As Vietnam wins a yearlong battle to tame inflation and stabilize its currency, the spotlight is moving to the drag on growth from undercapitalized banks that have channeled credit to the nation’s state-owned companies.
Posts Tagged ‘Asia’
Bloomberg: Vietnam Downgrade Adds Momentum to Clean Up State Loans: Economy
Posted: October 5, 2012 in Iraqi Dinar/PoliticsTags: Asia, Government-owned corporation, Ho Chi Minh City, International Monetary Fund, Lao, Travel and Tourism, Vietnam, Vietnam War
Vietnam’s economy enters phase of recovery
Posted: July 21, 2012 in Asian Currency Markets, Top HeadlinesTags: Asia, English Language, Hanoi, Korea Herald, South Korea, Vietnam, Vietnamese, Vietnamese language
Updated : Wed, July 18, 2012,7:30 PM (GMT+0700)
Vietnam’s economic policy appears to be bringing about a recovery in growth, said The Korea Herald, one of the largest English-language newspapers of the Republic of Korea, in its July 17 edition.
The article says with monetary and fiscal tools, the Vietnamese economy performed well in the first half of 2012 while Asian economic growth was slow and European and US economies worsened by the day. (more…)
Expert Opinion: Possibility Iraq is creating more than an international free economic zone in the triangle of FAO
Posted: May 25, 2012 in Iraqi Dinar/PoliticsTags: Asia, Basra, FAO, Free economic zone, Hong Kong, Iraq, Mana, News agency
Date: Friday, 25-05-2012 12: 40 pm
Basra (News) …Expert stressed the possibility passes Tawfiq al-Manea, Iraq creating more than an international free economic zone on its way to investment, noting that FAO would be best triangle area because it will change the map of trade in all countries of the world. (more…)
Vietnam’s Growth Outpacing Asia as Banks Chase Deals
Posted: May 23, 2012 in Asian Currency MarketsTags: Asia, ConocoPhillips, Goldman Sachs, Investment Banks, Mizuho Financial Group, Politics of Vietnam, Vietnam, Vietnam Airlines
VietFinanceNews.com – Investment-banking fees in Vietnam may jump at least 25 percent this year as the country’s government steps up a push to sell assets and foreign companies accelerate acquisitions, according to Credit Suisse Group AG. (CSGN).
Shaways reveals a new strategy to revive the Iraqi economy
Posted: March 1, 2012 in Iraqi Dinar/PoliticsTags: Asia, Economic policy, Economy of Iraq, India, Iraq, New Delhi, Nuri Shaways, shaways
03/01/2012
Revealed Deputy Prime Minister Ruz Nuri Shaways yesterday for a new strategy to revive the Iraqi economy.
Shaways said during a conference on Iraq in the Indian capital New Delhi that “after the change that our country experienced in 2003 and subsequent new directions in economic, social, political and cultural, has been the trend towards a radical reconsideration of the economic policy followed in the country.”
Ministry of Communications: Optical cables to secure the communication with all parts of the world and strengthen the Iraqi economy
Posted: February 5, 2012 in Iraqi Dinar/PoliticsTags: Asia, Baghdad, Basra, Economy of Iraq, Iraq, iraqi, Persian Gulf, Saudi Arabia
Baghdad (news) .. Embarked on the Ministry of Communications to the implementation of the SEA to ensure communication with all parts of the world and the development of the Internet service with Europe and Asia and provide a source other financial state in furtherance of the Iraqi economy.
A spokesman for the Ministry of Communications Samir Ali Hassoun (of the Agency news) said on Sunday: has the direct implementation of projects, extension cables and significant information through the cables of light and freedom through the neighboring countries to Iraq to link the connections Asia with Europe via Iraq via extension cables Informatics, where the cables through Turkey and Syria, to Europe and then through Iran and Saudi Arabia and the Persian Gulf to reach Asia. (more…)
JP Morgan upbeat about Vietnam’s economy
Posted: January 5, 2012 in Asian Currency MarketsTags: Asia, Balance of trade, JPMorgan Chase, Singapore, State Bank of Vietnam, United States, Vietnam, Vietnamese
VietFinanceNews.com – Experts of Singapore-based JP Morgan Chase Bank have predicted that the Vietnamese economy will achieve a higher degree of stability in 2012 than in 2011, thanks to the government’s tight policy which has started to bear results.
They also predicted that Vietnam’s inflation will cool down, the balance of payments will be better supported, and its foreign currency reserves will increase.
Vietnam’s trade deficit will be offset by overseas Vietnamese remittances and foreign direct investment, according to JP Morgan Chase.
The bank holds that the asset quality of banks remains one of the most worrying problems of the Vietnamese economy, even though the possibility of a crisis in the banking system is low at present.
IMF questionable of a GCC monetary union
Posted: December 11, 2011 in GCCTags: Arab states of the Persian Gulf, Asia, Cooperation Council for the Arab States of the Gulf, Currency Union, GCC, International Monetary Fund, kuwait, reuters, United States
BAGHDAD – Babinaoz (Reuters) – A report to the IMF doubts about the achievement of monetary union plans Gulf because of the low correlation between the economies of those countries and the varying financial policies have, and comes at a time when there are factors more common among the economies of Gulf countries and the United States and Asia, which raises the possibility of exposure to shocks and threatens the efforts of these countries to diversify their economies.
The report, published in the “homeland” of Kuwait that the lack of integration between the countries of the region reflects the trade and financial flows between these low-lying states. (more…)
Bloomberg: Vietnam Must Avoid a Premature Easing of Policy, IMF Says
Posted: October 5, 2011 in Asian Currency MarketsTags: Asia, Economic growth, Hanoi, International Monetary Fund, Monetary policy, Nguyễn Tấn Dũng, State Bank of Vietnam, Vietnam
Vietnam may undermine efforts to stabilize the country’s economy and currency if it prematurely eases monetary policy, the International Monetary Fund said, as the nation fights the fastest inflation in Asia.
“The risk is that all the hard work they’ve done this year in trying to re-establish their stabilization credentials and to try to convince the population that they have the discipline needed to push through with the macro stabilization program gets undone,” Benedict Bingham, the IMF’s senior resident representative in Vietnam, said in an interview yesterday.
Korean Won Weakens as Insurers Told to Prepare for a Crisis; Bonds Gain
Posted: August 21, 2011 in Asian Currency MarketsTags: Asia, Citigroup, Deutsche Bank, Financial Supervisory Service (South Korea), Government, Hong Kong, Ministry of Strategy and Finance, South Korea
South Korea’s won fell, capping its fourth weekly loss, after the financial regulator urged insurers to boost capital in preparation for a potential crisis and signs the U.S. economy is slowing dimmed the outlook for exports. Government bonds rose for the first time in four days.
The won led declines in regional currencies today as Financial Supervisory Service Governor Kwon Hyouk Se asked chief executives of insurance companies to be cautious in paying dividends. U.S. reports showed consumer confidence is the weakest since March 2009, existing home sales unexpectedly dropped in July and jobless claims rose more than economists forecast last week.
CNBC: Analysts say Singapore Dollar the New Safe Haven
Posted: August 19, 2011 in Asian Currency MarketsTags: Asia, Business, CNBC, Emerging markets, investing, Singapore, Singapore dollar, United States dollar
The Singapore dollar, which has risen about 14 percent versus the U.S. dollar in the 12 months to June, is now being looked at, by some analysts, as the next safe haven currency.
“The currency belongs to a country that has a triple AAA rating and which is attractive to investors. The country is also fiscally healthy with a strong balance sheet,” Stuart Oakley, Head of Emerging Markets FX Trading at RBS, told CNBC.
Read More: http://www.cnbc.com/id/44184874
Vietnam is Asia’s fastest growing bond market
Posted: August 19, 2011 in Asian Currency MarketsTags: Asia, Asian Development Bank, Bond market, bonds, Government bond, Gross domestic product, India, Vietnam
VietFinanceNews.com – Viet Nam’s bond market has experienced a significant year-on-year rise in growth during early 2011 compared with 2009 and 2010.
This compares to several regional countries that have shown a significant decline. Experts say this shows Viet Nam’s strong resilience in a volatile global financial environment.
The Asian Development Bank’s Asia Capital Markets Monitor for August stated that with only US$16 billion worth of total bonds outstanding, Viet Nam’s local currency bond market grew 42.8 per cent year-on-year in Quarter One this year after expanding 34.2 per cent in 2010, making it the fastest-growing bond market in Asia since 2009.
Chinese currency increasingly becoming preferred legal tender
Posted: August 16, 2011 in Asian Currency MarketsTags: Asia, Business and Economy, China, Chinese currency, Legal tender, New Zealand Mint, People's Bank of China, United States
The not-so-overt appreciation in the renminbi — or yuan, as the Chinese currency is more popularly known — is making it an increasingly preferred legal tender in the emerging markets.
On Monday, the People’s Bank of China pegged it 0.03% higher — the fourth consecutive day it has done so — to a record 6.3950 per dollar.
That’s the highest level since 2007, and comes after China reported a mind-boggling trade surplus of $31.5 billion in July, the biggest since January 2009, last week.
Bloomberg: China’s Yuan Policy ‘Probably Tilting’ on U.S. Debt Woes: Chart of the Day
Posted: August 9, 2011 in Asian Currency Markets, US EconomyTags: Asia, China, Foreign exchange reserves, Hong Kong, MarketWatch, People's Bank of China, U.S. Dollar Index, Washington
U.S. debt turmoil may be “tilting” China toward letting the yuan move less in synch with the dollar, which would reduce central bank intervention and slow the growth of foreign reserves, according to Societe Generale SA.
The CHART OF THE DAY shows the People’s Bank of China yuan fixing rate and the U.S. Dollar Index, which tracks the greenback against a basket of currencies of the U.S.’s major trading partners. The relationship between the two “weakened” in the past several months as the debate in Washington about the debt ceiling heated up, said Yao Wei, an economist in Hong Kong at Societe Generale.
Burma Seeks IMF Help to Modernize Currency Exchange System
Posted: August 9, 2011 in Investment Tips, Other CurrenciesTags: Asia, Aung San Suu Kyi, Burma, Economic, exchange rate, International, International Monetary Fund, Myanma kyat
Burma’s state-controlled media say the government has asked the International Monetary Fund to help it reform a complex foreign exchange system that has become a barrier to economic growth.
IMF officials confirmed to Reuters news agency this week that a team will travel to Burma in the second half of October to assist in the reforms. A spokeswoman said the team will help Burma to modernize the system and lift restrictions on the making of payments and transfers for international transactions.
Burma maintains an official exchange rate of 6 kyats to the U.S. dollar, compared to rates ranging around 800 to one on public markets. The country also has other rates for specific types of transactions.
Hong Kong under pressure to end U.S. dollar peg
Posted: August 4, 2011 in Asian Currency Markets, US EconomyTags: Asia, Associations, Fixed exchange rate, Health, Hong Kong, Hong Kong dollar, MarketWatch, United States dollar
SYDNEY (MarketWatch) — Hong Kong has no plans to de-peg its currency from the U.S. dollar, the city’s finance minister said, but strategists believe the current pairing is outdated and decoupling is only a matter of time.
The depreciation of the U.S. unit is one factor contributing to mounting support to adjust the Hong Kong dollar’s 28-year currency peg. The city is battling high inflation on the back of the dwindling greenback.
But despite the heat, lawmakers have ruled out a shift away from the dollar for now.
Vietnam to Maintain Tight Policy to Curb Inflation Pressure
Posted: July 25, 2011 in Asian Currency MarketsTags: Asia, Gross domestic product, Hanoi, Monetary policy, Money supply, Nguyễn Tấn Dũng, State Bank of Vietnam, Vietnam
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VietFinanceNews.com – Vietnam will maintain a tight monetary policy in August after inflation accelerated for an 11th month in July, Nguyen Xuan Phuc, chairman of the government office, said at a briefing in Hanoi today.
Consumer prices jumped 22.16 percent from a year earlier, compared with June’s 20.82 percent pace, data released by the General Statistics Office yesterday show. That’s the highest inflation rate tracked by Bloomberg among 17 economies in Asia.
Bloomberg: Korea Won Trades Near Three-Year High on Greek Rescue Optimism; Bonds Fall
Posted: July 21, 2011 in Asian Currency MarketsTags: Angela Merkel, Asia, Emerging markets, European Central Bank, Greece, Greek language, Nicolas Sarkozy, South Korea
South Korea’s won traded near its strongest level in almost three years as optimism European leaders will break a deadlock over a new Greek bailout bolstered demand for riskier assets, helping emerging markets draw funds.
German Chancellor Angela Merkel and French President Nicolas Sarkozy reached a “joint position on Greece’s debt situation” before a summit today, according to Merkel’s spokesman. The euro rose to a one-week high versus the greenback. The won, Asia’s best-performing currency of the year, may be supported before South Korea’s government announces measures to rein in inflation next week.
Bloomberg: Korea Won Rises to Three-Year High on Global Recovery Optimism; Bonds Fall
Posted: July 10, 2011 in Asian Currency MarketsTags: Asia, Bank of Korea, Current account, Government, Hong Kong, Lee Myung-bak, Seoul, South Korea
South Korea’s won climbed to its highest level in almost three years after companies in the U.S. added twice as many workers as forecast in June, shoring up confidence the global economic recovery will be sustained.
The currency gained for a third week against the dollar after Finance Minister Bahk Jae Wan said two days ago that the local economy was expected to expand faster in the second half of 2011 than in the first six months. The current-account surplus probably widened in June from May on an increase in thetrade surplus, the Ministry of Strategy and Finance said in a monthly economic report yesterday.
Related articles
- Bloomberg: South Korean Won Weakens to Three-Week Low, Bonds Gain on Greece Concern (currencynewshound.wordpress.com)
Bloomberg: Yuan Gains for a Sixth Quarter as China Takes Measures to Stem Inflation
Posted: June 30, 2011 in Asian Currency MarketsTags: Asia, Central bank, China, China Securities Journal, Government, Inflation, People's Bank of China, Percentage
China’s yuan rose for a sixth straight quarter on speculation inflation is accelerating, spurring speculation policy makers will allow more appreciation to stem price gains.
Inflation may reach 5.3 percent for the first half and 4.9 percent for the year, the China Securities Journal reported today, citing estimates by the State Information Center. Li Daokui, an adviser to the central bank, said yesterday price increases will be relatively high in June due to the rise in the cost of agricultural products and pork. The People’s Bank of China set the yuan’s reference rate 1.3 percent stronger this quarter.
Bloomberg: China Urges U.S. Lawmakers Not to Hurt Relations Through Yuan Legislation
Posted: June 16, 2011 in Iraqi Dinar/PoliticsTags: Asia, China, Chuck Schumer, exchange rate, Government, People's Bank of China, United States, United States Congress
By Bloomberg News – Jun 16, 2011 3:40 AM CT
Schumer is preparing to reintroduce legislation aimed at forcing China to raise the value of its currency.
China urged U.S. lawmakers not to damage relations between the two countries by seeking “excuses to start trade protection,” following moves to reintroduce legislation aimed at forcing an appreciation in the yuan.
“The exchange rate isn’t the major reason for trade imbalances,” Hong Lei, a spokesman for China’s Foreign Ministry, said at regular briefing in Beijing today. “We urge relevant senators of the U.S. government to see the importance of Sino-U.S. relationship clearly, don’t seek excuses to start trade protection, and avoid damage to the big picture of Sino- U.S. trade and economic cooperation.”
Korean Won Poised for Further Gains
Posted: May 4, 2011 in Asian Currency MarketsTags: Asia, Korea, Korean Central News Agency, Korean War, kwd, North Korea, Panmunjom, Pyongyang, South Korea, won
It was in November 2010 that I last blogged about the South Korean won. As a result of the standoff with North Korea and a recent flareup in the eurozone sovereign debt crisis, the won had plummeted.
Still, I viewed these as temporary problems and concluded that,
Ultimately, both the EU fiscal crisis and the tensions with North Korea will subside, which should cause the won to resume its rise.
Vietnam: Gold soars on Japanese quake
Posted: March 14, 2011 in Asian Currency Markets, Gold/SilverTags: Asia, Gold, Hanoi, Ho Chi Minh City, Japan, New York, Tael, Vietnam
VietFinanceNews.com – The price of gold in Vietnam jumped by VND150,000 a tael (1.2 ounces) over last weekend on March 14 as the global price raised on rising demand for the metal as a hedge against crisis after a strong earthquake hit Japan.
Sacombank Jewelry Company bought gold at VND37.13 million and sold at VND37.21 million as of 9:15 am local time.
WSJ: Japanese Act to Back Yen; Nikkei Sinks
Posted: March 14, 2011 in Asian Currency MarketsTags: Asia, Bank of Japan, Economy of Japan, Japan, Japanese yen, Nikkei 225, Nikkei Stock Average, Nissan Motor
By NEIL SHAH Japanese stocks tumbled, but a huge action in the money market by the Bank of Japan sent the yen, which had rallied at the start of trading, falling as investors tried to gauge the impact of the earthquake and nuclear accidents in Japan.
The Nikkei Stock Average fell 5.2% at the open Monday, crossing the 10000 threshold on the belief the quake would slow the Japanese economy and hurt corporate profits.
VinaCapital: Vietnam still a leading emerging economy
Posted: March 10, 2011 in Asian Currency MarketsTags: Asia, Cambodia, exchange rate, Ho Chi Minh City, Investment, PHNOM PENH, Politics of Vietnam, Vietnam
VietFinanceNews.com – VinaCapital has expressed belief in Vietnam ’s economic development, saying it is still one of the world’s leading emerging economies and a destination for foreign investors.
The financial group CEO, Don Lam said at a press briefing in Ho Chi Minh City on March 9 that in recent meetings with foreign investors, VinaCapital continued to hear their recognition of the Vietnamese economy’s long-term potential. They, however, expected Vietnam ’s reaction to economic challenges in 2010-11.
Asia’s Accelerating Inflation Bolsters Case for Higher Rates, Currencies
Posted: February 23, 2011 in Asian Currency MarketsTags: Asia, Federal Reserve System, Hong Kong, Singapore, Singapore dollar, Standard Chartered Bank, Standard Chartered Plc, Vietnam, VND, yuan
VietFinanceNews.com – Accelerating inflation in Asian economies from Singapore to Vietnam is bolstering the case for further monetary tightening by central banks around the region.
Singapore’s inflation rate rose to a two-year high of 5.5 percent in January, while prices in Malaysia climbed at the fastest pace since mid-2009, reports today showed. Vietnam’s consumer prices gained the most in 24 months in February.
Asian currencies rose from a one-week low today on speculation central banks will raise interest rates as surging oil prices threaten to fuel inflation. China, India, Indonesia, South Korea, Thailand and Vietnam all increased borrowing costs this year, widening the gap with the U.S. Federal Reserve’s near-zero benchmark rate, as Asia leads a global recovery.
Euro weaker amid concern over Middle East
Posted: February 23, 2011 in Iraqi Dinar/PoliticsTags: Asia, euro, Japanese yen, Libya, London, middle east, New York, Tokyo
The Times of India
TOKYO: The euro was weaker in Asia on Tuesday as risk-averse investors sold the unit and sought safe havens amid escalating violence in Libya, dealers said.
Asia moves up a gear in fighting inflation
Posted: February 10, 2011 in Asian Currency MarketsTags: Asia, Bank of Korea, Central bank, Goldman Sachs, Hong Kong, Reserve Bank of India, South Korea, UBS
VietFinanceNews.com – If South Korea raises interest rates on Friday, three of Asia’s biggest economies will have tightened policy within a week, challenging the assumption that central banks lack the stomach to combat inflation.
Indeed, with markets pricing in further increases across Asia to anchor inflation expectations, some economists are raising the tantalizing prospect that price pressures could peak before long, barring new weather disruptions to food supplies.
