Financial Daily from THE HINDU group of publications
Friday, Nov 05, 2004
Financial Daily from THE HINDU group of publications Friday, Nov 05, 2004 |
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Money & Banking
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Forex `China may revalue yuan' Our Bureau
Chennai , Nov. 4 CHINA may move to revalue its currency in the near future, an event that may eventually have a negative impact on the commodity market, felt Mr S. Naganath, Joint President & Chief Investment Officer of DSP Merrill Lynch Fund. Mr Naganath forecast some critical economic trends during his presentation on Thursday at a conference on "Emerging Global Trends in Corporate Finance" organised by the Confederation of Indian Industry. He felt that the Chinese currency appreciation could come about on political pressure from the US. As the loss of jobs was an emotive issue in the US, China may be pushed to strengthen its currency and, thereby, lower its trade surplus with the US. The fallout of such a development could "cause a chill in the commodity market." Another trend that he forecast was a temporary increase in the price of crude oil. Eventually, the firm trend would be reversed, he said.
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