Anticipation on CNY/USD Depreciation aggravates
In Non-Deliverable Forward, the Renminbi against the U.S. dollar offer significantly fell 32 basis points yesterday, so the anticipation on CNY/USD depreciation aggravated. Many foreign exchange traders judged too high RMB exchange rate would make the export competitive power decline under the general decline of Asian currencies. It is expected that by the end of 2008, CNY is unlikely to have a substantial rise.
Exchange Rate on RMB against Euro increase; Part of Banks suspend the Euro Financing Products
Yesterday, the renminbi against the euro greatly rose 2.25%, which broke 9 integral points and was reported to 8.9015. The sharp fluctuations in foreign exchange markets have made banks be cautious; they began to discreetly issue foreign exchange financing products.
Canadian Dollar (CaD) Depreciation
On Oct.22, the exchange rate on Canadian dollar against USD closed at the lowest point in these three years, one Canadian dollar only converts 79.7 cents. Canadian economists said the slowdown of CaD showed Canadian economy was closely related with American finance, so the slowdown of U.S. economy would have great impact on Canada. With the sharp decline in commodity prices, depreciation of the Canadian dollar will continue.
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The first Fall of Toyota Global Sales this year in tha Past 10 Year
In the global impact of the financial crisis and the slowdown of the economic, Japan Toyouta Motor Market in the United States and Europe had been in the doldrums. And it is expected the global sales in 2008 will be lower than the last year data.
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Japan Mitsubishi UFJ Group’s Net Profit had a sharp Fall in Half in the First Half of Fiscal Year
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