| G7: Japan Fin Min: G7 Reached "Proper Conclusion" On Forex
ESSEN, Germany -(Dow Jones)- Finance ministers from the Group of Seven leading industrialized countries reached the "proper conclusion" on their closing statement on currencies, Japanese Finance Minister Koji Omi said Saturday. He said he had explained to his G7 counterparts during their meetings over the past two days that foreign exchange rates should reflect each country's economic fundamentals, and that the Japanese economy is recovering steadily with stable prices. Japan was able to gain other nations' understanding on its stance, Omi said. Earlier Saturday, the G7's closing statement largely maintained its wording on currencies. But it also said that G7 members "are confident that the implications of these developments will be recognized by market participants and will be incorporated in their assessment of risks." -By Natsuo Nishio, Dow Jones Newswires; 813-5255-2929; natsuo.nishio@dowjones.com (END) Dow Jones Newswires February 10, 2007 12:50 ET (17:50 GMT) Copyright 2007 Dow Jones & Company, Inc.
Australian Stocks Advance Led By Strong H1 Results From BHP Billiton
(RTTNews) - Wednesday, the Australian stock market is presently trading in the positive territory, led by BHP Billiton, which has reported a 41% rise in profits for the first half ended 31 December 2006. The company's plan to payback about $3 billion to investors through its share-buy back offer also enthused the market. Resource related stocks lead the rally in the market after price of commodities in the international markets, including copper and zinc, rose more than 2% overnight. The All Ordinaries Index is presently trading at 5,865.20, up 16.70 points, or 0.29%, while the S&P/ASX 200 Index is trading at 5,892.20, up 21.70 points, or 0.37%, The Australian dollar is trading in a narrow range following Reserve Bank's decision to hold interest rates at present rate of 6.25%.
Rupee unchanged against dollar
The rupee remained unchanged against the American dollar in the open market in the week. However, the demand of dollars made the rupee incur losses in the middle of week. The greenback started off trading at Rs60.70 and went down by 5 paisa on Thursday. However, the dollar changed its position due to strong demand in the local market and recovered losses on Friday.
The rupee maintained positive trend versus the dollar in open market dealings amid better supply of dollars. The US dollar began new days trading at its overnight closing rate of Rs60.70, lost 3 paisa and changed hands at Rs60.67 at the close of market on Wednesday. Thus, the rupee recovered 3 paisa against the greenback in the kerb.
The rupee continued to gain versus the dollar and recovered another 2 paisa.
China forex reserves exceed 1 trillion USD largest in the world
When it comes to forex reserves, China is flush with cash. The central bank says the country's foreign exchange reserves now exceed one trillion US dollars the largest in the world. Over the past two years, China's forex reserve had been expanding by 200 billion US dollars annually.In February 2006, the country overtook Japan to become the world's number one forex reserve holder. Experts say the huge amount of fortune is a double edged sword. .
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