July 23 – Despite export rates slowing to 21.9 percent for the second quarter of the year compared to last year’s 27.6 percent, the government says it remains confident about the country’s economy for the remaining months of this year.

June exports only rose by 17.6 percent compared to May’s 28.1 percent.

The Ministry of Commerce says that will maintain the new policies implemented at the beginning of the year in the face of slowing exports.

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July 23 - Long held at an artificially low rate by the Chinese government, the RMB has been allowed to slowing appreciate in recent years, helping to ease a growing trade imbalance with the United States and the EU. The rising value is just one example of how Beijing has maneuvered tools in place to deal with the macro economic fall out from China’s surging economy. In a time of rising inflation and calls from the West to allow the currency to appreciate faster, one government department’s involvement with China’s foreign exchange reserves places it at the center of China’s future economic outlook. The State Administration of Foreign Exchange’s main task is to draft rules and regulations that govern foreign exchange market activities in China and manage the country’s foreign exchange reserves.

SAFE was founded in Beijing in March, 1979, by the State Council, and since August, 1982, it has been governed by the state central bank, the People’s Bank of China. SAFE is headquartered in Beijing with an additional 36 administrative offices and 298 central sub-branches located throughout the country. SAFE also has offices in Hong Kong, Singapore, London and New York. Read the rest of this entry »