China should tighten its monetary policy: C. bank advisor

Xia, a former vice governor of the central bank, said that the country could afford to further raise required reserves. — File Photo

BEIJING: China should tighten monetary policy to staunch liquidity, and more measures should follow next year, an advisor to the central bank said in remarks published late on Saturday.

“We need to find ways to drain excessive liquidity, and adopt a suitably tightened and prudent monetary policy,” Xia Bin, an academic advisor on China’s central bank’s monetary policy committee said in an interview with a popular financial news website (www.hexun.com).

China: US Congress has no place in currency spat

US lawmakers and manufacturers contend that an undervalued Chinese currency gives Beijing an unfair trade boost. — File Photo

SEOUL: A senior Chinese official is warning that US lawmakers shouldn't interfere in a spat over a Chinese currency policy that US critics say costs American jobs.

Chinese Vice Foreign Minister Cui Tiankai said in an interview Wednesday that if either side "chooses a confrontational approach, I think everybody will come out as losers."

Dollar hits new 15-year low versus yen

Money dealers trade under an electric foreign exchange quotation board at a Tokyo foreign exchange market on October 25, 2010. – AFP Photo

TOKYO: The dollar hit a fresh 15-year low of 80.66 yen in Tokyo trading hours Monday as the greenback resumed its slide, amid continued expectations of more easing measures in the United States.

Investors resumed selling the greenback after G20 economies agreed to avoid tit-for-tat currency devaluations but did not set specific targets at a two-day meeting, dealers said.

Euro recovers, Asian shares fall on earnings jitters

HONG KONG: The euro recovered from early losses on Friday after Pakistan dismissed rumours of a coup while Asian stocks fell as investors fretted about the outlook for corporate earnings.

The dollar eased about 0.2 per cent against a basket of major currencies, pulling back from an overnight rally as investors unwound long dollar positions ahead of the year’s close.

Greece’s fiscal woes continued to weigh on the euro but the currency found support after Pakistan dashed rumours of a coup, which in early trade had sent it skidding further to a nine-month low against the safe-haven Swiss franc.