China’s official newspaper the People’s Daily posted an article in its online edition, saying that China would announce the revaluation of the yuan next week. Markets crashed at the news, with reports that an unpegged RMB would hurt exports, as well as damage the economy and create an economic bubble like Japan.
Within hours the government reacted:
China has not changed its currency policy, the central bank said Wednesday, after financial markets were jolted by a report in the nation’s top newspaper that predicted the yuan would be revalued next week. … But China’s central bank, the People’s Bank of China, said the report, a translation of a weekend news story, was wrong.
Things that make you go “Hmmmm….”
CRI Online has a backgrounder and for more on the RMB check out Saru’s brilliant series RMB Notes and RMB Notes Part II.
UPDATE: More statements from the Party:
China is technically ready for currency reform, but won’t be pushed into it by the United States, deputy central bank governor Wu Xiaoling said in an interview with Japan’s Nihon Keizai newspaper published on Wednesday.
Comments to this entry
Peter
May 12, 2005
8:31 pm
bq. Coming barely two weeks after China allowed the yuan briefly to trade outside its parameters (citing technical glitches), it seems to be the case that the country's authorities are testing financial market reaction to a yuan shift under the guise of errors.
Saru
May 13, 2005
1:54 pm
On a related note, there are some voices out there within the China/economy-watching crowd who are saying that if the RMB were allowed to float (which may eventually be the direction things are headed), it may even drop further in value as Chinese domestic investors rush to buy foreign assets.
MSD
May 13, 2005
4:45 pm
http://www.janegalt.net/blog/archives/005312.html
There was a WSJ article as well, but subscriber only.
Younghusband
May 14, 2005
3:25 pm
Avash Sharma
June 15, 2005
7:16 am
Below are two news clipping from nepalnews.com Nepal Communist Party (Maoist) took out wives and relative of Nepalese Army personnel were dragged out of their home in middle of the night and taken out of the Jungle and cut to pieces with knives the victim included one year child. These kind of act were only committed in Cambodia by the Polpot in the seventies. But the astonishing fact is human right organization like Amnesty International are supporting the Nepal Communist Party (Maoist). In the press release below you can see Amnesty International is trying to stop Nepal Army to get any arms. Nepal Army is using these arms to fight these 'new polpot' the terrorist Maoist.
Amnesty International concern is that as the Nepal Army is being successful on controlling the terrorist Maoist they will lose one more territory to their human right work. Amnesty International is getting donation amounting to US $ 25 Million for their "role" in Nepal. If peace is prevailed in Nepal they will lose this money, so they want the fighting to keep on going and their coffer keep on filling.
Please do not donate any money to Amnesty International; your donation will only help get more one year old child butchered.
Family members of security personnel murdered after abduction
In what has been described as an evidence of unimaginable "Ëœheinous crime,' a total of six persons including three women and a one-year-old child"”?who were members of the families of security personnel-- have been found dead in the far-western district of Kailali, two days after they were abducted by Maoist insurgents.
According to latest reports, a search team of the security personnel have discovered badly mutilated bodies of three women, a child and two young men at a community forest near Banbeda, some half a km away from the East-West highway in the far-western region.
A senior official at the Armed Police Force (APF) base at Banbeda blamed the Maoists for the ghastly crime. He said the three women and the child who were murdered were family members of APF personnel. Two more young men"”?who were abducted by the Maoists"”?had arrived in the district to join the security force.
There has been no word from the Maoists regarding the murder of civilians as yet.
Thousands of families of security personnel have been displaced owing to Maoist threats in various districts.
On June 6, Maoist insurgents blew away a packed passenger bus killing 40 people and injuring over 70 others.
Last Friday, they also attacked a passenger bus that was carrying security personnel at Narke in Kavre district late last week killing at least six security personnel and two civilians.
A spokesman of the Royal Nepalese Army said Tuesday it would investigate into the incident to find out why the security personnel were using a passenger bus. nepalnews.com by June 14 05
Stop arms aid to Nepal: Amnesty
A leading human rights watchdog has alleged that western governments were flouting their own rules and contributing to what it called grave human rights abuses by selling arms and weapons systems to crisis-torn Nepal.
In a strong-worded statement issued on Wednesday, the London-based watchdog accused Britain, India and the United States of supplying thousands of assault rifles to the poor country, which is facing a Maoist insurgency and said Belgium was selling machine guns and South Africa military communications equipment.
"With the conflict poised to escalate, any further military assistance would be highly irresponsible," Amnesty said, appealing for a ban on arms sales to the Himalayan kingdom.
"Arms should not be exported as long as there is a clear risk that they might be used to commit serious human rights abuse," said Amnesty's Asia-Pacific programme director Purna Sen.
Over 12,000 people have been killed in the nine-year-old Maoist insurgency.
nepalnews.com by June 15 05
Avash
February 13, 2006
4:54 am
Indian Intelligence Agency the Research and Analysis Wing (RAW) have been trying all the dirty tricks in the book to destabilise Nepalese Government. Indian wants to appoint one of their stooge corrupt politician as Prime Minister of Nepal. RAW has been financing hooligans to stage protest and brick police personnel, disrupt public order. RAW in now using Indo Asian News Service (IANS) to disseminate propaganda against Nepal. Below is the news in Indian newspapers reposted by Sudeshna Sarkar of IANS news agency. Sudeshna Sarkar is RAW agent stationed in Nepal. RAW is an Indian Intelligence Agency. It was the agency used by Indian to fund and train Tamil terrorist in Sri Lanka, and also terrorist in Northwest frontier in Pakistan. This RAW is funding and training Nepalese Moist terrorist also. They have been protecting leaders of the terrorist in their SAFE HOUSE in New Delhi.
Nepal has been largely successful in combating the terrorist after the King imposed direct rule and got ride of corrupt politicians. Indian are not happy and supporting the terrorist so they will have their influence in Nepal.
To disseminate propaganda against Nepal, the RAW agent in Nepal Sudeshna Karkar first publishes story in Nepalese "Jana Astha" infamous weekly paper, and carries that story in IANS news agency and this story is carried by other Indian news papers. "Jana Astha" is publish by Mr. Uttam Shrestha, Mr. Shrestha was previously arrested for black mailing a starlet. He had threatened her that if she did not pay million rupee he will publish her nude picture in his paper. This starlet was unable to pay his huge amount and committed suicide after this paper published her nude picture. Now the RAW is using this infamous weekly for the propaganda, below is the example:
Nepal monarchy's secret plan to undermine opposition
By Sudeshna Sarkar, Kathmandu: Nepal's royal family, forced to hand over power to a democratic government after a mass movement for people's rights in 1990, has been pursuing a secret plan to snuff out the opposition parties and regain control, a media report said Wednesday.
"Jana Astha", a popular Nepali weekly with sources in the army and the palace, said that a group of royalists had helped draw up the secret plan to set the parliamentary parties against one another and impose active rule by the king once again