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Russia's gold and currency reserves edge up
RBC, 08.02.2007, Moscow 11:04:15.The Bank of Russia's gold and foreign currency reserves amounted to $304.6bn as of February 2, up $800m, or 0.3 percent, from the previous showing. The reserves have been rising for three weeks straight, with the increase amounting to $2.9bn, or 1 percent, over this period. Nevertheless, the reserves are still growing at a slow rate compared to their hike at the end of 2006. The considerable slowdown in Russia's gold and foreign exchange reserves growth since early 2007 reflects a substantial decrease in foreign currency acquisitions by the Central Bank on the domestic market, which may be traced to the dollar's abrupt decline against the euro on international exchanges. As a result, Russia has been practically unable to narrow the huge gap separating it from China and Japan, the world's leaders in terms of gold and foreign exchange reserves.
G7 MEETING IMF's Rato warns of potential financial instability
ESSEN, Germany (AFX) - IMF's managing director Rodrigo Rato warned of potential financial instabilities from the extreme positions taken out by certain investors in the currency markets, more often than not involving the yen. Rato told journalists at the G7 meeting that investors, in particular hedge funds, have to consider the possibility of rapid changes in the value of currencies when building up carry trade positions. In carry trades investors borrow in low-yielding currencies like the yen to buy higher-yielding assets. "What investors have to take into consideration is the chance of quick changes in the value of currencies," Rato said. The yen has drifted down to multi-year lows against the dollar and the euro in recent weeks, depressed partly by carry trades. Should the Bank of Japan turn more aggressive in its monetary tightening, prompting an appreciation in the yen, then the fear is that these carry trades will unwind swiftly and generate some financial instabilities.
Japanese Stocks Gain; Topix Is at 9-Month High, Led by Mizuho
Feb. 9 (Bloomberg) -- Japanese stocks rose, with the Topix index closing at a nine-month high. Banks led gains after Merrill Lynch & Co. recommended investors buy Mizuho Financial Group Inc., saying its shares price is too cheap given the lender's steady profit growth. Mitsui O.S.K. Lines Ltd. and other shipping lines surged on speculation a recovery in container freight rates will boost their earnings next year. ``Investors have focused too much on an improvement in profit margins and Merrill's report prompted a shift in their view to the fact lenders' shares are now cheap relative to their earnings,'' said Masayuki Kubota, who oversees $2.1 billion in assets at Daiwa SB Investments Ltd. in Tokyo. ``Container freight rates will improve next year, so that's pushing shipping shares higher.'' The Topix jumped 24.91, or 1.5 percent, to 1745.09, the highest since May 9 at the close in Tokyo.
Report: RMB estimated to keep gaining up this year
BEIJING, Jan. 17 (Xinhua) -- A report by a research institution under China's Ministry of Commerce says the moderate appreciation of the Renminbi will help the balanced development of foreign trade and the national economy in the long run. The report on the development of foreign trade and economic cooperation against challenge of RMB appreciation predicts the Chinese currency will gain nine to 10 percent against the U.S. dollar this year. Since the government reformed the foreign exchange rate system in July 2005, the RMB has appreciated 5 percent. The report says the continued, progressive and moderate appreciation of RMB would help "regulate" China's yawning trade surplus. On Monday Commerce Minister Bo Xilai said, "Cutting the huge trade surplus is the priority task for 2007.
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