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Consumer demand for gold rose in 2004 for first time in four years
By Janet Ong
Bloomberg News Service
Thursday, February 24, 2005
http://www.bloomberg.com/apps/news?
pid=10000087&sid=a7g.FfwU9C_8&refer=top_world_news
SHANGHAI -- Policy makers from Japan, China, South Korea, and
Southeast Asian nations met in Thailand this week to discuss the
impact of the dollar's slide on the region's economies, according to
officials from the countries involved.
"The meeting discussed global economic imbalances," Pongpanu
Svetarundra, deputy director-general of the Thai finance ministry,
said today in Bangkok. "There was an agreement to set up a group,
which will exchange information about economies, including foreign
exchange markets, among countries."
The dollar had its biggest drop against the euro in more than six
months on Feb. 22 after the Bank of Korea said it intended to change
the composition of its reserve holdings. South Korea has the world's
fourth-largest reserves behind Japan, China, and Taiwan, according
to data compiled by Bloomberg.
"They've got every reason to be worried about the dollar's decline,"
said Tony Norfield, head of currency strategy at ABN Amro Holding NV
in London. "There's nothing they can do to stop the overall dollar
decline, but they can arrange more stability within regional
currencies."
The dollar was at 104.88 yen at 9:16 a.m. in London from 104.83 late
yesterday in New York. Against the euro, it was at $1.3244 from
$1.3216.
Japanese Vice Finance Minister for International Affairs Hiroshi
Watanabe took part in the meeting, said another vice minister,
Koichi Hosokawa, who spoke at a regularly scheduled news conference
today in Tokyo. Hosokawa said there had been no discussion of
measures to stop the dollar's decline.
"Authorities and academics exchanged opinions freely and
unofficially over economic issues of each nation," Hosokawa said.
A representative of the People's Bank of China also attended, said
Xu Bing, director of the bank's international department. The
Monetary Authority of Singapore sent an official, according to a
statement.
Officials at the Feb. 22 meeting agreed to set up an organization
called the Asian Bellagio Group to stabilize regional foreign
exchange markets, the Korea Times reported earlier today, without
saying where it got the information.
The meeting was the idea of Takatoshi Ito, a former Japanese deputy
finance minister, the Korea Times said. Ito was not available for
comment today. Policy makers also discussed the possibility China
may ease its currency peg to the dollar, the report said.
The dollar fell for a third year in 2004, weakening by 7.3 percent
against the euro and 4.3 versus the yen, hurt by concerns that
record U.S. current-account and budget deficits would lower demand
for the currency.
The shortfall in the U.S. current account, the broadest measure of
trade, widened to a record $164.7 billion in the third quarter. The
gap means the U.S. needs to attract about $1.9 billion every days to
make up the difference and support the dollar's level, according to
Bloomberg calculations. The White House predicts the budget deficit
this year will reach a record $427 billion.
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