| China to Manage Capital Flows to Cap Reserves Growth (Update1)
Jan. 21 (Bloomberg) -- China's currency regulator said it will ease rules for capital to flow out of the country this year while making it harder for funds to enter, in a move to cap increases in the world's largest foreign exchange reserves. Chinese companies and individuals will be allowed to convert more yuan into foreign currencies to buy overseas stocks and debt, while rules are tightened to limit short-term capital inflows, the government said. The central bank will mix monetary policies to soak up excess liquidity in the banking system and slow 2007 money supply growth to 16 percent, from last year's 16.9 percent. The moves are aimed at ``actively promoting the basic balance'' of China's balance of payments, said Hu Xiaolian, director of the State Administration of Foreign Exchange, in a statement today on the currency regulator's Web site.
BG profit down on low gas prices
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China to facilitate firms’ forex use
A number of SAFE officials have said recently that the agency was looking to use a carrot-and-stick approach to managing trading firms forex dealings, stepping up supervision over speculative capital flows betting on yuan appreciation while also making it easier for companies with good track records.
To that end, SAFE in September earmarked 5,300 firms as needing special attention because of a big discrepancy between their forex transactions and their actual trade volume.
Xie did not explain how that initiative would relate to the new monitoring system or pilot programme.
He also said that SAFE was looking into allowing companies to hold on to as much of their forex earnings as they would like, after last year increasing the amount they could retain.
Ruble Up as Central Bank Targets Prices
The Central Bank allowed the ruble to strengthen 0.5 percent Thursday in what analysts called a pre-emptive strike against inflation likely to be stoked by pre-election government spending. The ruble strengthened to 29.54 to the dual-currency basket targeted by the Central Bank, made up of 60 cents and 40 euro cents, from 29.68 on Wednesday. The ruble had held steady against the basket since last September. "The Central Bank is sending a signal to the market that the ruble's appreciation will continue," said Julia Tseplyayeva, chief economist at ING in Moscow. The Central Bank declined to comment on the ruble's up-move and on the composition of the currency basket, amid market speculation that it might adjust the composition of its dual-currency basket. The bank runs a managed float, using the currency basket as a guide for its open market operations.
BMC Software Announces Fiscal 2007 Third Quarter Results
HOUSTON, Feb. 8 /PRNewswire-FirstCall/ -- BMC Software (NYSE: BMC) today announced that fiscal 2007 third quarter net earnings on a GAAP basis were $64 million, or $0.30 per diluted share, compared to $49 million, or $0.22 per diluted share in the third quarter of fiscal 2006. Non-GAAP net earnings, which exclude special items, were $85 million, or $0.41 per diluted share, compared to $63 million, or $0.29 per diluted share in the year-ago period. A complete reconciliation between GAAP and non-GAAP results is included in the accompanying financial tables. "BMC Software delivered an outstanding fiscal 2007 third quarter," said Bob Beauchamp, the Company's president and chief executive officer. "Our Business Service Management strategy is driving robust growth in license bookings and revenues across a broad front.
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