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| International |
| New Source for $80B Needed in Iraq Found |
| 2003-09-22 |
| Snip The interpretation of the communique’s statements about currencies was disputed by G7 delegates in Dubai. John Snow, US Treasury secretary, said on Sunday it was a "milestone change". But others, including the UK and Japan, said there was no change in the G7’s stance. Some economists said the market was overreacting to a statement largely intended to placate US manufacturers. But the dollar fell to Y111.48, down Y6 in a week. The rise in the yen and other Asian currencies also - in effect - handed the Chinese a further competitive devaluation against its main trading rivals at a time when the country has been under pressure to revalue its currency, which is tied to the dollar. Concern that Japan may be shamed into curtailing purchases of US bonds sent the yield on 10-year US Treasuries higher from 4.13 per cent to 4.31 per cent. So far this year, Japan has spent about Y9,000bn ($75bn) - much of it on Treasuries - helping to lower US interest rates. Looky Looky what we found. Our buddies have been thinking of us. They have been saving up to help out all this time. Snip |
| Posted by:Super Hose |