Zhu Guangyao News
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Japan said it will boost financial cooperation with Southeast Asian nations, support their bond markets and make it easier for Japanese companies to raise funds in local currencies.
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Bank of Japan Governor Haruhiko Kuroda said Japan’s unprecedented monetary stimulus was understood at a meeting of finance ministers and central bankers from China, South Korea, and 10 Southeast Asian nations.
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Group of 20 finance chiefs sharpened their stance against governments trying to influence exchange rates as they sought to tame speculation of a global currency war without singling out Japan for criticism.
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Global finance chiefs signaled Japan has scope to keep stimulating its stagnant economy as long as policy makers cease publicly advocating a sliding yen.
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Yuan forwards weakened for a second day after Chinese officials said the nation won’t yield to global calls to end a 22-month peg, damping speculation next week’s U.S.-China trade talks would trigger appreciation.
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Chinese officials said the nation won’t yield to global calls to end the yuan’s 22-month peg, damping speculation next week’s U.S.-China trade talks would trigger appreciation.
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China will reform fiscal policies so that local governments have a more “institutionalized way” of obtaining funds and of borrowing, Vice Finance Minister Zhu Guangyao said at a conference in Beijing today.
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Group of 20 finance chiefs shifted toward a tougher stance on exchange rates as they sought to tame speculation of a global currency war without singling out Japan for criticism.
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Nations from China to Brazil are considering increasing the International Monetary Fund’s lending resources to help stem the European debt crisis, Group of 20 and IMF officials said.
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China won’t succumb to external pressure on the yuan and will modify the currency based on the economic situation, Assistant Finance Minister Zhu Guangyao told a briefing in Beijing today.
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