, to maintain the integrity of the bank. .Construction of the two combined financial security system. .The financial liberalization reforms in the banking business from the traditional deposit and lending business, development of a comprehensive financial services to provide integrated services. .</ P> <P> After the Cold War, a unified global market, increased competition in the financial world as the theme of the times. .As a major U.S. competitors, European financial institutions are mostly to concurrently operate securities and insurance business, integrated banking group with strong international competitiveness. .In this context, the United States If you want to participate in the global financial competition, we must relax the control of the business scope of banks, as banks expand the full range of financial services conditions. .It is in this context, the United States in 1933 to develop a "separate operation" mode, gradually reform, particularly in the new banking law in 1999 and further to allow the U.S. "financial holding company" established "separate management system" has been .a more thorough reform. .The latter half of the 1980s, "are great, and that they can not bankrupt" philosophy up as a trend, developed various types of giant multinational financial institutions to keep development in the financial system plays an important role. .U.S. and European banks, securities, insurance groups and the gradual integration into the giant of the road. .</ P> <P> Although the financial giant of global competition can avoid bankruptcy, but also to financial operators to provide "a new rent-seeking opportunities," the financial system through deterrence, to obtain a monopoly over power .derived as a political issue. .From the August 2007 subprime crisis to the 2008 financial crisis, and even the current European sovereign debt crisis, the giant of the banking group, but oligarchy of the rapid development of the social rebellion caused by the developed countries, encroaching upon the stability of the regime. .</ P> <P> In this regard, G20 summit from the perspective of the international financial system is stable, an important advocate for the implementation of particular international financial institutions, regulatory harmonization. .The new U.S. financial regulatory reform bill can be said to adapt to the global financial trends, to meet the aspirations of the financial regulatory reform, multi-frame, or will the global financial regulatory reform have an important impact. .</ P> <P> how the international coordination of concern </ P> <P> present, the financial system from the point of view on a large scale and complex ways to regulate financial transactions, there are basically two kinds of tendencies. .</ P> <P> One is the existence of giant financial institutions as a precondition, and the specific technology, to consider the design of the regulatory regime. .Such as the U.S. House of Representatives passed the financial reform bill, to emphasize the stability of the financial system from the point of view of the giant financial institutions regulation, and through the strengthening of international coordination, operational flaws in the event of their time enough to suppress the direct impact of the global extent of the real economy. .</ P> <P> the second is in the financial system, the financial regulatory authorities in principle, advocated building, especially the idea of the super financial institutions. .Typical is the "Walker rules", but also the U.S. Senate passed this new financial regulation bill of the core idea, that by limiting banks to engage in high-risk investments and transactions, maintaining a conservative settlement system, financial intermediaries and other traditional functions of commercial banks .to ensure that "not to create" super-banking group, to avoid the formation of the financial system, "too, that they can not bankrupt" deterrent. .As a result, the financial security mechanism, can reduce the "financial security umbrella" of the range and improve the efficiency of the financial system to maintain stability. .</ P> <P> first approach, while the business activities of financial institutions in the least, but it can also contribute to the expansion of giant financial institutions, so that the expansion of the financial system's security umbrella, the financial system maintenance costs, "too .reduce the balance of regulation on financial markets, shrinking liquidity shortage forecast, on the real economy will be uncertain what effect. to the United States as the primary source of the financial crisis, the excessive expansion of investment banking, but it will be business regulation bill .Bank under strict control of the column, whether the "market-based financial system risks" have effective control is uncertain. from the "maintenance of credit order" point of view, the effect there is great doubt. </ P> < .P> Therefore, not only on Wall Street to actively resist, the EU has said it would not apply the U.S. program, Japan is closely watching the U.S. program, but not bankrupt, "the deterrence issue can not be resolved. .The second approach is conservative therapy, limited the banks in the hands and feet at the same time, and not put forward conditions to ensure the profitability of banks, especially not proposed how to advance international coordination to ensure the financial supervision of the international equalization. .</ P> <P> In addition, financial sector reform also caused the loss of competitiveness concerns. .Conservative, and international promotion. .</ P> <P> In fact, the United States to use international rules to build the leading domestic law precedents. .Back in World War II just ended, the US-led construction of the Bretton Woods system, there are still affected. .Which the "golden dollar exchange standard" is based on the formation of the domestic law of the United States. .Bretton Woods Agreement provided only to gold as the anchor of a fixed exchange rate system, and provides for the July 1, 1944 the dollar price of gold build links between the two, and does not provide "official gold and the dollar parity against other" .. .The United States is based on domestic law enacted in 1934, "Gold Reserve Act" and the ban of gold held by residents, and 70% of the global monopoly of gold, forming a "gold of the official trading" mechanism, was a "dollar or gold" .dominance. .</ P> <P> U.S. financial crisis, global financial competition has not fundamentally changed, New York remains the financial capital of the world's largest market. .For Japanese and European financial institutions, global competition, inevitably, to enter the New York market, and accept control of the domestic law of the United States, or competition authority is tantamount to self-abandon. .</ P> <P> Clearly, the U.S. legal system of financial regulation has a considerable extent, the meaning of international rules. .Based on the "Volcker rule" in the new financial regulation bill, how to expand international coordination, the formation of generally accepted and effective international financial regulatory system is a concern. .(The author is the Chinese Institute of Contemporary International Relations, Globalization Research Center) </ P>.

Morgan Stanley believes that there is no guarantee of high growth sluggish domestic demand in China is gradually withdrawn.

Morgan Stanley Investment Management <P> gradually from China and Brazil, economic power back in the other fast growing emerging countries to seek higher returns. </ P> <P> the company tends to focus on countries such as Egypt and Poland .that these countries, the developed economies less dependent economy. As of last December the company's funds under management to approximately 2,830 billion U.S. dollars. </ P> <P> "We believe that will not be the strong global economic recovery," Morgan .Stanley Investment Management, a director of PaulPsaila annual investment forum in AmericanBeaconAdvisors space, told Reuters. </ P> <P> he thought the reasons for the slow economic recovery, economic stimulus initiatives, including the withdrawal of European and American countries, high levels of debt. .</ P> <P> "So we tend to focus on the market rely on domestic demand, they are not so strong cyclical, but also by the global economic situation has little effect, while bearish cyclical and the global market driven," Psaila said .He also said India is also one of the company's investment choice. </ P> <P> Psaila "suspicion" about whether China can maintain the current long-term growth rate of 9%. He said the investment rate in China is expected to decrease, but not enough domestic demand .make up. </ P> <P> in Brazil, Morgan Stanley still bet its domestic market strength, but still avoid the Petrobras (PETR4.SA: Quote) (PBR.N: Quote), or CVRD (VALE5.SA .: Quote) (VALE.N: Quote) and other large stock. </ P> <P> he said, "we added to the domestic stocks in Brazil, but the holdings of commodity stocks. So all in all, we are still less in Brazil .holding. "</ P> <P> plate in favor when it comes, Psaila said the company optimistic about the domestic consumer stocks required, non-essential consumer stocks, financial stocks and some pharmaceutical stocks. </ P>.

U.S. stocks ended lower due to China's foreign exchange reform optimism dissipated.

<P> U.S. stocks selling emerged late on Monday, dragged down by the fell, volume was light, because the market exchange rate flexibility in China's hope of enhancing changes to the Chinese government in exchange for the speed and extent of reform concerns. </ P> < .P> the overall negative tone of the market initially weakened on the foreign exchange reform of the benefits of optimism. stock market decline, as investors questioned expected to be carried out step by step effect of foreign exchange reform. </ P> <P> "This is China .seen as constructive, but market participants see the details of the post can not be sustained (the original) optimism, "MFGlobal JohnBrady vice president, said. </ P> <P> & P 500 index briefly rose above 1,130, this level is .its 2010 high and low of the mid-point, and the key technical bits, but can not keep spaces that level, increase the negative market sentiment. Over the past 10 trading days, the index has increased by more than 8%. </ P> <P .> exchange rate reform in China decided to support the stock market decline, while the move will make China's export costs pessimism in the retail stocks under pressure. Dow component Wal-Mart (WMT.N: Quote) fell 1%, at 51.02 .USD. & P retail index fell 1.7%. </ P> <P> "Retailers seem to sell low-cost products are all products manufactured in China," FinancialNetworkInvestmentCorporation market strategist BrianGendreau said. </ P> <P> Road .Joan industrial average was down 8.23 points, or 0.08%, to close at 10,442.41 points; Standard & Poor's 500 index ended down 4.31 points, or 0.39%, at 1,113.20 points; Nasdaq index fell 20.71 points, or 0.9%, to 2,289.09 points. </ P .> <P> large tech stocks weaken, expand Nasdaq decline. Amazon (Amazon.com) (AMZN.O: Quote) fell 2.6%, to $ 122.55, after the Amazon, said the price of its Kindle e-reader .down from $ 259 to $ 189. Google (GOOG.O: Quote) fell 2.35%, to $ 488.56. Dow component Microsoft (MSFT.O: Quote) fell 1.9% to $ 25.95. </ P> < .P> market opened higher today, the Dow rose 140 points, as investors said the move could boost China's multinational corporations profit outlook. Freeport-McMoRanCopper & GoldInc (FCX.N: Quote) jumped 3.3%, at 68.08 .dollars. Dow component Alcoa (AA.N: Quote) climbed 5.5%, to $ 11.72. </ P> <P> "China's move long-term good of the global market and help increase exposure to Chinese companies .income, "CapitalAdvisors ChanningSmith vice president, said," However, the market has recorded good gains, and investors do not forget we are still faced with issues such as Europe and the labor market. "</ P> <P> in M & A news, .BiovailCorp (BVF.N: Quote) has agreed to acquire ValeantPharmaceuticalsInternational (VRX.N: Quote), a price of about 33 billion U.S. dollars. Biovail listed in the U.S. rose 14%, to $ 16.67. Valeant rose 2.3%, to $ 46.90. </ .P> <P> in the United States listed the BP (BP.L: Quote) shares fell 4.5% to $ 30.33, after BP (BP.L: Quote), an internal document revealed that the company forecast in the worst case .Gulf of Mexico oil spill could be around 10 million barrels a day. New York Stock Exchange, American Stock Exchange and the Nasdaq market volume was about 7.98 billion shares, well below last year's estimated daily average value of 9.65 billion shares. < ./ P> <P> the New York Stock Exchange, home prices and declining stocks ratio of about 13:18, Nasdaq market is about 1:2. </ P>.

Economists expect the price of gold fell below $ 1,000 during the year.

<P> Listen, this article said that only an economist point of view. .London CapitalEconomics the Jessup (JulianJessop) said that the price of gold fell to $ 1,000 in the years following. .Gold futures prices have been achieved from the June 18 high of 1,258 dollars, down about 5.6%. .However, since the April 23 Standard & Poor's 500 stock index (S & P500) since the peak decline, the gold market's performance better than the stock market. .Since then, gold futures prices have gone up by about 3.7%, while the S & P 500 fell 11%. .But Jessup is that: </ P> <P> lower risk in the case of inflation, and now have a new significant impact to propel gold sharply higher. .But it is not difficult to imagine what kind of impact will have such a role, such as facing the disintegration of the European Monetary Union, the United States or Japan, the credit of such major countries was questioned again, and the trade war between China and the West. .But these risks are unlikely to reach this year a very high level, so we still expect the price of gold will fall before the end of 2010 to 1000 U.S. dollars an ounce. .</ P>.

Silver, gold hit a record high at a 30-year high.

<P> Beijing because of the weak dollar on Friday morning news increased precious metal investment demand, gold futures on Thursday broke through $ 1,370 an ounce. .Gold futures in more than five weeks time, the 17th consecutive trading day reaching record highs. .</ P> <P> the New York Mercantile Exchange, COMEX gold contract sector December delivery rose $ 7.10, to close at $ 1,377.60 an ounce, or 0.5%. .The stock hit an electronic trading system an intraday high of $ 1,388.10. .</ P> <P> Wednesday, the contract rose $ 23.80, to close at $ 1,370.50. .</ P> <P> DeltaGlobalAdvisors BruceZaro chief technical analyst, said, "quantitative easing measures the weak dollar and prompted investors to buy gold is expected to protect the security of assets." </ P> <P> U.S. dollar against the other 6 tracks major currencies .U.S. dollar exchange rate index fell 0.6% to 76.59 points. .</ P> <P> Zaro said, "The dollar index reached 88.50 points since June after a sharp drop in the high-point, close to last October has hit multi-year low of 74.50 points. We expect in the medium or the recent U.S. dollar .to rebound, this will lead to bulk commodities, particularly gold prices fell. "</ P> <P> He said the dollar may start to rise in early November that the U.S. mid-term elections after the end of quantitative easing and the Fed .whether the release program will enhance the market uncertainty. .</ P> <P> silver futures on Thursday, breaking 24 dollars an ounce, the highest 30-year high. .Copper (63 390, -360.00, -0.56%), together with the stock market weakness, but the current has been rising at a record high for many years. .</ P> <P> for the first time claims for unemployment benefits last week unexpectedly rose, the U.S. stock market fell. .</ P> <P> Deutsche Bank analyst said Thursday in a note to clients said, "The irony is that both the fear of inflation and deflation, or, regardless of dollar is up or down, investors will .buy gold. This has made us worried about the volatility of gold futures may become increasingly irrational. "</ P> <P> They said one-way gold is a safe investment, regardless of whether the Fed purchase of government bonds, gold will be .benefit. .</ P> <P> 12 front-month silver contract rose 50 cents to $ 24.44 an ounce, or 2.1%, a 30-year high. .</ P> <P> 12 month copper fell 0.1% to $ 3.816 a pound. .</ P> <P> 12 月 palladium futures rose $ 7.90 to $ 601.55 an ounce, or 1.3%. .January platinum futures delivery rose $ 5.20 to $ 1,712.60 an ounce, or 0.3%. .</ P>.

Emerging market investment bank suction gold then record sing more 2011

If money is a disaster, this year on emerging markets, there is no doubt it was the year of the "disaster." This does not, 2010 is just over 11 months, into the emerging markets equity fund international funds over the last year, the annual ceiling being overwritten again Gold records has become a reality.

Near the end of the year, a number of investment banks with one voice to sing many emerging stock market next year, big mo, UBS and Citigroup, recently published its report, in mobility, economic growth in the context of emerging markets is expected to continue next year is expected to rise sharply rising minimum reached nearly 20%. Of course, emerging markets, at the moment of a potential risk factor is the asset prices and inflation spiralling out of control, and the resulting policy tightening pressure.

This aspiration gold record again

In 2009, as the global economy that the recession, the stock market rebounded from the bottom of the Jedi. In this emerging stock markets play a very important role. Because of the crisis in the direct impact is relatively small, the fundamentals of better emerging market funds attracted a record.

Although the 2010 year is believed to be more complex for a year, but global investors on the emerging markets of preference continues unabated. Professional bodies, as of late last month, the inflow of funds in emerging markets have been more than a year.

United States Fund tracking study institutions EPFR statistics show that as of 24 November one week, the tracking of various global equity fund $ 4 billion net inflow of funds, one of the most, about 24 billion into the emerging markets equity fund. It also makes this year so far, emerging markets equity fund of funds net inflows reached 843 million, exceeded the record of 2009 833 million.

Money surged into the back of the holder is stock index. Throughout the year, the global stock market performance in the emerging market leader, or the top six in the stock market, five are from emerging markets. As of last Friday, the stock market to Argentina nearly 48% increase ranking first in the world. Of particular note is the Asian emerging markets, eye-catching performance in Indonesia, Thailand and Philippine stock market respectively, 46%, 40% and 36% increase in the price list, the second to fourth place. Furthermore, India and Singapore's main stock market stock index rose more than 9%.

Fidelity International well-known Fund Manager, author of "United Kingdom Buffett" Anthony · Bolton notes that current, overall valuation of emerging markets is still at a relatively low level. He said, from statistical data, from 1990 to 2000, global emerging markets in the value of the price-earnings ratio is approximately 25 times, and from 2000, of this decade, the emerging markets of the price-earnings ratio of the value of only 15 times, and the current stock market is still in the median level.

Institutions competing to sing well next year

It is interesting to note that in recent days, the world's leading investment firms are competing to publish sing good emerging markets report and forecast. Even the relatively conservative estimates, or have 19%.

UBS published a report last week that emerging market stocks surge in the next year, a covering major emerging market stocks may be specified in the years up 57% to a record high. This is mainly due to economic growth and low interest rates to promote increased valuation.

UBS's Policy Division team in wrote in the report, the MSCI emerging markets index next year will reach 1700 points, October 29, 2007 record high point of closing out of 27%. UBS's Policy Division, said the index of a normal dynamic earnings should 16.5 times currently only 11.5 times. At present, the MSCI index reported in 1100 points or so since the beginning of this year rose by about 9%.

Citigroup analyst is expected, emerging market 2011 is 35% rise in space, the row of most optimistic about the h-share market. Citigroup analyst in a recent report that, in the dollar, the Hong Kong market h-shares index and Australia index increases the maximum space. National City believes that some economies in capital control initiatives may reboot the liquidity to such countries as China, Hong Kong, Sydney and Singapore, and other markets.

The Godfather of "emerging markets" Moebius recently said that the United States consumer confidence seems to be improved, which will help to promote global economic growth, and detonated in the emerging markets of new wave bull market.

Investment Bank big mo's forecast more cautious, but also not optimistic. Big Mo's latest report forecasts emerging market stocks rose 19% in the next year, the Asia-Pacific stock markets other than Japan is expected to rise by 20%.

For Morgan Stanley in the Hong Kong Chief Asian and emerging markets strategist Ghana, led by the analyst team believes that the MSCI emerging markets index at the end of 2011 is estimated at target-1290 points, MSCI Asia Pacific market (except Japan) index of the target position in 540 points.

Inflation or worries

Many people think emerging markets a large reason for ample liquidity. Bolton said, the current world economic situation facing unprecedented changes, developed countries generally enthusiastic about "printing", the resulting surplus funds will flock to emerging markets, thus the good performance of these markets.

Globally, Bolton said, this round of Bull will continue for many years, and the second phase is starting, during this period, he was of the view that growth-oriented stock and growing market performance will be the most outstanding.

On next year's market, a positive factor is that the stock market this year appeared adequate adjustment. Bolton said, from historical experience, beginning in March 2009 the first wave of bullish development too fast, itself does not have a sustainability, this wave of rally in 13 months rose by an astonishing 85%.

Fortunately, "after this summer's callback, current stock market situation all the more normal. "Bolton said. Regarded as Europe's most successful investor, one of the Burton had planned to retire in the last year, but because the optimistic about China's emerging market performance

, He decided to come to Hong Kong, and from April this year at the helm of China special situations Fund, Manhattan, which was set up to seven months earnings reached 27%, well run and win A share and the stock market.

However, the industry is also on the potential risk factors raised a warning. Big Mo's report states that its Asian and emerging markets stock market prospect "does not generally expect so optimistic," because "in inflation and interest rates in 2011 before the mid-term chuding difficult investment environment."

Considering that many economies, economic recovery is still going to the level before the crisis, most analysts do not worry about emerging markets will reproduce past hyperinflation, we care about more is the rising food and energy prices, coupled with the fed and other Western Central banks of the second quantitative easing might eventually force the emerging market central banks to stronger than currently expected to raise interest rates.

HSBC emerging markets strategy supervisor Richard said the next six months, emerging market investors do decision takes account of the biggest problems is that inflation will have on the global impact. In China, India, many emerging economies, while inflation is not the dominant risk, but these pressures are increasing.

Emerging markets professional research organization Matthews Asia Fund's Chief Investment Officer Robert said, if the emerging economies of the central banks continue to increase monetary tightening, and stock market valuation may be "out of buffer space."

Another important emerging market challenges is the price of commodities, in particular the food and energy, to the related countries tighten pressure, but also on economic growth challenges.

Morgan Stanley investment management company global emerging market equities Department, said the head of Sara hilma investors on commodity prices and the emerging market economies seem to be concerned about the impact of inadequate. Once you exceed a certain threshold, commodity prices are significantly detrimental to the emerging markets, such as oil prices return to top of $ 90.