Chinese Premier rejects currency devaluation allegations
The Dollar Business Bureau Amid a barrage of accusations from the west, Chinese Premier Li Keqiang denounced allegations of currency devaluation practices to promote exports. “China has no intention of devaluing its currency to boost exports, as the move does no good for companies’ transformation and upgrading,” he said. As against Yuan’s average 2015 exchange rate, it depreciated 6.4% in 2016 against the dollar. Inclusion of Yuan in IMF's currency basket had given the currency's erratic movements enough power and exposure to send global tremors. Li added that China will enforce reforms for a good exchange rate control mechanism, and continue to follow the floating exchange rate regime, allowing the supply and demand forces to play out independently of any manipulation or meddling. Li's comments come after China's long ...
Currency demonetisation to impact residential real estate: JLL
The Dollar Business Bureau Most of India's business environment has been tremendously shaken up by the recent demonetisation of the higher currency notes by Prime Minister Narendra Modi government. This is the third demonetisation exercise undertaken by the Indian authorities, if we include the one done just before independence in 1946. It is still too early to accurately gauge the depth of the shakeup this has caused, but its impact on the real estate sector is immediately visible. Since Modi's surprise announcement, the ripples have been spreading through the already disturbed sector, which has been experiencing excruciatingly slow growth in recent times. Poor sales leading to almost flat prices, heavy liquidity challenges and high unsold inventory have all colluded to keep real ...
'Govt working on various fronts to boost exports'
Source: PTI The government is working on a multi-pronged strategy to enhance exports competitiveness and address infrastructural bottleneck, a top Commerce Ministry official said. Contracting for the eighth month in a row, India's exports slipped 10.3% in July to $23.13 billion, hit by global slowdown and a dip in crude oil prices, which in turn impacted the value of petroleum products. Commerce Secretary Rita Teaotia said the ministry is focusing on export sectors with a huge potential such as pharmaceuticals, ready-made garments, leather, gems and jewellery, chemicals and agro-chemicals. Trade facilitation, she felt, can play a vital role in boosting competitiveness of domestic exports. "In trade facilitation, we are dividing our approach into two pieces -- short term steps which we can ...
