S Korean economist: China's yuan may be Asia's settlement currency

Special Report: Global Financial Crisis

SEOUL, May 5 (Xinhua) -- A senior South Korean economist said in a report on Tuesday that the Chinese currency yuan may emerge as a settlement currency in Asia.

"Trade volume between China and other Asian countries is huge. If the yuan is used as a settlement currency in the region, the need to hold the U.S. dollar will decrease for Asian countries," said Park Bun-soon, a senior fellow at the Samsung Economic Research Institute.

However, he said it will take time for the Chinese currency to be a global reserve currency.

"Although the overwhelming influence of the U.S. economy is falling, it won't be easy for any currency to challenge the established reserve currency," he said.

Park said although the yuan may not become the key currency, it could be recognized as one of the major international currencies like the dollar and the euro after 2030 when the size of the Chinese economy is expected to surpass that of the U.S.

Gold ends higher on weak dollar

CHICAGO, May 4 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange rose for the first session in three on Monday as dollar declined, adding to the appeal of the precious metal. Silver and platinum rose, too.

Gold price for June delivery gained 14 U.S. dollars, or 1.6 percent, to settle at 902.20 dollars an ounce.

Analysts indicated that the weaker dollar was the main factor underpinning gold. The dollar went down sharply during gold's floor trading time with the rate against euro sliding to 1.3415 dollars earlier in the session, the lowest level in 4 weeks. The dollar index was down 0.583 points to 83.959 shortly after gold floor trading closed. Dollar's depreciation usually is considered to increase gold's safety demand.

Economic data released on Monday showed U.S. March construction spending rose for the first time in six months and April pending home sales rose 3.2 percent, up 1.1 percent compared with a year earlier, adding signs which indicate the U.S. economic recovery ison the way. Better-than-expected prospects of economy made investors believe that gold's real demand is going to rise.

Stock market's big rally also provided support to the precious metal as the Dow Jones industrials jumped more than 2 percent in afternoon trading.

July silver finished at 13.113 dollars per ounce, up 61.3 cents. July platinum rose 25.60 dollars to 1,122 dollars per ounce.

Chinese economic planner refutes rumor of yuan depreciation

Special Report:Global Financial Crisis

BEIJING, Feb. 18 (Xinhua) -- The National Development and Reform Commission
(NDRC) said in a statement Wednesday that the report of its officials'
estimating the depreciation of yuan to 7 against the U.S. dollar was "totally
fabricated".

China Briefing News on Tuesday quoted NDRC vice chairman Zhang Xiaoqiang as
saying that the RMB could weaken to around 6.9 to 7 against the U.S. dollar.

The website of the China Briefing News has released a correction.

Dollar falls on Fed comments

Special Report:Global Financial Crisis

NEW YORK, April 29 (Xinhua) -- The dollar fell against most major currencies on Wednesday as investors' risk appetite was boosted by comments from the U.S. Federal Reserve.

The Fed decided to keep the target range for the federal funds rate at zero to 0.25 percent, a record low. The central bank said in a statement that the economy has continued to contract, though the pace of contraction appears to be somewhat slower.

Household spending has shown signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit, the Fed said.

The U.S. Commerce Department reported that U.S. gross domestic product decreased at an annual rate of 6.1 percent in the first quarter of 2009. The loss was larger than expected but slight higher than the previous quarter.

Personal consumption expenditures, which account for two-thirds of U.S. economic activities, increased 2.2 percent in the first quarter, in contrast to a decrease of 4.3 percent in the previous quarter. Durable goods increased 9.4 percent, nondurable goods increased 1.3 percent.

The euro bought 1.3289 dollars in late New York trading compared with 1.3147 dollars it bought late Tuesday. The pound rose to 1.4772 dollars from 1.4620 dollars.

The dollar fell to 1.2008 Canadian dollars from 1.2190 Canadian dollars, and fell to 1.1358 Swiss francs from 1.1440 Swiss francs. It rose to 97.68 Japanese yen from 96.45 Japanese yen.

Dollar falls amid better-than-expected economic data

Special Report:Global Financial Crisis

NEW YORK, April 28 (Xinhua) -- The dollar fell against most major currencies on Tuesday as U.S. consumer confidence soared and house price decline slowed.

The Conference Board reported on Tuesday that its consumer confidence index soared from 26.9 in March to 39.2 in April, the highest since November. It was much higher than economists' forecast of 29.0.

The report shows that U.S. consumers are gaining confidence about future economic conditions. But the index remains at low level, compared to a reading over 110 in July 2007.

U.S. house prices continued to fall at a rapid but slightly slower pace in February, according to the Case-Shiller house price index released on Tuesday.

House prices in the 20 largest U.S. metropolitan areas fell by 18.6 percent year-on-year, up from the record loss of 19 percent in January. It was slightly better than analysts' expectation, suggesting that house prices are getting closer to a bottom.

Worries about swine flu threat partly offset the positive economic reports. The World Health Organization (WHO) on Monday raised its pandemic alert level from Phase 3 to Phase 4, warning of a significant increase in the risk of a pandemic.

Investors worried that a possible pandemic may deal another severe blow to the struggling global economy, reverse any progress of recovery.

The euro bought 1.3147 dollars in late New York trading compared with 1.3019 dollars it bought late Monday. The pound fell to 1.4620 dollars from 1.4633 dollars.

The dollar fell to 1.2190 Canadian dollars from 1.2197, and fell to 1.1440 Swiss francs from 1.1568. It fell to 96.45 Japanese yen from 96.74.

Dollar trades in lower 100 yen range

TOKYO, April 10 (Xinhua) -- The U.S. dollar moved in a tight range in the
lower 100 yen level Friday.

At 5 p.m., the dollar was quoted at 100.45-48 yen versus Thursday's 5 p.m.
quotes of 100.38-48 yen in New York and 100.14-15 yen in Tokyo. It moved between
100.21 yen and 100.74 yen during the day, changing hands most frequently at
100.65 yen.

The euro traded at 1.3127-3130 dollars and 131.89-93 yen against
1.3165-3175 dollars and 132.05-15 yen in New York and 1.3312-3315 dollars and
133.32-36 yen in Tokyo late Thursday.