Currency U.S. dollar imminent war, the culprit.

<P> 3 years ago, "Currency War," a book popular in the country. .3 years later, with the Bank of Japan after 4 years of zero interest rates again resorted to in order to prevent further appreciation of the yen; and the Australian dollar, Korean won and other currencies continued strength, its government claimed to intervene in currency markets. .The market suddenly exclaimed, currency war is really coming! .</ P> <P> then, the currency war, what exactly is the deep reason? .Is it true currency will perform a "Spring scrimmage?" .</ P> <P> dollar plunged many countries to intervene in the exchange rate </ P> <P> 9 15, Wednesday, when the pointer go to Beijing 11:30, traders are suddenly aware of the super push up pay .dollar against the yen. .And because the rapid turnover enlarged list of retail level has been difficult to enter for the first time. .Day, the dollar closed at 85.55 against the Japanese yen, or 2.99%, nearly 5 months to record its biggest one day gain. .Difficult to understand is that just the day before the currency hit a 15-year low. .</ P> <P> alarming is that, then Japanese Finance Minister publicly confirmed wild Tianjia Yan, Japanese Finance Ministry had foreign exchange intervention, but declined to intervene in size. .Nevertheless, the yen has not been so out of sharp appreciation of fate. .As of last Friday's close, the U.S. dollar against the yen since January to close at 81.9,9 has fallen nearly 3%. .</ P> <P> sharp appreciation of the yen weakening exports and the economic slowdown home and less abroad, the Bank of Japan announced on October 5 inter-bank unsecured overnight call rate down to zero from 0.1% to 0.1%. .Not only is this the line to restart the first time since 2006, zero interest rate policy, is shot twice within 1 month intervene in currency markets. .Unfortunately, according to statistics, 1 October to 8 fall between the U.S. dollar against the yen is still about 2%. .</ P> <P> International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn said 7 days, as countries around the world lack of coordination between monetary policy, "currency war" may occur. .And if that is the "war" means that participants not only the yen side. .In fact, including the Korean won recently, the Australian dollar, Brazilian real, the euro and other currencies out of the unilateral strong market. .Abnormal rise in national currency, some countries have emitted the signal, or the central bank has intervened in the exchange rate. .Currency War has triggered! .</ P> <P> data, October 1 to 8, the euro gained 2.2% against the dollar, close to 8 months to high; Australian dollar rose 2.2% to 0.9851 total, a record 27 year high .level; dollar won, the dollar is down against the Thai baht were 1.8%, 1.5%. .Since the latter of which in one fell swoop hit its lowest level since August 2007. .</ P> <P> However, the Japanese central bank intervention in currency markets as a winter wildfire, a "currency war" has followed the smoke into the sky. .One South Korean government said that in order to prevent the inflow of foreign capital over the impact of won, want to strengthen the foreign exchange derivatives. .In view of potential volatility in currency markets recently, plans to intervene when necessary. .Statistics show that South Korea currently holds U.S. Treasury bonds has risen to the highest point since March this year, $ 39,300,000,000; 4, the Brazilian government called for the stability of the Brazilian real currency, increasing foreign investors for fixed income investments in Brazil's financial .operating tax rate to 4%, also approved an increase in the local market to absorb dollars, </ P> <P> dollars buried quantitative easing "evil" </ P> <P> 1914 年 6 months, the Sarajevo War lit up directly .4 years smoke. .The source of the money behind the war what is it? .</ P> <P> Thunder Guotai Junan Li, chief economist to the "Daily News" said the direct cause of war, the U.S. dollar currency devaluation, resulting in other currencies against the U.S. dollar. .But in the end, the most essential reason is the market expected the Fed will start the second round of quantitative easing, eventually lifting the dollar lower long-term expectations. .The fact is that many countries tend to rely on currency depreciation to boost the economy, but the results while filling a substantial influx of commodity hedge funds, gold and other assets, resulting in inflation expectations increase; on the other hand, the financial crisis, national policy is more .tend to short-term. .In this way not only failed to improve the balance sheet, but the stimulus by means of quantitative easing growing debt levels. .</ P> <P> "because November will be held in the Federal Reserve meeting on interest rates, so the strength of short-term non-US currencies will be high probability events, which is why governments did not intervene in currency markets to boost the currency after the reasons," Lee said Thunder ."But it is worth noting that, due to more competitive U.S. long-term, long term U.S. dollar is likely to be reversed." </ P> <P> data, October 1 to 8, the dollar index fell .2%, 9 single month plunged more than 5%, so the dollar index since the second half of this year the cumulative drop of 10%. .The reporters found that the first half of 2000 to the end of the year and a half year to 21, only hit in the first half of 2002 the largest decline of 9%, during an average of 0.6%. .</ P> <P> Dongguan Yu Jie, deputy director of Securities Research Institute, told reporters that the money is the root cause of war, the United States want to restart the quantitative easing, and ultimately the depreciation of the dollar and stimulate exports purposes. .It is worth mentioning that such a move is equivalent to the expense of future benefits in exchange for immediate, in order to shift the financial crisis losses. .But in that case, the U.S. dollar currency long-term dominance will certainly be shaken. .Even so, other countries are more likely to just say do not do, in the hedge funds have entered the commodity market conditions, currency intervention alone is simply very difficult to reverse the trend depreciation of the dollar. .</ P> <P> Geithner made "multilateral cooperation," the first step </ P> <P> yesterday (October 10) the end of the IMF and World Bank annual meeting, U.S. Treasury Secretary Gate .more satisfied implicitly expressed the views of the current international monetary situation, because he did not put the finger at China. .He believes that economic development in some countries should not harm other countries, built on the basis of economic interests. .Most developed countries, domestic consumption in emerging markets while driving should promote exports, so as to make them (manipulator) of the currency appreciation. .</ P> <P> In addition, he also pointed out that, IMF rebalance the world economy which plays an important role, should play the role of commander in chief to support a number of countries for the economy to balance the action. .Some media said, following the adoption of the House Ways and Means Committee Chairman Geithner Levin, Sander "multilateral cooperation programs," after the first step. .Not long ago, the U.S. House of Representatives by 348 votes to just 79 votes by a large proportion of the "exchange rate reforms to promote Fair Trade Act." .</ P> <P> However, most developed and the exchange rate issue that still need to be treated with caution. .Many heads of state and finance ministers are concerned that recent exchange rate in some countries (eg China) will provoke more stress imposed by a strong resistance. .Popular "currency war" the statement from Brazil Finance Minister 吉多曼特加 September 27 announced the Brazilian government will intervene in currency markets when the statement. .</ P> <P> International Monetary Fund (IMF) Managing Director Dominique Strauss - Kahn said: "IMF should be 'better' in capital flows, foreign exchange reserves and exchange rates work. When necessary, IMF .the appropriate files will be introduced to illustrate the economic stability in the 'systemic stability initiatives' importance in the. </ P> <P> However, Geithner appointed for IMF "economic rebalancing commander in chief" of the hat, he did not .shy and slightly humorous when he said: "Although the IMF should play a leading role, but we trade and exchange rate policies affect the country's poor record is obvious, after all, it is difficult to trade-offs among the interests of many countries. ."</ P> <P> CASS financial Cao Honghui, director of the financial markets believe that the current United States is pursuing the" quantitative easing "monetary policy makes a lot of liquidity, further depreciation in the dollar, but also lead to other countries .currency appreciation pressure intensified. </ P> <P> just concluded in Washington in seven western countries (G7) finance ministers and central bank governors meeting, the G-7 reached a consensus, will cooperate to avoid exporting countries to stimulate the economy while maintaining .the competitive devaluations of events. </ P>.

Dispute over the exchange rate indicates that the world economy will be big changes.

<P> 7th of this month, the IMF's Strauss-Kahn warned that if some countries tried to use the exchange rate tools to address its problems, this is risky because the currency could trigger war. .</ P> <P> Kahn's argument was very kind. .From the situation in recent months, the currency in some places, in fact, the war broke out. .By the U.S. dollar continued to depreciate against major currencies due to exchange rate of the dispute, but the problem of representation, and its essence is that the overall pattern of the world economy is undergoing fundamental change. .</ P> <P> According to statistics, this year, all major economies, currencies against the U.S. dollar continued to rise. .If the yen against the dollar in the past two months has been repeatedly hit a new high in 15 years, the Australian dollar against the U.S. dollar in the past month has been accumulated by 8.3%. .The euro against the dollar in the past week has increased by 2.3%. .</ P> <P> In addition, a considerable part of the country or region emerging economies currencies in the past few months the rapid rise against the dollar. .Especially those highly dependent on foreign demand, export-oriented economy, its currency's rapid appreciation against the U.S. dollar has been a serious threat to the local export enterprises, affecting the local economy. .</ P> <P> this end, the economy is smoking on the currency of this war has shown a high degree of apprehension. .Late last month, Brazilian Finance Minister said, we are in a currency war. .General devaluation of national currencies, which poses a threat to us. .Brazil will take decisive action to prevent excessive appreciation of their currencies. .</ P> <P> Prior to this, Japan is suddenly in the Sept. 15 implementation of the intervention in the foreign exchange market intervention operations. .Subsequently, other countries and economies have also pledged to intervene in the market to intervene. .For example, South Korea expressed its readiness to intervene when necessary, India and Thailand issued a similar warning to take appropriate action. .</ P> <P> dispute in this exchange rate, the target than the largest two countries. .Although China in this global financial crisis, very quickly adopted special measures to stimulate their economies, and for the world economy has created conditions for the recovery of precious, but the United States does not appreciate, is still forced to take on the attitude of China's exchange rate. .</ P> <P> the United States and some countries with developed economies, why do it? .If we look only to the two countries to look, just staring at the RMB exchange rate, may be too narrow field of vision is not conducive to see the heart of the problem. .If we developed economies, the current situation can have a little more understanding, I am afraid to think different. .</ P> <P> First, the 2008 outbreak of the international financial crisis in the U.S. fire. .Over the years the U.S. government and residents caused by excessive deficit spending and trade deficits, has long been the U.S. economy can not get into a quagmire. .Although the outbreak of the financial crisis was brewing at home the consequences of financial speculation, but it is a reflection of U.S. economic structural imbalances, long-term imbalance is a reflection of the world economy. .</ P> <P> Now, the United States to get rid of "twin deficits" of the entanglement, the most good way is to let the dollar fall. .This will allow other countries to bear the costs of economic adjustment, the United States, resulting in U.S. dollar assets in other countries has shrunk dramatically, exports have slowed, competitiveness weakened rapidly, while the United States to influence by playing in major U.S. markets, and reap speculative gains, while expanding the U.S. .exports in order to fix loopholes in the twin deficits. .</ P> <P> history, the U.S. has done so, and now the United States is doing. .Now, the United States not only put pressure on the yuan, against other major currencies have depreciated to the offensive. .Among them, especially export-known for emerging economies to take a depreciation of the strategy. .Why? .Because the administration to create jobs, exports doubled in the implementation plan, implementation of the "re-industrialization", not how the line with the depreciation of the dollar? .</ P> <P> look at the situation in other developed economies, particularly in developed economies in Western Europe and the Nordic conditions. .Recently, high-welfare states are experiencing these problems there are two, one is a sovereign debt problem, the other is the extension of employment. .These two issues is the recent spread north-western Europe countries, as well as mass protests continued, the strike continued. .Why do some places will burst out of these two problems? .</ P> <P> the one hand, there are similarities between these countries and the United States, the use of financial leverage over the government and people over-spending, resulting in debt; the other hand, in the economic structure and industrial structure problems exist on the hollow ., also makes these high-welfare state is very fragile economic base; coupled with social welfare standards, requiring huge financial support, if the economy is a problem, it is difficult to maintain this standard. .</ P> <P> so, whether it is in the U.S. and some developed countries in northwest Europe, are now facing a triple challenge: how to compress expenditure, the second is how to create jobs and the third is how to increase exports. .In the current round of severe financial crisis has not subsided when taken inappropriately tight fiscal policy, increasing employment, on the economic recovery is very bad. .In this case, can choose only the increase in exports. .</ P> <P> Now, when developed economies began to turn around tip, through currency depreciation to improve the export competitiveness of their products, began to reshape the country's manufacturing industry, increase exports and earn foreign exchange earnings, when the world .trade patterns are being re-shuffling of the time, does it mean? .Especially those in East Asia has long been dependent on exports to maintain economic growth, economies, does that mean? .</ P> <P> conclusion is obvious that the original external demand environment has changed, the external power has decreased, even disappeared. .The resulting is, the entire world production structure, employment structure, product structure, trade structure, economic structure of the big changes. .It is now we are considering a variety of macro and micro issues, can not avoid the new situation. .</ P>.

Buffett said the global market better and better, "abandoned to vote shares of debt," the time has come.

<P> Although the latest U.S. payrolls data was disappointing, but the U.S. stock market remains strong, where the Dow is May 3 this year has once again closed at above 11,000 point mark. .Currently, Wall Street investors began to set his sights on third quarter earnings, but analysts said the Fed and the Bank of Japan take the lead in the promotion of liberal, market liquidity, the U.S. stock market in the fourth quarter and the world still prognosis was good. .</ P> <P> opened the third quarter financial results </ P> <P> U.S. Labor Department data released on Friday showed U.S. non-farm jobs in September the number of the chain by 9.5 million, fell far more than the market .expected, while the unemployment rate in September remained at 9.6% level. .However, the data released, the U.S. stock market rise not fall, the Dow above 11,000 points on the successful stand last week, the cumulative increase of 1.6%, the S & P 500 Index and the Nasdaq composite index last week gained 1.7%, respectively, and .1.3%. .</ P> <P> Although the U.S. job market is still very weak, but the stock market has played a stimulating effect. .Financial Advice FinancialNetwork Grand Rohe market strategist, said the stock market than-expected employment data in the case is still rising, because these data showed once again that the Fed will take the second round of the quantitative easing policy measures. .</ P> <P> in the market expect the Fed to increase quantitative easing restart when a new round of U.S. public company earnings season has officially kicked off. .Alcoa data showed third-quarter profit of $ 61,000,000, down from $ 77,000,000 last year, but the company quarter revenue exceeded market expectations. .</ P> <P> this week, including Intel, JP Morgan Chase and enterprises including Google to hand over their transcripts, although some companies including Intel had previously bearish third quarter results, but analysts believe that these .Companies can have a huge impact throughout the market, the official earnings Bu Zhiyu major bad news. .At the same time, the latest quarterly reports, after the situation at least for the case of other companies reported quarterly to provide information. .The chief investment strategist at Prudential Financial Pula Fen said that even if economic data and disappointing corporate earnings, but started the second round of quantitative easing, the Fed's expectations, the stock market will continue to climb. .</ P> <P> global market getting better </ P> <P> as the November mid-term elections and the U.S. Federal Reserve meeting on interest rates before the most important economic data, employment data also increases the poor performance of the Federal Reserve launched a new .round of the possibility of incentives. .Some analysts expect the second round of quantitative easing, the Fed will reach 500 billion U.S. dollars, due to round up the main driver of U.S. stock market is the Fed's easing is expected, the Fed would buy bonds to increase market liquidity, investors will also be the Federal Reserve .act as entry signals. .</ P> <P> Pacific Investment Management Co. Gross, founder and chief investment officer, said recently that if the Fed to stimulate economic growth in the next few years, the success of the plan, then the stock market will be the main beneficiaries. .At the same time, the stock will more than bonds, the most appropriate investment vehicle. .Similarly, Warren Buffett said recently, the bond is in the bubble phase, the stock is more expensive than bonds, it is time to return from bond investments over equity investments. .</ P> <P> While investors worried about the global economy faces the threat of second bottom in the third quarter, most of the world stock markets continued to rise, more large-scale European and American stock markets rebounded. .U.S. stocks experienced a gray market in August, the pace of its rise has not ceased. .Some analysts expect, "abandoned to vote shares of debt" is becoming a trend, coupled with the U.S. and Europe continue to stimulate the economy at the fourth quarter, global stock markets are still crowded. .In addition, the Federal Reserve or the second round of quantitative easing oil prices pushed up oil prices expected to rise another 6%. .</ P>.

China opposes IMF quota reform will be linked with the RMB exchange rate.

<P> China, People's Bank (central bank) governor Zhou Xiaochuan said in Washington on Saturday, the International Monetary Fund (IMF) share of the RMB exchange rate reform and other issues are not linked to the mainstream sound. .He also said that China's currency reform would not take so-called "shock therapy", will be a gradual manner. .</ P> <P> Zhou Xiaochuan, was in Washington attending the IMF and World Bank. .Recently, the share of voice advocating reform of the IMF and the RMB exchange rate pegged to ask China and other emerging economies to take on more responsibility, Zhou Xiaochuan pointed out that two years from now about the financial crisis, the IMF quota reform and other responsibilities is not linked .mainstream sound, the sound is to make the mainstream IMF more representative, so that different types of countries worldwide, particularly in emerging markets and developing countries on the IMF have a greater sense of trust, so the need to adjust the share. .</ P> <P> Zhou Xiaochuan said China never say no to assume more responsibility, China not only consider their own interests, but also consider the global economic cooperation, there are difficulties for individual countries, China has also given support and assistance within its capacity .. .</ P> <P> Zhou Xiaochuan pointed out that the G20 summit in London in 2009, make the IMF more countries to discuss the financial resources to support countries hit by the crisis, when China had subscribed 500 billion IMF debt. .</ P> <P> IMF and the World Annual Meetings in Washington, the opening day. .IMF reforms and exchange rate issue is the annual focus. .It is reported that China in the IMF's voting power may be increased from its current sixth place third, even more than Japan in second place. .But European countries have been reluctant to give up share, had actively supported the share of the adjusted share of the United States has suddenly proposed adjustment and exchange rate reform will be linked to an attempt to force through reform of the RMB appreciation. .</ P> <P> Zhou Xiaochuan said in January 2011 before the completion of IMF governance reform, restructuring and share that optimism. .</ P> <P> Pittsburgh last September's G20 financial summit IMF and World Bank agreed to share the two bodies were transferred to developing countries at least 5% and 3%. .This year in April, the World Bank to complete the voting rights reform, the developed countries to developing countries 3.13 percent of the voting rights, voting rights of developing countries as a whole increased to 47.19%. .</ P> <P> IMF's Strauss-Kahn said 9, IMF quota reform may be in the "weeks" to complete. .</ P> <P> for the RMB exchange rate, Zhou Xiaochuan, said the RMB exchange rate to adjust short-term efforts seem small, but in 5 years or 20 years longer period of time to see the situation is different. .Stressed that China's exchange rate has been responsible approach taken by the financial crisis, some of the economies significantly lowered the currency of the currency, but China was not to do so. .</ P> <P> In addition, a seminar the other day, according to Zhou Xiaochuan reiterated that China will promote the currency reform at their own pace. .He said the Chinese currency reform will be a gradual manner, rather than take the so-called "shock therapy." .</ P> <P> IMF's Strauss-Kahn 9, also has denied: "I have not heard anyone say (IMF) conditions and the share of reforms on the exchange rate. The two are not necessarily linked." Line of the People's Bank of China .Long Zhou Xiaochuan attended the meeting in Washington, also said, IMF's quota reform is to make the organization more representative, so that their confidence in the world to make the world a healthier economy. .</ P>.

China's foreign debt balance of U.S. dollar debt over Qicheng if the dollar will stop the collapse of the share.

Administration of the State foreign exchange reserves <P> 9 to the latest statistics show that as of 6 at the end of 2010, China's foreign debt (excluding Hong Kong, Macao and Taiwan's external debt) amounted to 513.81 billion U.S. dollars. .</ P> <P> where the highest share of U.S. dollar debt over the previous year rose 4.34 percentage points to 72.1%. .</ P> <P> In addition, the share of yen debt and euro debt were decreased, which accounted for 10.11% of debt yen, down more than 1.78 percentage points from the previous year. .</ P> <P> euro debt accounted for 4.51% over the previous year dropped 1.87 percentage points. .</ P> <P> the same time, former executives of Morgan Stanley Stephen Roach, said the recent series of U.S. domestic pressure on the yuan wrong way. .</ P> <P> He stressed that if the Chinese stop buying U.S. bonds, U.S. Treasuries interest rates will rise sharply to the dollar collapsed, the U.S. economy back into recession. .</ P>.

Global exchange rate hopeless war armistice.

<P> Global economic cooperation into a fragmented situation, "currency war" may be a new outbreak of fighting. .Prior to the weekend meeting of global finance ministers and central bank governors failed to reach any resolution. .</ P> <P> the world's major economies, exchange rate differences on the issue of an unprecedented large. .China accused the United States to pursue ultra-loose monetary policy, so a lot of money, such as flood flows to emerging economies, undermining the stability of the latter, while the United States insists that the International Monetary Fund (IMF) should strengthen attention to exchange rates and foreign exchange reserves .accumulation. .</ P> <P> lack of substantive agreement and the parties to the edge of reform proposals for the IMF policy of the Group of 20 may be in the (G20) summit in Seoul increase the month before the exchange rate volatility. .</ P> <P> the world's largest bond investment institutions - Pacific Investment Management Company (Pimco), chief executive Mohamed • El - Elian (MohamedEl-Erian) said: "The world was hopeful .response, but now is not in place of the national coordination of economic policies and increase the friction between nations increasingly replaced. "</ P> <P> major IMF communique issued after the meeting said the countries have adopted a" cooperation " .attitudes, but did not provide any evidence that major economies in the presence of differences to find common ground on any issue. .</ P> <P> IMF Managing Director Dominique Strauss • - Kahn (DominiqueStrauss-Kahn) calls upon States to take concrete action, not just copying the kind words. ."Language is invalid. Language can not change anything. Policies must be revised." </ P> <P> almost no indications that China let the yuan appreciate faster, and this is causing growing U.S. frustration. ."IMF must strengthen the national exchange rate policy and foreign exchange reserves accumulated practice of supervision," U.S. Treasury Secretary • Tim Geithner (TimGeithner) said. .</ P> <P> that pressure against China, now are being more aggressive resistance. .China's central bank governor Zhou Xiaochuan said at the IMF meeting, focus on the exchange rate is one-sided. ."The main reserve currency to continue the implementation of very low interest rates and unconventional monetary policy in emerging market countries to formulate and implement monetary policy has led to a serious challenge." </ P> <P> Ace Cornell University professor Walter • General .Prasad (EswarPrasad) said: "The Chinese are welcome to counter outside criticism of its exchange rate policy, the spearhead of attack shift in developed economies loose monetary policy and growing public debt, reflecting China's growing self-confidence and international pressure .strongly resisted. "</ P> <P> finance ministers of other countries on the British" Financial Times "said that they do not compromise on both sides of the attitude of despair. .South African Finance Minister Pravin • Gordon (PravinGordhan) said: "If you listen to Chinese, they have a view on the current situation. If you listen to the United States, and they had an argument. We must make mutual concessions." < ./ P> <P> to re-seize the initiative, IMF proposed a new mechanism, I hope by focusing on an economy affect other economies, to strengthen the organization's oversight of economic policy in different countries. .But experts do not think that this is expected to solve all the deep differences in policy. .</ P>.

2010 Nobel Prize in Economics "Whispering three".

<P> Beijing on October 11 evening, the 2010 Nobel Prize in Economics in Sweden announced. .U.S. economist 彼得戴蒙德 and 戴尔莫滕森, and has dual British and Cypriot economist Christopher Pisa Li Clerides three shared the 2010 Nobel Prize in Economics award. .</ P> <P> Royal Swedish Academy of Sciences said in a statement, the three economists with "economic policies affect the unemployment rate," further analysis of the theory, won the 2010 Nobel Prize in Economics laureate. .Three of the theory can explain many economic phenomena, including "Why, when there are many job vacancies, there are still many people are unemployed." .Created three economic models also help people understand the "rules and regulations and economic policies affect unemployment, vacancies and wages." .</ P> <P> 彼得戴蒙德 now 70 years old, has been hailed as economics, Paul Samuelson, dean of economics "prodigy." .He graduated from Yale University in 1960, bachelor's degree in mathematics; 1963, only 23 years old to obtain a doctorate in economics from Massachusetts Institute of Technology. .</ P> <P> from 1966 to date, Diamond has taught at MIT. .2002 to 2003, Diamond was elected President of the American Economic Association. .Earlier, U.S. President Barack Obama as the Federal Reserve Board member who 提名戴蒙德. .</ P> <P> It is understood that Diamond is the author of overlapping generations model, social security, pensions and tax expert, he has made many important contributions to the field, including: government debt and capital accumulation, .capital markets and risk sharing, tax system, labor market, trading with each other match, social security issues. .His representative works include: "Social Security Reform," "taxation, imperfect competition and social security", "time", etc., and the upcoming "Saving Social Security: a balanced path." .</ P> <P> 71-year-old 戴尔莫滕森 is professor of economics at Northwestern University, he was in the United States bachelor's degree in economics from Willamette University, then at the Carnegie - Mellon University, Economic .PhD. .In 1965, he has taught at Northwestern University. .</ P> <P> Mortensen in the labor market research and related theories groundbreaking academic achievements in the field. .In addition, he in the job market labor adjustment and resettlement areas of research are considerable achievements. .Mortensen also won the 2005 IZA Prize in Labor Economics, 2000, became Fellow of American Academy of Arts and Sciences, the United States in 1979, Econometric Society, Alexandria, 1965 - Henderson Award. .</ P> <P> from the London School of Economics Christopher Pisa Li Clerides, was born in Cyprus in 1948, 1970, BA in Economics, University of Essex, in the same University in 1971 .Economics from the London School of Economics, then he went to school, in 1973 received a Ph.D. in economics at the school, and his PhD supervisor is through mathematical economist Morishima husband. .</ P> <P> Pisa Li Clerides is currently Professor of Economics, London School of Economics, is a university research center to study the economic performance of the project's director, since 1976 he has been at the center office. .He is Fellow of the British Academy and the United Kingdom Econometrics Association. .</ P> <P> his main academic contributions include matching function based on the macroeconomic unemployment search and matching theory, the structural economic growth. .He also promoted the establishment of the concept of the matching function, the function of a particular period of time used to explain the flow of the unemployed to employment status, he was estimated using the experience of the function's one of the pioneers. .Recently, his research focused on several areas of macroeconomics, the most important labor, economic growth and economic policy. .Pisa Li Clerides in 2005 and Mortensen also shared the IZA Prize in Labor Economics. .His masterpiece is the "equilibrium unemployment theory" has been regarded as the standard textbook economics of unemployment. .</ P> <P> Some experts believe that it is able to get three economists the Nobel Prize in 2010, with the current global economic conditions, high unemployment, the recovery in the large background. .Diamond in the contribution of overlapping generations model helps to find a prescription to stimulate consumption, Mortensen and Pisa Li Clerides contribution of unemployment contribute to research and resolve to find the disease without job growth, these are the world economy .major economies, the urgent need to resolve. .</ P> <P> According to the Royal Swedish Academy of Sciences description, the three winners will share 10 million Swedish kronor (about $ 1,460,000) of the Nobel Prize. .</ P>.

Western "Unemployment disease" Jixun antidote Three Musketeers "occasional" award.

<P> 2010 Nobel Economics Prize on the 11th announced, before the losing candidate to accidents, three of the unemployment problem economists share awards. .</ P> <P> headquartered in Stockholm, Sweden, 11, announced the Royal Swedish Academy of Sciences, the American A · Peter Diamond, Dale Mortensen, and T · with the United Kingdom, Cyprus dual Christopher Pisa Li Clerides to ."analysis of existing market search frictions," the 2010 Nobel Prize in Economics. .They offer a new economic model to help explain how policies affect the unemployment rate. .</ P> <P> winning result, the market unexpectedly, after the popular psychology of behavioral economics and decision-making have voted. .In Western economies, "the unemployment disease" spreading the context of the employment problem for the awards are handed out seems rather "occasion." .</ P> <P> the awards, the Royal Swedish Academy of Sciences, 11, said the Nobel laureate's award-winning grounds, based on their "analysis of existing market search frictions," made of. .</ P> <P> Royal Swedish Academy of Sciences said the winners of the market to get this award. ."The market for trade and most transactions are carried out, of course, there will be some trade friction, difficult to get the buyer wants to buy goods, the seller is difficult to find consumers. In the labor market, many companies find that there will be many job openings, .The number of unemployed workers find suitable jobs. "</ P> <P> Diamond, who developed the theory explains this conflict on the market, their theory is based on microeconomics, the market's reasonable productivity .out; their theory that the employment of workers to be more reasonable, and needs work in the recruitment of staff should provide a reasonable mechanism. .</ P> <P> in the award statement, the Royal Swedish Academy of Sciences, said the theory has become a leading theory of structure, not only for the labor market can be, for solving a variety of policy issues will also help. .For example you can apply to the entire real estate market in economics and family economics. .In addition, this year's winners of the theory have also greatly improved the theory of the relevant market. .</ P> <P> trio will share the 10 million kronor (U.S. $ 1,460,000) prize money. .Nobel Prize in Economics in 1968 from the Bank of Sweden to commemorate the addition of the Nobel, the selection criteria is the same with the other awards, the winners selected by the Royal Swedish Academy of Sciences. .</ P> <P> price and the quality of what the role of workers? .Government intervention can make markets function more effectively? .Nobel Prize winners in the current study to address these issues. .Royal Swedish Academy of Sciences issued a statement on its Web site said: "They help us understand the theory of unemployment, vacancies and salaries by the government's economic policy to be affected." </ P> <P> 11, said the Royal Swedish Academy of Sciences, .If we are to really understand what factors determine the rate of unemployment, we need to look at labor market policies. .Diamond, who answer to a common problem, they analyzed the relationship between price and supply. .</ P> <P> pending the outcome of early awards, all winners of the Prize in Economics will be endless speculation: behavioral economics, decision-making psychology; business cycle theory; three major theories of social economics as the favorites. .But the results show that the jury is still more popular for the unemployment rate of economic theory, which highlights the high unemployment rate in Europe is becoming more and more people focus. .</ P> <P> earlier media speculation that the popular candidate, the market behavior and psychology of decision-making is considered the best candidate for this year's Nobel Economic Prize. .In which the behavior of well-known American economist, University of Chicago, Richard Taylor and Robert J. Shiller of Yale University received the highest support. .The former is considered a pioneer in behavioral finance, market behavior and decision making in the study of deep psychological and accomplished; the latter is a big influential economist, he had first predicted that the U.S. housing market bubble. .</ P>.

"Nobel" sword aimed at employment.

11 Royal Swedish Academy of Sciences <P> announced the 2010 Nobel Prize in Economics granted U.S. economist 彼得戴蒙德 (PeterA.Diamond), Dai Ermo Mortensen (DaleT.Mortensen) and has dual nationality in Cyprus and the UK .Economist Christopher 皮萨里德斯 (ChristopherA.Pissarides), in recognition of their theory of friction in the market to make contributions. .Experts commented that the three labor economists get Nobel Prize in Economics this year, from a side note: the international financial crisis, the world's major economies face a severe employment situation, an urgent need to make a major breakthrough in labor economics. .</ P> <P> Royal Swedish Academy of Sciences in a press conference held at the Royal Swedish Academy of Sciences, Mark Noll, Permanent Secretary, announced the first winners of its main contributions. .He said, why a large number of people unemployed in the same time, there will be a large number of vacant jobs? .Exactly how economic policies affect employment and unemployment? .Won the Nobel Prize in Economics this year, economists have established a market friction theory, to analyze and answer these questions. .In addition, this theory can not only analyze the labor market can also be used to analyze other market information asymmetry. .</ P> <P> the Swedish Academy said that Diamond established the basic theory of market frictions, Morton Sen and 皮萨里德斯 the theory is further developed and applied to analyze the labor market. .Three economists, economic theory can be established to help people understand the whole series of major economic problems, particularly unemployment. .In addition, this theory has also been used to analyze the monetary policy, public economics, regional economics and home economics-related propositions. .</ P> <P> "three economists awarded the Nobel Prize this year, both in the field of labor and employment scholars with outstanding research contributions, which also reflects the Nobel Prize on employment issues. This is mainly because the moment .shadow of the financial crisis has not disappeared, Europe and the United States unemployment rate is still high. "Peking University professor, said Du Li group reviews. .</ P> <P> all the Chinese Academy of Social Economic Research Institute researcher Wei also on the "Economic Information Daily," told reporters: from the current reality in terms of how to make workers find jobs is a very important economic issue. .2008 outbreak of the international financial crisis, the world's major economies have a huge economic impact, national unemployment rate is high, so this time research in labor economics certainly has very important practical significance. .</ P> <P> U.S. Department of Labor (LaborDepartment) 10 月 8 released data show that in September the unemployment rate remained high at 9.6%. .September employment in the private sector increased by only 64,000 people, the whole month of non-farm employment fell 95,000 people, data, significantly higher than expected. .According to the Labor Department released revised data, 7-8 months of non-farm employment was down by 1.5 million. .Analysts said the disappointing non-farm payrolls report on the implementation of the Federal Reserve increased the possibility for further quantitative easing measures. .</ P> <P> At the same time, the EU's unemployment rate remains high, Eurostat October 1 to the latest statistics show that 16-nation euro zone in August unemployment rate was 10.1%, EU-27 countries .unemployment rate was 9.6%, of which the unemployment rate of young people under the age of 25 than other age groups, the unemployment rate twice as high. .Statistics also show that in August, unemployment in the EU-27 is about 2300 million, of which the number of unemployed 16-nation euro zone is about 1587 people. .</ P> <P> Mao Zhenhua, director of the People's University Institute of Economic Research, stressed the same labor economics theory is of great significance in China. .His "Economic Information Daily", told reporters that Europe is only facing rising unemployment problem, China also faces the problem of labor wage increases. .There is a lot of surplus labor in rural areas of countries, there is upward pressure on wages, which is rare in the international. .The rise in labor costs, is bound to have cost producers of many low-end pressure, these companies will hire new workers will drop, the society will face the pressure of unemployment. .In this case, to deepen the theoretical study of labor economics can help alleviate social contradictions. .</ P>.

Three Share Prize for Economics Research how economic policies affect the rate of unemployment.

3 <P> USA and Cyprus shared the Nobel Prize in economics scholars </ P> <P> 2010 Nobel Prize in Economics 11, announced that two U.S. economists and the United Kingdom and Cyprus, another dual nationality with the economics .home to share the award. .</ P> <P> Royal Swedish Academy of Sciences said in a statement, the three economists with "economic policies affect the unemployment rate," further analysis of the theory, won awards. .Three of the theory can explain many economic phenomena, including "Why, when there are many job vacancies, there are still many people are unemployed." .</ P> <P> three winners will share 10 million Swedish kronor (about $ 1,460,000) in prize money. .</ P> <P> AP and one of two American economists, the UK and Cyprus with 11 economists dual market search friction theory to the 2010 Nobel Prize in economics. .</ P> <P> Central European Time at 13:00 on the 11th (Beijing time 19:00), in the halls of a Swedish Academy of Sciences, Nobel Prize announced. .A · Americans Peter Diamond, Dell T · Mortensen and have the United Kingdom, Cyprus dual Christopher Pisa Li Clerides to "the existence of search frictions in the market" award. .</ P> <P> trio will share the 10 million kronor (U.S. $ 1,460,000) prize money. .</ P> <P> research began in the 70s of last century </ P> <P> 13:10 local time (GMT 19:10), the jury-site connection Pisa Li Clerides. .Swedish television reporter first asked about the award-winning experience Pisa Li Clerides, who as "surprised, pleased to meet the" answer. .</ P> <P> the name of the Swedish television reporter then asked Pisa Li Clerides, why would you be interested in this area? .Pisa Li Clerides said, "when the European unemployment rate," he hopes to do something for the community "to contribute." .</ P> <P> Review Committee in a press release to the media, said many of the market, the buyer and the seller does not immediately get in touch with each other. .In the labor market, employers and labor time and resources often need to find each other to meet their needs. .This lead to unemployment and job vacancies exist in the situation. .</ P> <P> the search frictions on market research began in the 70s. .Diamond search market on the basis of the first, Mortensen and Pisa Li Clerides will then be an extension of this theory, applied to the labor market, the creation of DMP mode. .</ P> <P> Pisa Li Clerides replied Swedish radio reporter's question, describes his own theory: "As economic conditions change, a person loses his job, it is necessary to find another job. We intend to find .the impact from unemployment to re-induction factors in this process. "</ P> <P> a news conference after the Judging Panel for media interview, said that one of the three study concluded that higher unemployment .Unemployment benefits will be pulled up, prolong time to market search. .</ P> <P> financial crisis of awards again? .</ P> <P> comprehensive AP Review Committee said that the search friction theory applies not only to the labor market, but also applicable to many types of housing and other markets, will help study of public economy, regional economy, family and economic issues .. .A Judging Panel said that the theory can explain the seasonal changes in supply and demand in the housing market. .</ P> <P> a reporter's question, three economists whether the labor market and the award-winning housing market is the current areas of concern about the global economy. .</ P> <P> Review Committee that the economics prize usually awarded "to contribute to social development, efforts to put the theory of time", "The theory of the early 70s in the last century began," .. .</ P> <P> last year, the jury encountered similar questions. .Two U.S. economist Elinor Ostrom, and Oliver Williamson was related to economic governance of the award. .Ostrom also became the first ever female award winners. .</ P> <P> some journalists question whether the award taking into account the assessment of the financial crisis factors. .Review Committee that although the current financial crisis is to assess the members to determine the winners in the process of measuring one of the factors, but the "small proportion of ... ... We do not want a number of years and found the theory untenable." .</ P> <P> background information </ P> <P> Peter A · Diamond </ P> <P> 彼得戴蒙德 born in 1940. .In 1963, he is only 23 years old to obtain a Ph.D. in economics at MIT, has been hailed as economics, Paul Samuelson, dean of economics "prodigy." .Since 1966, Diamond has taught at MIT. .Which, from 2002 to 2003, he was elected President of the American Economic Association. .Diamond main macroeconomics, his main contribution is to propose the economics of the so-called "overlapping generations model." .He also made the basis for many economic contribution to the field. .</ P> <P> Dell T · Mortensen </ P> <P> 戴尔莫滕森 born in 1939. .Mortensen in the United States bachelor's degree in economics from Willamette University, then at the Carnegie - Mellon University, Ph.D. in economics. .In 1965, he has served as professor of economics at Northwestern University. .Mortensen in the labor market research and related theories groundbreaking academic achievements in the field. .In addition, he in the job market labor adjustment and resettlement areas of research are considerable achievements. .</ P> <P> Christopher Pisa Li Clerides </ P> <P> Clerides Christopher Pisa Li was born in Cyprus in 1948. .Ph.D. 1973. .Settled in England in 1974, is now the London School of Economics Professor of Economics, is also the British Academy. .Pisa Li Clerides has dual British and Cyprus. .Pisa Li Clerides's main research interests are in macroeconomics in the labor market, structural change and economic growth. .His masterpiece is the "equilibrium unemployment theory" has been seen as the standard textbook economics of unemployment. .</ P>.

This year's Nobel Keywords: government intervention in the unemployment rate of vacancies.

This year's Nobel Prize for Economics <P> some upset. .The Royal Swedish Academy of Sciences will award to the three research experts in the labor market economy: Massachusetts Institute of Technology (MIT) professor 彼得戴蒙德 (Peter Diamond), Northwestern University 戴尔莫滕森 (Dale T. Mortensen) and .Cyprus has a dual British and the London School of Economics (LSE), Professor Christopher Pisa Li Clerides (Christopher A. Pissarides). .</ P> <P> Royal Swedish Academy of Sciences pointed out that the unemployed to find suitable to their posts, while the employer will have to find the right employees, buyers and sellers of mutual need between the time required between each other and experience .will have a conflict. .In the traditional theory, the market does not exist for this kind of conflict with each other, the traditional market theory suggests that price adjustments can change the balance between supply and demand, but the labor market is not the case. .</ P> <P> 2000 the U.S. unemployment rate is 4%, while the job vacancy rate reached 4% in the next decade, this rapid increase in the unemployment rate, while the vacancy rate is decreasing. .The three economists to explain these problems, first of all is the price and what the role of the quality of workers, and second, whether the Government's intervention policy to make markets more efficient operation. .</ P> <P> Pisa Li Clerides in the award-winning interview with the media that is difficult to make effective theoretical economists to deal with unemployment, so they develop a new theoretical model to solve this problem, that DMP model .The model explains how the unemployment rate is formed, how the formation of vacancies. ."This year is the theory is mainly there for those who search the market conflict theory provides a new DMP model to analyze the labor market." The Royal Swedish Academy of Sciences Nobel committee said in the announcement. .</ P> <P> Pisa Li Clerides said the first study, European unemployment has risen, "If the community does not take measures, unemployment will rise further." Pisa Li Clerides that, once many .unemployment, it is difficult to find a job, will change the economic environment, they will again change their job search skills, so these processes will affect the entire community. .Should be done now to ensure that high unemployment can not be sustained for too long, should study how best to improve the skills of the work of the working class. .</ P> <P> Morten sen for their theoretical explanation is that in looking for work in an effective policy goals can help the unemployed, "How can we ensure that the unemployed to find a better job, .They themselves through a variety of measures to achieve this purpose, so that we can effectively deal with the unemployment rate. "</ P>.

Xu Bin: Nobel Laureate theory of practical reference to China.

<P> </ P> <P align=center> </ P> <P align=center> Xu Bin </ P> <P> Beijing on October 11 evening news announced this week the Royal Swedish Academy of Sciences, in 2010 .American economist awarded the Nobel Prize in Economics PeterDiamond, DaleT.Mortensen and was born in Cyprus, three of the British economist ChristopherPissarides in recognition of their economic policies in explaining aspects of how it affects the contribution rate of unemployment. .</ P> <P> Royal Swedish Academy of Sciences said: "The winners are the model help us understand the regulatory and economic policies of the Government in what way affect the rate of unemployment, job vacancies and wage movements." </ P> <P> .China Europe International Business School this Economics and Professor of Finance, Economics and Decision Sciences Department, said Xu Bin, Tencent Finance, the award-winning scholars, not the three economic circles beyond expectations. .PeterDiamond macroeconomics main contribution made by research on the labor market, his main point is: the labor market is not a frictionless market, each between employers and career there is a cost to find each other, and their research .- job search cost model that will improve the market even if there is unemployment. .DaleT.Mortensen and ChristopherPissarides two had co-written article, with the former theory, the main results in the labor market, employers and workers of the friction. .</ P> <P> Professor Xu Bin opinion, the three winners is not accidental, in theory, they have their own outstanding contributions to the research achievements of their fully qualified. .And why this year's award, which he considers the current global economic conditions, high unemployment, the recovery in the large background. .The public wants to know how economists think unemployment. .If during this period will be prizes awarded to scholars who study and perfect the market theory is obviously out of date. .</ P> <P> He also believes that the three winners for the contribution of economic theory should have an accurate understanding of the results of their theory does not explain the current unemployment rate of up to 10% in Europe and America can be said to explain just .3% of them because of unemployment caused by asymmetric information. .</ P> <P> another sense it is revealed with the system in the frictional unemployment: the labor market is improving, and this arrangement with the relationship between labor market institutions. .Which developing countries like China also has practical reference: Chinese labor mobility, the concept can be applied, if China can standardize intermediary labor force, they can reduce the cost of the labor market, reduce frictional unemployment. .</ P> <P> introduced, according to Xu Bin, PeterDiamond in the last century there were 80 papers related to this come out (after two classic articles come out in 1994, but it is also important to study stage 80), in .At that time, he was an independent study on the labor market will find the microeconomic foundation of macroeconomics, at the time he found that some workers are in a sunset industry, the replacement work, and employers can not seamlessly, but rather .search costs. .80 years, the development of information economics is an important process, in this background, the theoretical maturity. .But Xubin Jiang stressed, for its results, should be accurate understanding, can not say the first, after all, these results reveal only frictional unemployment. .</ P>.

Japan, encirclement of RMB seven western countries embarrassed mumbling aphasia.

<P> 30 years in the last century, triggered the world economic depression, the Great Depression of the "currency war", and is now the ghost flashes, great comeback trend. .</ P> <P> Japan, Korea, Brazil and other countries have taken unilateral monetary action recently to hold down their currencies. .Western countries put pressure on European and American efforts in emerging economies, the requirements of its currency to appreciate. .Seven just-concluded Western developed countries (G7) finance ministers and central bankers put the finger at China. .</ P> <P align=center> </ P> <P> this time, as the G7 members of Japan, is facing a difficult history of a rare appreciation of the yen, and its central bank and government have been shot several times, large-scale intervention .yen exchange rate. .This makes the G7 "solidarity" requires emerging economies should not intervene in the currency appreciation of the requirements appears to lack of confidence. .</ P> <P> "G7 is the formation of China's encirclement" </ P> <P> closing in Washington on the evening of 8 local time, the G7 finance ministers and central bank governors, the main task is to expand the coordination to avoid .worries that the world economic slowdown in the context of the global currency of the "competitive devaluation" bigger and the appreciation of the RMB issue has become the biggest focus of the meeting. .</ P> <P> representatives attending the G-7 final agreement, said it would "prevent countries through cooperation to maintain exports to stimulate the economy and the competitive devaluations of the situation", requiring manipulation of exchange rates in emerging economies should not, must be allowed to own .currencies continue to appreciate. .</ P> <P> Although the statement did not name names in China, but Japanese media have said after the meeting: "G7 is the formation of the encirclement of China." .</ P> <P> actions beggar thy neighbor verbal Jiahuoyuren </ P> <P> 2008 fall of the "subprime crisis", the universality of the global economy has been hit. .</ P> <P> two years, international coordination, the national economy has entered a recovery period. .But suffering from high unemployment plagued Europe, America, Japan and other developed countries to take the extremely loose fiscal and monetary policy, hopes to force the new national currency to appreciate to its own advantage of currency devaluation to increase employment and exports, thereby promoting the local economy .recovery. .</ P> <P> a result of the move, resulting in a large number of international hot money into the high growth emerging economies, emerging economies and thus lead to increased pressure of currency appreciation, while inflation and lead to the formation of the bubble economy. .The developed countries still continue to be blamed the trade imbalance with China, led by emerging economies, due to exchange rate manipulation. .</ P> <P> G24 G7 group did not buy the accounts </ P> <P> 10, Japanese media reported that the decision in the developed world monetary order, "Plaza Accord" 25 years later, the set of the year .practices of globalization today can no longer be effective. .New world economic order to participate in the emerging economies how to build, is to make a big issue G7 headache. .</ P> <P> by the emerging economies and developing countries formed the Group of Twenty-Four (G24) countries on Thursday called for global cooperation in the areas of macroeconomic policy in order to ease tensions in the exchange rate. .</ P> <P> G24 attack in a public notice in the pursuit of advanced economies, low interest rate policy, resulting in other currencies pushed up. .</ P> <P> G24 General Presidency South African Finance Minister John Galsworthy said that the current policy of the developed countries led to large capital inflows in many emerging economies, making the currencies of these countries face the pressure of appreciation. .</ P> <P> firm stance clear on many occasions China's position </ P> <P> for the group of developed countries about China's fast-forward the requirements of revaluation, the Chinese side stand clear and firm, not moved by it. .</ P> <P> 6, Premier Wen Jiabao held in Brussels on the sixth China-EU Business Summit, said: "Many exporters profit margin is only 2% to 3%, the highest and only 5%. If by some .requirements, 20% appreciation of the RMB exchange rate to 40%, China's export enterprises will be going bankrupt, workers will be unemployed, migrant workers will return home, the community is difficult to stability. If China's economic and social problems, will bring disaster to the world " .. .</ P> <P> Premier Wen Jiabao pointed out that from 1994, the RMB exchange rate formation mechanism reform to now, the real effective exchange rate of RMB has appreciated 55% during the same period some of the world's major currencies are devalued. .July 2005 to further deepen the reform of RMB exchange rate formation mechanism, to the present, 22% appreciation against the dollar, which the United States during the Chinese trade surplus increased substantially. .This shows that China's trade surplus is the trade structure, not exchange rates. .</ P> <P> Premier Wen Jiabao also reiterated the objectives of the reform of RMB exchange rate stable, that is, to form the basis of market supply and demand with reference to a basket of currencies, managed floating exchange rate system and gradually increase flexibility of RMB exchange rate to maintain .RMB exchange rate basically stable at an adaptive and equilibrium level. .</ P> <P> 8 May, at the International Monetary Fund and World Bank annual meeting of the People's Bank of China Governor Zhou Xiaochuan told a news conference in the Chinese and foreign, will share the International Monetary Fund and the RMB exchange rate reform and other issues linked to, not .mainstream sound. .He stressed that China's currency reform will be gradual and orderly manner, and will not take so-called "shock therapy." .</ P> <P> several times in Japan not qualified to intervene in the exchange rate booing </ P> <P> rapid appreciation in the RMB issue, compared to the loud voice in Europe and America, the Japanese seemed more low-key. .The reason is that Japan does not take into account the overall situation of Sino-Japanese relations, but is in itself the occasion of the river clay Buddha. .</ P> <P> the Washington meeting of finance ministers and central bankers of Japan seemed to be somewhat embarrassed. .Recently because Japan is the only G7 intervened in an attempt to suppress the national currency exchange rates. .</ P> <P> to curb the rising yen, September 15, Japan after an interval of 6 and a half years after the intervention in the currency of the action taken, sold two trillion yen. .5 October, the Bank of Japan suddenly regain the "zero interest rate." .There are views that Japan's objective of these moves "to help China control the behavior of the exchange rate justified." .</ P> <P> after the conclusion of the G7 finance ministers meeting, Ye Tian Jiayan Japanese Finance Minister, said he at the meeting on the Japanese currency intervention to conduct a "clear statement", and stressed that the Japanese government's intervention "will not be long and .large-scale implementation, but also not for the yen exchange rate to maintain a certain level, "trying to show that intervention in foreign exchange markets in Japan and China are different words and deeds. .Europe and the United States did not support and understanding for this show, but did not offer criticism. .</ P> <P> Japanese analysts believe that Europe's move to Japan to take the "default" attitude of the reasons it is worried that a split within the G7, affecting the "united" to form the encirclement of China. .</ P> <P> intervention in the yen is still ascribed to unavoidable </ P> <P> However, the appreciation of the yen because the Japanese government's intervention did not stop. .8, New York foreign exchange market was once 81.72 yen 1 U.S. dollar to its highest level for 15 years, step by step approach $ 1 a record high of 79.75 yen against the value. .</ P> <P> in order to avoid further sharp appreciation of the yen and the formation of pressure on its economy and heavy losses, the majority view in Japan that the government and central bank still needs to continue to implement the interventions. .However, if re-intervention in foreign exchange, is bound to lead to a rebound in Europe and America. .</ P> <P> attempt to save the yen, Japan is now facing the G7 or the maintenance of the unity of a dilemma. .As for the RMB appreciation, Japan is now the mood in Europe also unable to come with yelling out. .</ P>.

Joint development effort BRIC countries refused to compromise on IMF quota adjustment programs.

<P> Interfax quoted Russian Deputy Finance Minister DmitryPankin today as saying that the BRIC countries (Brazil, Russia, India and China) will not be the International Monetary Fund (IMF) quota adjustments to make new compromises on the issue .If the IMF does not adhere to the original quota adjustment programs, the BRIC countries will join hands to resist. .</ P> <P> DmitryPankin at a press conference on Friday, said BRIC finance ministers at the meeting held on Thursday has been consensus on this issue. .He said: "In the BRIC countries will not compromise on matters of principle." Under the original program, the International Monetary Fund will 5% of the quota from the original too many countries move on behalf of underrepresented countries, but this program .encountered much resistance, some developing countries believe that the transfer rate of 5% of the quota is not enough, and some developed countries refuse to reduce the quota. .</ P> <P> DmitryPankin told reporters: "We have made great concessions, and now the BRIC countries have agreed to accept the transfer rate of 5% of the quota." He said: "The adjustment of developing countries in the International Monetary Fund .Organization, said the quota share rose to 44.5% of total, but still can not with these countries and the World Bank 47% quota share of matches. "He added that, even so, some developed countries are still reluctant to reduce their own in the IMF .share of the quota. .</ P> <P> DmitryPankin said: "While we very much hope that the IMF quotas at the annual meeting can be adjusted to reach an agreement, but the current situation is very little hope." He said: "Although the United States .quota adjustment may be willing to compromise, but the EU seems in no hurry to reach an agreement on this issue. "</ P>.

The United States will announce on Friday whether China a "currency manipulator".

<P> According to Reuters October 11 reported that the U.S. Treasury currency report will be released Oct. 15, but some analysts expect that the report will be delayed or the public. .</ P> <P> reported that the government is facing a U.S. President Barack Obama on Friday (15 days) before the deadline to decide whether the first official announcement of China a "currency manipulator." .</ P> <P> Washington think tank, "Peterson Institute for International Economics," Bergsten charge is expected that this report will be delayed or the public. .According to reports, analysis, said Bergsten, according to the U.S. Treasury Secretary Timothy Geithner last week on whether China let the yuan appreciate some of the comments hard to believe that he will not report on Friday will be China as a currency manipulator. .</ P> <P> However, Bergsten said, Geithner is likely to report delayed until after the midterm elections. ."Postponed publication of the report will once again become a way of least resistance. Because if the midterm elections and now faces the pressure of motion released report of the House of Representatives, he could not (said China is a currency manipulator)? How could you not do this?." .</ P> <P> According to another report, Yoshitomo Kuka Tuo Institute (CatoInstitute) trade policy expert Daniel. Aiken Sen believes that Obama is likely the fourth time since taking office in China again, to avoid .labeled a "currency manipulator" label. .Aiken Sen said, "Overall, Obama not want to see the House bill becomes a bill," declared China a currency manipulator in the midterm elections will increase after the Senate action on the motion of the probability. .He also said that the motion of the House of Representatives on the Sino-US trade relations will only small effects, but the Senate legislation and get their approval of Obama, it is certainly "will be China as a provocation." .</ P>.

New York gold futures closing price exceeded $ 1,350 mark.

<P> Buying by investors and the dollar rebounded slightly and so the combined effect of the New York Mercantile Exchange, gold futures traded 11 most active December contract rose $ 9.1 an ounce to close at $ 1,354.4, the highest closing price history .record, or 0.7%. .</ P> <P> analysts pointed out that, on profit-taking gold price into a tug of war with the bargain-hunting buying the one hand, very weak released last Friday's employment data confirmed the market on the U.S. Federal Reserve Board .Restart the prediction of quantitative easing soon, so whenever prices have come down to attract a large number of investors bargain hunting in order to hedge the risk of shrinking purchasing power of money. .</ P> <P> In addition, since October, gold prices have jumped 3.4% on the same attract some investors took profits, to transfer funds to the stock market. .</ P> <P> day response to a basket of currencies the dollar parity of the dollar exchange rate rose 0.43% to 77.51, a stronger dollar means the dollar price of gold for investors holding foreign currencies are getting expensive, but also adding to its rise .the resistance. .</ P> <P> of that day said that the current worrying situation of economic recovery in Europe and America, accelerated depreciation of the dollar, inflation was expected to heat up as the best hedging tool for gold Nan Yi afternoon rally. .</ P> <P> 12 silver futures for November delivery rose 24.4 cents an ounce to close at $ 23.349, or 1.1%. .Platinum futures for delivery in January fell $ 17.9 an ounce to close at $ 1,690.8, down 1%. .</ P>.

Soros warned that the risk of financial reform, there are still loopholes.

<P> U.S. Eastern Time October 11 (Beijing Time October 12) news, George Soros, Stiglitz pointed out that the financial reform and other financial giants are still "can not avoid risk" vulnerabilities, and warned financial institutions to large-scale .not only lead to failure, and a negative knock-on effect. .</ P> <P> days ago, "Financial Times" in New York "future finance", the International Conference George Soros, the Nobel laureate Joseph - Stiglitz said at a panel discussion: financial reform, there are still " .can not avoid risk "vulnerability. .</ P> <P> group on the core issue is whether the new Basel II makes today's financial system more secure. .September 12, after nearly nine months of consultations, the Basel Committee on Banking Supervision of 27 member economies to reach a new agreement together, "Basel III", aimed at strengthening the capital requirements for the global banking system. .</ P> <P> when George Soros made the problem how to avoid the risks that lead to heated discussion participants. .Stiglitz said that despite the proposed Basel II minimum capital requirements for trying to avoid risks, it is still problematic financial institutions rely on the financial model. .</ P> <P> on Wall Street "perverse incentives", Stiglitz is a common mistake that this perception of risk, which would make Wall Street have an opportunity to use loopholes in supervision and risk transfer to the final .Taxpayers head. .</ P> <P> Soros, Stiglitz warned that the future of financial institutions are still too big and the financial risk of failure, and the risk will cause a negative chain reaction. .Soros said the economic crisis, the current regulation has yet to make any effective control. .</ P>.

Currency "Running Out of Time": solution-maker who.

<P> Currently, the dollar's decline triggered by the devaluation of the currency race to the "rate war" is still troubled. .Such as Thailand, Thai Bond levy on foreign investment income to 15% of capital into the Thai bond market, slow pace; and the European Central Bank official yesterday called for the need to avoid large-scale direct intervention in currency markets move. .</ P> <P> caused by the weaker dollar, "currency war", the underlying reason is that the global economic recovery is not an ideal situation, the countries hope that the weak currency to stimulate exports. .With the dollar expected to weaken because of lax, due to the Asian emerging market countries, the liberal policy of developed countries led to large capital inflows and lead to further sharp appreciation of the currency headache; other euro appreciation against the dollar last month, about 10% last week to 1.40 .this level has traditionally been the euro zone officials and exporters as a "pain threshold" (painthreshold), analysts believe the euro currency war is most likely negative, because the complexities facing the euro area the ECB's decision-making that more difficult. .</ P> <P> But analysts believe that in the G20 summit approached, the dispute about the money eventually will be a solution, but the dollar's role should be important that the U.S. needs to change to reach a compromise so the current .the case of unilateral decreased. .</ P> <P> disorderly dollar decline began in some institutions and a new round of Fed officials hint of quantitative easing, the U.S. lost economic data further confirm the above is implied, but the Fed's attitude within the quantitative easing .and understanding of quantitative easing market seems to show U.S. "compromise" attitude. .</ P>.

Microsoft launches Windows Phone 7.

Microsoft CEO Steve Ballmer (Steve Ballmer) Windows Phone 7 in New York conference. .Operating system Microsoft introduced WindowsPhone7 <P>, selling several of its hardware in the work and personalized settings, and personal computers with multimedia and the ability to bind. .</ P> <P> WindowsPhone7 will first appear in the three devices, through 24 operators in 60 countries issued. .In the U.S. it was first used in the HTC (HTC), LG Electronics and Samsung mobile phones. .</ P> <P> Microsoft CEO Steve Ballmer (SteveBallmer) compatibility with hardware platforms and customization services for the subject held a press conference, the conference's slogan is "DelightfullyMine". .</ P> <P> "We want a good Windows Mobile device through a series of hardware." He said. .</ P> <P> Windows also will expand its mobile video service to its U-verse TV service will use the phone, even to those not in the AT & T network to other operators to provide an additional pay services. .TV programs will be able to Wi-Fi network is downloaded to the phone. .</ P> <P> AT & T mobile and consumer market sectors president and CEO Ralph de la Vega (RalphdelaVega) said, 4G network rollout will enable more easy to download video content. .He said, AT & T's offer of "WindowsPhone7 will be a cornerstone." .</ P> <P> first mobile phone will be launched on November 8, a total of nine models use the operating system, priced at 199.99. .In addition to HTC, LG Electronics and Samsung, Dell will also provide a mobile phone, though Ballmer did not specify when it will be launched in the U.S. market. .</ P> <P> Microsoft Windows Mobile 乔贝尔菲奥 vice president of project management in the (JoeBelfiore) said, WindowsPhone7 ability and bing with Facebook and other web-based services linked. .He also shows how to edit PowerPoint files, and handling photos and video to demonstrate the ability of the phone. .</ P> <P> WindowsPhone7 He also demonstrated the ability of a gaming platform, revealing a three-dimensional display capability and the ability to integrate with the Xbox. .</ P> <P> Microsoft's mobile phone market last raid, only two months of its mobile phone Kin was withdrawn from the shelves. .</ P> <P> debut in Barcelona earlier this year, the WindowsPhone7 is Microsoft's entry into fast-growing mobile market in another attempt. .Ballmer said in an interview before the company has had missteps, and WindowsPhone7 is alive and stronger performance of another attempt. .</ P> <P> Microsoft shares closed Friday at $ 24.57, in midday trading Monday, still close to that level. .</ P>.

"Currency war": there are no winners in a game.

<P> While countries agreed to deepen the International Monetary Fund (IMF) as the "exchange rate the police" role, but could not find common ground, has been unable to reach consensus on specific agreements. .Governments had to "peace" to deliver the aspirations held in Seoul next month, the Group of 20 (G20) summit. .</ P> <P> analysts pointed out that once the "currency war" broke out, and ultimately will lead to global trade war, and even endanger the global financial system. .</ P> <P> 1 back: depreciation of the dollar </ P> <P> the lead in the second annual meeting of IMF and World Bank on exchange rate issues, the world's major economies, began to draw the front. .US-led Western developed economies, exchange rate misalignment will blame others, and emerging economies is the United States accused the extremely loose monetary policy led to the influx of hot money and make the global exchange rate system and imbalance. .</ P> <P> as the IMF's Strauss-Kahn said: "RMB revaluation should not be covered by his government as a fig leaf for their questions. Scapegoating always easy." </ P> <P> this ."currency war" can not be ignored behind the depreciation of the dollar is the dominant factor. .As the primary international reserve currency, the United States can be diverse and subtle ways, for example, affect the market transaction through the U.S. Treasury interest rates and money supply, or by lowering benchmark interest rates affect the dollar exchange rate. .</ P> <P> recent months, the Fed will once again expand the money supply, thus further reducing the expected short-term U.S. bond yields have been putting pressure on the dollar and boosted the euro, yen and other emerging markets .currency. .This forced some governments to take response measures. .</ P> <P> Brazilian Finance Minister Mantega October 9, said, "and the rapid expansion of the zero interest rate monetary policy to stimulate domestic demand though, but also led to currency devaluation. So developing countries will continue to accumulate foreign exchange reserves .thus avoiding the "volatility and appreciation". </ P> <P> the People's Bank of China Deputy Governor Yi Gang during the annual meeting of the "Business News", told reporters that the current U.S. interest rates are at historically low levels, emerging markets .national monetary policy, "recipient", rather than the makers, the carry trade to a large extent explains the result of capital inflows in emerging market countries facing appreciation pressure. </ P> <P> Brazil's former Minister of Finance .Pedro Malan (PedroMalan) In an interview with "Business News" interview, also said the dollar carry trade is the result of low interest rates in emerging markets mainly due to currency appreciation pressure. </ P> <P> Russian Deputy Finance Minister .Pankin (DmitryPankin) at the annual conference that China, Brazil, Russia and India will be the currency of any sharp evaluation of the control to be strongly resisted. Pankin said the four countries have agreed position that the exchange rate itself is not a problem, but only .willingness to invest such savings will and the result of deeper problems. </ P> <P> 2 results: there are no winners </ P> <P> more and more countries are trying to devalue the currency to increase export competitiveness, stimulate economic growth .. Despite the current national action to intervene in currency markets is still relatively modest, but there is still imminent danger. EU Economic and Monetary Affairs Commissioner Rehn said: "The war is not a currency, but competitive or competitive devaluation does not appreciate the perspective .Obviously, the situation moving in an unfavorable direction. ."</ P> <P> analysts pointed out that if the" currency war "were to happen, the Federal Reserve estimated in 2011 will clearly be the extent to which, after further quantitative easing policy. If there are signs that the Fed's policy of quantitative easing .measures more restrained, may still stabilize the foreign exchange market. </ P> <P> a certain sense, the current "currency war" is more like money in the name of the modern trade war. Since the crisis, the export trade .restore economic growth to become the world's lifeblood, and countries can not directly use tariffs to protect their commodity, currency devaluation as an important shield to increase competitiveness. </ P> <P> However, despite the devaluation to promote exports, but also damage the trading partners .interests, which may take the depreciation of the same strategy. and currency war "losers" will launch a trade war pre-emptive attempt by way of re-establishing trade barriers for trade advantage. </ P> <P> Once this multi-country .game "currency war" broke out, countries in the tooth for a tooth, tit for tat actions into a vicious circle. The global economy will slide into a fear of trade protectionism, "melee", the end result will be a collective defeat. </ P> .<P> has successfully predicted the credit crisis, economics professor at New York University Lubin Ni (NourielRoubini) recently said: "We are in a devaluation of the world all want, but every currency devaluation is not balanced .. .Currency intervention will eventually lead to trade war war. ."</ P> <P> this" war "is far more than the influence of the trade level. Currency brokers may also be in trouble, as did 2008 and suffered heavy losses. Their loss will further spread to the global financial system .other areas, the consequences would be unthinkable. </ P> <P> as Korean Ministry of Finance Planning Executive Yoon Jeung-hyun pointed out, if all countries cooperate with each other, can achieve better results, if the distrust, and pursue their own interests, will be faced with ."worst case". </ P> <P> 3 address: Urgent global collaboration </ P> <P> the last century, the Great Depression 30 years has proven this "worst case." In response to the Great Depression and then .protect American jobs, the U.S. passed the "Smoot - Hawley Tariff Act" (Smoot-HawleyTariffAct), a substantial increase in tariffs on most imported products, triggering a trade war, global recession deepened. </ P> .<P> Federal Reserve Chairman Ben Bernanke has repeatedly stressed that, in 1929, after the stock market crash, the world if not to the extreme protectionist trade policies, maybe we will not fall into the last century, the Great Depression of 30's appalling. </ .P> <P> World Bank President Robert Zoellick called for international cooperation to solve the problem, avoid repeating the 30's during the Great Depression countries to take selfish strategy error: "History has proved that selfish, beggar thy neighbor policy is no way out. .If we fall into strife or into any form of protectionism, then we may repeat the Great Depression of the thirties of last century when the mistakes. ."He said, governments current dispute on the exchange rate will hit investor confidence is not conducive to private sector participation into the world economic recovery. </ P> <P> French Finance Minister Christine Lagarde (ChristineLagarde) said during the meeting .: "We want (money) peace rather than 'war'. ."The French central bank governor, Noah (ChristianNoyer) also said policy makers around the world need to" develop the market confidence, rather than launching the currency war. ."He pointed out that excessive exchange rate volatility would damage economic growth. </ P> <P> At the same time, Kahn called on countries not only in words, mild language, but also to take concrete steps:" Language is not valid .. .Language can not change things, we must adopt specific policies. ."</ P> <P> 4 follow-up: the exchange rate or the leading G20 summit </ P> <P> Rehn also called on countries around the world need to strengthen coordination of monetary policy in order to avoid exchange rate fluctuations and achieve more balanced economic growth. He .that such collaboration can be the framework of IMF or the G20. </ P> <P> British Chancellor of the Exchequer George Osborne (GeorgeOsborne) on Friday said: "We do need to be more market-oriented, reflecting the basic .surface exchange rate mechanism, G20 and the IMF should play a role in helping achieve this goal. ."</ P> <P> Because it is difficult to find common ground, governments agreed at the annual meeting by the IMF to act as" exchange rate the police "role, the development of relevant reports to show how the policies of one country to other countries. These studies will mainly .concentrated in the United States, China, Britain, the euro zone. </ P> <P> Kahn said: "The spillover effects of the discussion of the report have been carried out for several months, and now has become our 'toolbox' part. ."</ P> <P> In addition, IMF's Strauss-Kahn on Friday also made a" systemic stability "of the initiative. In accordance with the initiative, IMF coordination in many areas to alleviate the" money .war "tensions. But in the end of the IMF meeting, he proposed a more narrow approach that will focus on strengthening the IMF to members on the review of exchange rate policies. </ P> <P> many officials support .IMF exchange rate to play a greater role, but also that the IMF a more limited capacity to act, because the organization can not force members to accept his views. Some officials suggested the IMF should continue to play in the G20 meeting of advisory role. </ .P> <P> exchange rate is likely to be held in Seoul next month's Group of 20 (G20) summit, the dominant issue. if the differences between countries summit in Seoul are still unable to get mediation, will mark the G20 is .response to the financial crisis and the formation of the united front broken. </ P>.

Japanese media said the United States over China as the largest holder of government bonds.

<P> U.S. Treasury released data show that this year Japan has accumulated a 55.3 billion purchase of U.S. Treasury bonds, holdings of a rate of 7.2%, Japan's current holdings of U.S. debt totaled 821 billion U.S. dollars. .China has become Japan's more than this largest holder of U.S. Treasury bonds, since August 2008 for the first time. .</ P> <P> data show that since the beginning of this year, China has continued to sell U.S. treasury bonds, but in China before the end of August is still the largest holder of U.S. Treasury bonds. .China's massive sell-off in other countries does not reduce the enthusiasm of U.S. Treasury bonds, U.S. Treasury figures show this year, foreign government purchases of U.S. treasury bonds totaling 374 billion U.S. dollars, in U.S. Treasury bonds issued this year, the proportion of the total as high as 10 .%. .</ P> <P> Japan is the biggest buyer of U.S. Treasury bonds. .Data show that China's huge sell-off in July this year, U.S. Treasury bonds, while Japan has a large number of buying. .This year, China had 48.1 billion holdings of U.S. Treasury bonds, reduction rate of 5.4%. .</ P> <P> foreign governments and overseas investors from buying U.S. Treasury bonds prompted the U.S. Treasury yields remained low. .Bank of America data show that the current average yield on U.S. Treasury bonds has gone from the financial crisis in 2007 when the 5.21% to 1.31% currently. .</ P> <P> Credit Suisse (CreditSuisseGroupAG) CarlLantz analyst in New York, said: "These data suggest that investors remain confident in buying U.S. Treasury bonds." He said: "The world financial crisis led to a bleak economic outlook, when the United States has .become a haven for global investors. "</ P> <P> CarlLantz said, according to current trends, foreign governments and overseas investors to buy U.S. Treasury bonds before the end of the total may reach 641 billion U.S. dollars, exceeding the 614.8 billion U.S. dollars last year. .He said that while U.S. Treasury yields low but very safe, and good liquidity. .Necessary, investors can easily put their holdings of U.S. treasury bonds convertible into cash. .He added that the prospects for world economic recovery, the more bleak, investors demand greater U.S. Treasury bonds. .</ P>.

New York, gold fell $ 7.7 12, 13, the Shanghai Gold opened higher shock.

<P> As the dollar rebounded from the high international price of gold fell 12. .However, the Shanghai Gold slightly affected, 13 of the price is still slightly higher in early trading opened shortly after opening to maintain the trend shock. .</ P> <P> main Shanghai Gold 1012 opened today at 292.00 yuan / gram, compared with the previous settlement price rose 1.41 yuan, as of 9:18 reported the latest price of 292.04 yuan / gram, up 0.5%. .</ P> <P> New York Mercantile Exchange (COMEX) futures settlement price of gold closed down 12, the most actively traded on the main gold contract fell COMEX12 $ 7.70, or 0.6%, to $ 1,346.70 an ounce, trading range .between 1314.40-1356.30 dollars an ounce. .</ P> <P> the Fed's meeting minutes showed policy makers that "soon" to further relax the policy may be appropriate. .Meanwhile, a third consecutive cut is expected U.S. economic growth is expected in the second half of 2010 and 2011 economic growth will slow more than previously expected. .</ P> <P> CSC Futures Division, said Zhu accordingly, taking into account the second round of the Fed expected QE increasing investment demand for gold and physical gold demand will continue to constitute a support for gold. .Therefore, he believes that gold is still strong, the proposed price of gold back $ 1,350 in choosing the right intervention. .</ P>.

U.S. desire "overshoot" to stimulate the economy in Asia, "defense" hot money in Europe and America.

<P> "High unemployment rate in the United States, can not see the downward trend in the short term, and the economy can not rely on market forces to obtain a strong recovery in its own case, we must take further quantitative easing 'overshoot' mode to stimulate the economy." < ./ P> <P> "in the current United States and other Western countries have generally adopted a loose monetary policy of the Asian countries to curb hot money inflow of capital controls have on the one hand, on the other hand to maintain the stability of exchange rates and interest rates." </ P> < .P> local time on October 12, the Fed decided to continue the Federal Open interest rates to historic lows, the same time, policy makers also emphatic: "In the near future to introduce further quantitative easing monetary policy is appropriate." Clearly, the Fed this .a move will undoubtedly exacerbate the trend of global financial tide in Asia. .For such a situation, Japan, Korea, Thailand and other Asian governments have large inflows of hot money shot blocking, inhibiting their currencies appreciate. .</ P> <P> the direction of the United States has been set loose again </ P> <P> the recent spate of statements from the Fed point of view, the second round of quantitative easing measures taken by the tendency has been very obvious. .Minutes of the meeting released Tuesday also showed that if the Fed to take further quantitative easing measures implemented through two means, an increase of long-term bonds to buy down the cost of borrowing by the way, and to promote public expectations of future inflation will rise way to stimulate current spending .. .</ P> <P> Institute of World Economy, Fudan University in China and China to accept the "International Finance News" interview, said: "The high unemployment rate in the United States, can not see the downward trend in the short term, and the market economy can not rely on their own .the power to obtain a strong recovery in the circumstances, must take further quantitative easing 'overshoot' mode to stimulate the economy. "</ P> <P>" If the Fed does not act, then can not change the current state of the economy, and before .All the measures proposed to stimulate the economy will come to naught. "Hua Min pointed out that" further implementation of the quantitative easing measures, can be sustained after the stimulus, at least improve the likelihood of the current state of economic development. "As for the further implementation of the quantitative easing .whether we can effectively stimulate the U.S. economic recovery, the Shanghai University of Finance and Associate Director, Center of Modern Finance Jun Yang Xi told "International Finance," an interview, said: "On the one hand depends on the implementation of quantitative easing measures the intensity, depending on the other hand, .This slowdown in economic growth in the current state of inertia. "</ P> <P> Asian unified capital controls </ P> <P> continuation of U.S. weakness to the problems of hot money has been well received by Asian countries, greater .challenges. .Asian governments have tried to block the action of the massive hot money inflows. .</ P> <P> 10 12, the Thai government announced that foreign investment in bonds for capital gains and interest income received 15% withholding tax levied. .Thai Finance Minister had previously said the United States to release the liquidity policy, may further appreciation of the baht, and that the government will consider taking measures to curb excessive speculation on the baht. .</ P> <P> Prior to this, Korea has taken some measures of capital controls to curb the inflow of hot money. .October 12, the Chinese Administration of Foreign Exchange is also clear that in the second half to maintain the flow of hot money to combat high-pressure situation. .Xie Dongming OCBC Bank analyst, said: "Singapore, Malaysia, Indonesia and other countries also adopted a number of interventions, but if the currency continues to appreciate, continued inflow of hot money is expected that these countries will take further intervention." </ P> < .P> Clearly, capital controls will be the Asian collective action. .Hua Min, said: "In the current United States and other Western countries have generally adopted a loose monetary policy of the Asian countries to curb hot money inflows have on the one hand capital controls, on the other hand to maintain the stability of exchange rates and interest rates." </ P> <P> .IMF harder and harder to "arbiter" </ P> <P> push down the dollar, Asian currencies force resisting hot money; the United States shouted loose again, Asian countries have intervened in domestic currency appreciation. .The exchange rate differences, the International Monetary Fund (IMF) should be the best exchange rate war "arbitrator." .However, expert analysis, IMF in order to play this new role, and obviously needs more members for their support, after all, not just the United States IMF and the IMF. .</ P> <P> set up after World War II, IMF, whose mission is to provide members of international monetary cooperation and consultation, the meeting place, with the obligation to monitor exchange rates of national currencies, but the problem is with the World Trade Organization may make real .of different sanctions, IMF's conclusions do not have enforceable. .Monitoring national exchange rates and act as "arbiter of disputes exchange rate," there is clearly a big difference between the two. .</ P> <P> the United States IMF's "arbiter" role is respected. .U.S. Treasury secretary repeatedly called on the IMF and other global financial institutions, currency exchange rates in some countries play a more effective supervisory role. .He even called for the reform of IMF voting shares and the linked exchange rate adjustment. .</ P> <P> However, IMF to when the exchange rate "arbiter" is obviously a little wishful thinking. .Reform of the IMF for Geithner linked exchange rate to say, the Chinese central bank governor Zhou Xiaochuan said bluntly, this is a "non-mainstream" views. .The South African Minister of Finance, the Group of 24 main Xigeerdan is clear that the management structure should be the IMF exchange rate policy reform and to discuss these two issues separately. .</ P> <P> the face of opposition parties, IMF's Strauss-Kahn acknowledged, IMF could push the exchange rate reform, but only if "member states willing to participate in such discussions." .</ P>.

Odds against hot money in emerging markets geometry wars.

<P> Government bonds on foreign investment in Thailand capital gains tax; Japan might again intervene in currency markets, said weakened the yen from rising; South Korea to buy U.S. dollars were repeatedly found to inhibit the appreciation of the currency ... ... step by step with the higher number of Asian currencies, .Governments have also taken effective measures to stop hot money inflows and hopes strong momentum of domestic currency. .</ P> <P> hot money ferocious </ P> <P> hot money ferocious. .Asia-Pacific and other emerging market countries, the most direct funding currency as the "target." .Emerging market stocks also will be a sharp rise. .</ P> <P> the past few days, the U.S. dollar against the yen at 82.40 yen hovering the 15-year low, dollar against South Africa, Israel and Switzerland and many other country's currency fell to its lowest point for years. .In addition, the Australian dollar fell to its lowest level since 1983. .This year the baht against the U.S. dollar has appreciated more than 11%, close to 13 years high. .</ P> <P> professional capital flows monitoring bodies EPFR (Emerging Markets Investment Fund Research) figures released last week, with the U.S. dollar against major currencies fell to multi-year lows, capital flows to emerging market assets in the amount of 10 .sharp increase in the first week of January, a total of more than 60 billion dollars of net inflows in 2007 reached its highest level since the fourth quarter, net capital inflows is the second largest ever. .</ P> <P> end of last week, Morgan Stanley Capital International (MSCI) Emerging Markets index has gained 10% during the past week the index hit a 27-month high. .In contrast, MSCI global stock index over the same period increased only 4%. .</ P> <P> depreciation of the dollar as the hot money that has been favored commodity. .Last week, gold rose to a record high of $ 1,364.6 an ounce. .In recent months, while crude oil contract gained 1.32% last week, rose for the third straight week, crude oil prices touched $ 84.43 a barrel in intraday high of 5 months. .Three weeks in recent months, the cumulative crude oil contract rose as high as 12.22%. .</ P> <P> dollar fueled </ P> <P> experts believe that the depreciation of the dollar surging hot money is undoubtedly one of the biggest promoter. .12, the Fed released minutes of the meeting, the participating officials that, shortly after the weak economy may need more support. .This is interpreted by the market, the Fed will soon implement the second round of "quantitative easing" policy. .This will have more to put more pressure on the weak dollar. .</ P> <P> Nobel Prize winning economist Joseph Stiglitz has said that the Federal Reserve and European central banks entered the financial system "substantial liquidity" is to bring the foreign exchange market instability .forces such as Japan and Brazil, countries have to defend their export industries, and thus foreign exchange market intervention. .</ P> <P> addition, the U.S. Treasury currency report will be released 15. .Affixed to China three times to avoid a "currency manipulator" label the Obama administration, once again faced with whether to declare China a "currency manipulator" option. .However, analysts expect the report will be delayed or the public. .12 U.S. Treasury Secretary Timothy Geithner said in recent weeks China has let the yuan to "substantial part of the" rise, and may in the long term to allow its further appreciation. .</ P> <P> countries need to cooperate closely </ P> <P> the face of rising asset prices are inflated, the Asian economies have introduced a number of interventions, hoping to weaken the currency appreciation of the national economy negative .impact. .</ P> <P> data showed Japan's accumulated in the last month to sell 2.1 trillion yen (about 25.6 billion U.S. dollars) to intervene in currency markets; Korea carried out since the end of September from a total of about 130 billion dollars in interventions. .Thai cabinet announced in 12, on foreign investment in bonds will impose capital gains and interest income of 15% withholding tax. .Previously, Brazil has on foreign investment in its bonds and other financial instruments to increase the tax rate doubled to 4%. .</ P> <P> analysts say, South Korea, Indonesia may be in the coming months to take further control on capital flows, and India and the Philippines will also join the ranks of intervention. .According to data compiled by commercial traders IFR forecast data, the Asian authorities on September 27 to October 12 between the date of purchase through the intervention a total of 32.7 billion. .</ P> <P> European Central Bank President Jean-Claude Trichet called for 12 countries to avoid falling into protectionism, and to avoid the introduction may disrupt the global economy. ."What we need now is not any form of" war ", but rather strengthen the commitment to close cooperation." Trichet said. .</ P> <P> the market, analysts said treatment of the exchange rate issue, "the whole world needs to have patience." </ P>.