Russia's President Vladimir Putin
 
Inverted Gold cast of Russia's President Vladimir Putin
Russian
bourse to start trading oil, oil products, gold IN RUBLES on June
8, 2006
G8 summit will be held in St. Petersburg on July 15-17,
2006.
Russia is to chair it for the first time.
GATA's Gold Rush 21 conference in Dawson City, Yukon, Canada,
was attended by one of President Putin's economic advisers, Andrey
Bykov.
Friday, November 25, 2005
Russian Central Bank Gold Reserves to Double
The Central Bank of the
Russian Federation
Central Bank stops supporting dollar
13:20 2004-10-22
The weighted average dollar exchange rate was 29 RUR/USD in the
first 90 minutes of trade at a special session today.
Thus, the official dollar rate for October 23-25 will decrease
by RUR0.12.
This is the most considerable one-day drop of the dollar against
the ruble since late April.
The low on the deals was even 28.95 RUR/USD at the UTS.
According to commercial bank dealers, the Central Bank has not
supported the dollar despite a large selling of dollars by market participants.
Banks sold over $436m at a special session at 11:30 a.m. Moscow
time.
Yesterday, the trade volume was just $19m at the UTS at the same
time.
The average lot of dollars to be sold was $1.7m in the first
90 minutes of trading.
A Bank of Moscow expert told RBC TV that the trade volume on
MICEX including a special session for today deals almost reached
$1bn in the first 30 minutes of trading.
The expert said that the Central Bank's activities could be attributed
to the dollar's decrease
on international exchanges and growth in the gold and currency
reserves in Russia.
However, the Central Bank's leaving the market at the end of
the week was quite unexpected.
The specialist thinks that the Central Bank is currently concerned
about its obligations on preventing inflation.
Alexey
Kudrin Sends the Dollar Down
“the dollar is being volatile and cannot be considered
a reserved currency for Russia.”
Apr. 24, 2006
Russian Financial Minister Alexey Kudrin attended sessions of
the World Bank, the IMF and G7’s financial authorities late last
week.
The minister’s trip to Washington can be called extremely
fruitful.
He brought the dollar down against the euro, quarreled with IMF
director Rodrigo de Rato,
promised access to Russia’s strategically important oil
reserves for American companies,
announced solving the problem of the stabilization fund’s
money and
declared Russia would become the Great Seven’s full-fledged
member in 2046 – 2056.
The minister’s visit to the United States will be continued in
New York today
where he is expected to call at the New York Stock Exchange.
The U.S. dollar was down 45 points, to $1.2360 against €1
late last Friday at the London Exchange.
Sources of Kommersant in Washington unanimously attributed the
decline to Alexey Kudrin’s statements.
Coming for a session of G7’s finance ministers as an observer,
the Russian finance minister started his U.S. visit by declaring
that
“the dollar is being volatile and cannot be considered
a reserved currency for Russia.”
Russia's foreign reserves to have larger euro share
11:11 2005-03-23
According to a statement issued by the department of foreign
and public relations of the
Central Bank of the Russian Federation, the bank has increased
the share of the euro in the
so-called two-currency basket of currencies of the foreign reserves
to 20%
The euro previously accounted for 10% of the foreign reserves.
The new structure of two-currency basket of currencies presently
comprising 0.2 euro and 0.8 U.S. dollar came into effect on
March 15th, 2005.
Last week's changes to increase the euro share in the two-currency
basket of currencies
reflect measures to ensure the stability of foreign reserves
and equalization of exchange rate
of the ruble to the U.S. dollar and other foreign currencies.
The changes were implemented in line with the adjustment of the
foreign
exchange market players to new conditions of the exchange rate
fluctuations.
Dollar
too unstable to be reliable - Russian minister
21:25 | 21/ 04/ 2006
WASHINGTON, April 21 (RIA Novosti) - Russia cannot consider the
dollar
as a reliable reserve currency because of its instability,
the finance minister said Friday.
"This currency has devalued by 40% against the euro in recent
years,"
Alexei Kudrin told a news conference in Washington on the occasion
of the
opening spring session of the International Monetary Fund.
According to the Central Bank of Russia, the dollar accounted
for 70% of Russia's gold and currency reserves,
euro for 25% and other assets for 5% in late 2005. As of April
14, 2006, the reserves were $212 billion.
Russian Central Bank could increase gold in reserves
21:01 | 24/ 11/ 2005
MOSCOW, November 24 (RIA Novosti) -
The Russian Central Bank could increase the share of gold
in the national
gold and currency reserves, a senior bank official said Thursday.
First Deputy Chairman of the Central Bank Alexei Ulyukayev said
the
bank would be purchasing gold "on all markets on which it is available,"
meaning both domestic and foreign markets.
He also said the bank has not been increasing the share of gold
in the past few years and confirmed a $60-billion increase in
gold and currency reserves by year's end.
On November 22, Russian President Vladimir Putin said he was
in favor of putting more precious metals in the Central Bank's
gold and foreign currency reserves.
Why does Russia need Stabilization Fund?
19:38 | 15/ 05/ 2006
MOSCOW. (RIA Novosti economic commentator Nina Kulikova)
Russia's profits from its oil and gas exports started to grow
with the rising prices on global markets several years ago.
The significant flow of petrodollars into the country necessitated
the creation in 2003 of a special fund to keep extra returns from
oil sales.
It was named the Russian Stabilization Fund and was designed to
save petrodollars for the future when oil prices fall bringing Russian
profits down.
The Stabilization Fund accumulates funds if the price for
Russian Urals oil exceeds $27 per barrel. In March-April 2006,
the average Urals oil price was $60.9 per barrel. Unsurprisingly,
the Stabilization Fund has been growing dynamically. As of May 1,
2006,
it was estimated at $65 bln. According to the
Russian Economic Development and Trade Ministry,
it may accumulate over 100 bln euros by this year's end.
At the same time, it has long been debated what to spend
the money on. Some Russian experts believe it is pointless
accumulating the money instead of making it work.
For example, for upgrading the economy.
Russian Economic Development and Trade
Minister German Gref said the money could be
invested in infrastructure and innovative projects.
Others are categorically opposed to using the Fund
on the Russian market fearing inflation.
This is the current official position of Russia's financial authorities.
However, an exception was made in 2004,
when it was decided to inject a part of the capital
into the Russian Pension Fund and pay off the country's foreign debts
ahead of time.
Late in April, the Russian authorities finally decided how
to use the Stabilization Fund. Under a government resolution,
its capital can be regulated in two ways. First, it could be
converted in foreign currency - U.S. dollars, euros, or British pounds
- to be deposited in the Russian Central Bank.
Second, it could be invested in bonds of 14 countries:
Austria, Belgium, Finland, France, Germany, Greece,
Ireland, Italy, Luxemburg, the Netherlands, Portugal, Spain, Great Britain
and the United States.
This is a key decision for Russia. Until recently,
the Stabilization Fund money had been kept idle
provoking numerous debates on whether to spend it or not.
The government resolution finally authorized its use, though
not as effectively as many had expected.
Foreign bonds are not very safe, though they do pay
a 4-5% interest a year. The index is much lower
than the returns from shares in foreign private
corporations. However, the Russian Finance Ministry
has not allowed converting the Stabilization
Fund money into shares so far because the
latter are more risky assets. As a result, the
official stand is as follows. Keeping the
Stabilization Fund money intact is of
paramount importance now,
and making profit from it is secondary.
However, the Finance Ministry is likely to
expand the range of instruments for
investing the Stabilization Fund money.
This practice is widely used in the West:
for example, money from the Norwegian Oil Fund or the Kazakh National
Fund can be converted into shares.
Russia leading global 'stealth demand' for gold
By Ambrose Evans-Pritchard (Filed: 05/06/2006)
06/06/2006
18:10
Russia's gold and currency reserves to grow by $5-$6 bn a month
- CBR.
Russia's gold and currency reserves will grow by $5-$6 bn monthly,
First Deputy Chairman of the Bank of Russia Alexey Ulyukaev said when
speaking in the State Duma.
"Russia will have the world's third largest gold and currency reserves
in 2006," he said.
At present Russia's gold and currency reserves are about $244 bn.
"AK&M", 06/06/2006 14:32
|
Shanghai Gold Exchange
Whomever said they don't ring a bell at the bottom was right,
they bang a gong.
Since the founding of new China in 1949, the production,
sale and processing of gold was strictly controlled and monopolized
by the government in compliance with state plan, while private
trading of gold was totally forbidden.
In April 2001, the central bank announced the abolishment of the
monopoly system and the forming of a gold exchange in Shanghai.
As China is currently moving to a market economy, the old system
has become increasingly irrelevant because it deprived gold enterprises
of both pressure and vigor.
On Nov. 28, 2000 last year, the Shanghai Gold Exchange went
on a trial run.
China's First Gold Exchange Opens for Trade
Last updated at: (Beijing Time) Friday, November 01, 2002
The opening of China's first gold exchange
Wednesday in Shanghai signals the end of 50-plus years
of government monopoly over the gold market. With the
opening of China's first gold exchange,
Shanghai is poised to be a major international
gold trading center, industrial analysts said.
Last updated at: (Beijing Time) Thursday, April 08, 2004
Shanghai Futures Exchange does brisk business
Trading at China's nationwide futures market was brisk in March,
and deals struck in the past month were worth 1.84 trillion yuan
(about 221.69 billion US dollars),
doubling last year's comparable figure,
said information Shanghai Futures Exchange.
Transactions done at Shanghai Futures Exchange
alone were worth1.09 trillion yuan (about 131.33 billion US dollars)
in March,
up 133 percent from the same period last year.
According to the information, transactions of copper and aluminum
at the exchange were worth 660.4 billion yuan and 128.2 billion
yuan,
five times and 6.6 times last year's statistics, respectively,
while rubber transactions
were worth 302.3 billion yuan, slightly down from last year.
Shanghai Futures Exchange, situated in Lujiazui of Pudong New District,
is one of China's three professional futures markets. It has a
membership
of 233 and does transactions in copper, aluminum, and rubber.
The other two futures markets are based in Dalian,
a port city in northeast China's Liaoning Province,
where soybean is traded, and in Zhengzhou,
capital of central China's Henan Province,
wherered and mung beans are marketed.
China: U.S. Dollar may not be Worth the Paper it is Printed
on
by Axel Merk
NPR : Tensions Increase over China Unocal Bid
by Rob Gifford
NPR : Tensions Increase over China Unocal Bid
Morning Edition, July 6, 2005 · Members of Congress, both Democrat and Republican, have reacted angrily to recent comments by China concerning a Chinese company's unsolicited takeover bid for U.S. oil concern Unocal. Beijing, in a strongly worded statement, accused the U.S. Congress of "mistaken ways" and said it was politicizing economic and trade issues.
Related NPR Stories
July 5, 2005
Congress, China Spar Over Unocal Bid
June 29, 2005
China's Efforts to Buy Brand Names
June 29, 2005
Chinese Unocal Bid Backed by Wall Street
June 28, 2005
Business, Not Politics, China Says of Unocal
June 28, 2005
Chinese Bid for Unocal Stirs National Security Debate
China knows our next Treasury secretary well.
June 28, 2006, 7:12 a.m.
By Frank Gaffney Jr.
China knows Treasury Secretary Henry Paulson well.
Growing over-the-counter gold trading a legal gray area in China
09:51 PM 2006.06.07
Growing over-the-counter gold trading a legal gray area in China
Shanghai. May 30,2006. INTERFAX-CHINA - Many Chinese companies engaging in over-the-counter (OTC) gold trading are operating in legal limbo as current options cannot satisfy demand.
The Shanghai Gold Exchange (SGE) is the only institute authorized by the government to conduct gold trades. Those gold trades can only be carried out among SGE members, including banks and gold refiners and clients.
Many domestic gold investment companies (gold dealers) that are not members of the SGE, directly conduct OTC trades, which are over the telephone or by computer on the overseas markets.
Those companies establish online trading systems for individual customers or institutional investors to trade gold in a line with the international gold market, but not through the SGE.
Zhang Yongtao, secretary general of China Gold Association (CGA) told Interfax Tuesday that China has not published any regulations recognizing gold dealers or gold brokers to carry out over-the-counter trades. He noticed that more and more OTC trades are emerging in China.
"It is only legal if those gold investment companies consign members of the SGE to trade gold on the SGE, because the SGE is the only authorized gold trade market in China," he said.
He said that trading platforms on the SGE cannot satisfy the diversity of investment demand right now.
"To broaden gold markets in China, Shenzhen and Beijing had planned to set up gold exchange centers, but those plans were halted. I have to say that the Chinese government is still very cautious to open up the gold market," he said.
Huang Hanjun, vice president of Xihanzhi International Gold Co. Ltd., a gold investment company in Beijing said few channels for gold investment on the SGE forced his company to find other means to serve individual clients. Xihanzhi is not a member of the SGE.
Individual clients cannot directly trade gold on the SGE, but can buy or sell gold bars from banks or jewelry retailers. Individual spot gold trades and gold passbook trades through banks are booming in China since gold prices are extraordinarily high.
According to Xihanzhi's website, clients can place a forward contract of gold bars (Au 99.99) by paying the margin. The company charges RMB 310 (USD 38.75) for each 100 ounces as a handling fee. The whole trading process is done on the company's own system with prices offered from the international market.
Huang said the company's business conforms to the country's gold trade regulations. He said the company's gold bars were bought on the SGE.
Jiang Jianhua, an official with Shanghai Qianjiaxin Gold Investment & Management Co. Ltd., told Interfax that the OTC gold trade is still a very grey area in China.
"Most individual clients find SGE handling fees (0.1% to 0.2% of the total payment) for gold bar delivery high. Furthermore, banks and jewelry retailers also charge high handling fees when they repurchase gold bars from clients, which hinders individual clients from investing more money," Jiang said.
Qianjiaxin is a SGE client and conducts Au (T+D) gold trades for its individual clients.
He said OTC gold trades would be more common in China in near future, as the country is now opening up gold markets to track international markets and as the SGE prepares for gold futures.
"The Chinese government will eventually approve the OTC trades, and no doubt more and more investment companies will emerge in the future," he said.
An anonymous industry insider said most of gold investment companies in China are doing OTC gold trades for their clients. "Those companies have a good connections with China's central government, so they can be protected without any legal support," he said.
He said many Hong Kong gold investment companies have entered the Chinese gold market and participate in OTC gold trades. He declined to name of some Hong Kong companies, but he said those companies were also backed by the central government.
As the world's largest gold exchange, the London Bullion Market allows over-the-counter trades. Investors can apply to be gold dealers or brokers for OTC trading.
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China slams dollar reliance
27/06/2006 11:56 AM
http://www.fin24.co.za/articles/companies/display_article.asp?Nav=ns&lvl2=comp&ArticleID=1518-1783_1958691
China eases forex rules
Yuan makes biggest one-day gain
China sticks to currency reform
China 'currency manipulator'
China revalues its currency
China billionaires jump to 10
Beijing - Countries around the world should gradually rely less on the dollar for trade and their foreign exchange reserves, a Chinese central bank official said in comments that pushed the dollar down against the yen.
Analysts say China has been gradually diversifying away from dollar assets in its foreign exchange reserves, the world's largest, but fears of a collapse in the US currency will prevent it from making any dramatic shift.
"Internationally speaking, the situation of over-reliance on a certain country's currency for international trade, settlements and reserve assets should be gradually changed," Wu Xiaoling, deputy governor of the People's Bank of China, said in remarks reported by the official Financial News on Tuesday.
Wu did not specifically refer to the dollar by name, but it is the world's main reserve currency and the one in which the bulk of trade is conducted.
Reason to sell
Analysts said the comments were too general to signify any concrete change in policy.
"The central bank is not going to give you a hint in terms of direction of investment before they really do anything, so I don't read too much into this sort of general remarks," said Qu Hongbin, economist with HSBC in Hong Kong.
Still, dealers took the comments as a reason to sell the dollar, whose long-term strength relies partly on central banks' willingness to stock it as their main reserve currency. It fell by 03:08 GMT to ¥115.95 from ¥116.12 prior to the comments.
Last year, central bank chief Zhou Xiaochuan was cited in state media as urging domestic companies to use non-dollar currencies, such as euro and Japanese yen, in foreign trade and investment, to reflect more diverse trading and investment patterns.
Some government economists have said China should convert some of its foreign exchange reserves, which hit $875.1bn at the end of March, into gold to hedge against weakness in the dollar.
Trade surplus
Asian central banks have amassed about $2.8 trillion in foreign exchange stockpiles.
Wu was cited by the paper as saying that Asian countries needed to hold large amounts of foreign exchange reserves to allow them to deal with liquidity crises because they could not be assured of timely help from the international community.
The newspaper also cited Wu as saying a stronger yuan alone could not correct China's large trade surplus with the US.
The Sino-US trade gap was the result of global resource allocation by multinational companies and needed to be addressed through the combined efforts of the US and Asian countries, she said.
"Such trade imbalances cannot be resolved simply by adjusting the exchange rate. It should be mainly resolved by adjusting the economic structure," Wu was quoted as saying.
Pressure mounting
China faces pressure, especially from the US, to allow a faster rise for the yuan, which critics say is significantly undervalued, making Chinese exports unfairly competitive.
Beijing revalued the yuan by 2.1% and scrapped a dollar peg for a managed float last July, but the currency has strengthened only 1.3% since.
China reported a trade surplus with the US last year of $114.2bn, while Washington put the figure at $201.6bn, largely because it counts goods shipped through Hong Kong as coming from China.
China has pledged to allow greater flexibility for the yuan over time, but has stressed that it needs to be careful about the implications that could have for employment and the country's financial system.
Chinese shares tumble by 5.33%, biggest fall in 4 years(2006/06/07)
www.chinaview.cn 2006-06-07 15:16:23
A stockholder walks past a large electronic board showing stocks prices chart in a stock house in Shanghai June 7, 2006. The Composite Stock Index on the Shanghai Stock Exchange closed at 1,589.55 points Wednesday, down 90 points from the previous close.(Xinhua Photo)
BEIJING, June 7 (Xinhua) -- Chinese shares closed 5.33 percent down on Wednesday, the biggest daily fall in four years, amid concerns about short-term market prospects and in response to continuous sharp falls on neighboring stock markets, including Hong Kong and India.
The Composite Stock Index on the Shanghai Stock Exchange, which comprises yuan-denominated A shares and foreign-currency B shares, closed at 1,589.55 points, down 89.58 points.
The drop is the biggest daily dive since Jan. 28, 2002, when it tumbled by 91.93 points, 6.33 percent.
The major index of Shenzhen Stock Exchange, the Shenzhen Component Index, was down 199.16 points to close at 4,095.32 points.
Prices of 1,184 shares, out of the country's 1,370 domestically listed firms, were down. Prices of 56 shares were up and one remain unchanged. The remaining shares were suspended for trading for an ongoing State share reform or shareholders' session.
Analysts with Beijing Shoufang Securities Co. said the stumble was mainly caused by profit-taking after the significant rises during the past year, with China's major stock index up by 70 percent.
The Composite Stock Index on the Shanghai Stock Exchange, the country's major stock index, was near 1,700 points earlier this week after it hit a six-year low of 998 points on June 6, 2005.
The resumption of initial public offering (IPO) last month after a one-year suspension is also considered a negative factor in the short run as IPOs would result in a massive outflow of cash from the stock market to those firms listed on the exchange without sufficient capital inflow, dealers said.
Analysts said several firms, including the Bank of China, the country's second biggest commercial bank, announced plans to go public domestically. The bank plans to issue no more than 10 billion shares on the Shanghai exchange later this month, just after it made its IPO debut on the Hong Kong Stock Exchange on June 1.
The analysts said China's recent moves to curb rapid hikes of housing prices through a package of real estate policies, and major downward fluctuation of commodity prices on the international markets were also blamed for the fall in price of real estate and commodity firms on the Chinese stock markets.
Prices of some firms specializing in titanium, gold, copper and other non-ferrous metal production were down by about 30 percent after their prices tripled in the past year, mostly driven by rapid price rises of commodity futures on the international markets.
The analysts said the regulator, the China Securities Regulatory Commission, is believed to expect stock markets to stabilize by resuming IPOs and approving a growing number of IPOs applications. Some institutional investors adopted a defensive strategy in response, dumping those shares for fat profits.
The regulator did not want to see bubbles getting bigger and bigger as some share prices have doubled or tripled with the support of fundamentals, explained the analysts. They said the IPOs would help cool down the speculation in the markets.
The Chinese stock markets rose to their highest points in more than 18 months earlier this week with the Shanghai Composite Stock Index at 1,678 points on Tuesday after exceeding 1,500 point and 1,600 point levels since May 1.
The index was 998 points on June 6, 2005 and it has jumped by about 60 percent since then.
Xu Hui, a securities analyst, said the drastic fluctuations on the international capital market also had a chilling effect on the Chinese markets.
He said the Hang Seng Index on the Hong Kong stock exchange was down by 1,500 points in two weeks while the Indian stock market recorded a daily fall of up to 15 percent recently.
The Chinese markets are unlikely to be immune from the international markets as China is increasingly open to the outside.
Many analysts are concerned about the market prospects.
Analysts with Shenyin & Wanguo Securities Co. said Wednesday's stumble indicates the beginning of a medium-term of downward fluctuations, while others say the short-term readjustment means chances of investment in this bull market cycle.
Long Yun, an analyst with Hexun Information Co, said the stock prices are likely to stabilize after drastic falls.
The coming IPOs will bring quality firms with attractive values to the Chinese markets step by step, adding new blood to expand the scale and improve the value of the markets, he said.
Post-Soviet states, China set to hold joint military exercises
15:03 | 18/ 05/ 2006
Trasy
Gold Ex Limited
china.org
|
Iran – A Major Gold Market in Hiding
By Nigel Desebrock, Director, Grendon International Research
Pty Ltd (PDF)
A heightened sense of national
insecurity following the US-led
invasion of Iraq have all
contributed to the country’s
growing interest in gold.
Import duty on gold bars – The 4% duty
on official bar imports, applied since March
2003 on bars imported for domestic sale by
the Central Bank and by banks that might wish
to act as authorised importers, is reported to
be under review. If the 4% duty is reduced,
the unofficial import of bars, on which the
market largely relies, would be curtailed.
quoted in rials per mesghal
07.07.2004
The Azerbaijani Question in Iran:
A Crucial Issue for Iran’s Future
05/19/2006
Russia will not recognize Nagorno Karabakh in order to hold
Azerbaijan back from NATO.
05/18/2006
“Launch of a military operation in the Islamic republic
would force the US
to transform all its military system. The war in Iraq has shown
that the US Army formed
on the basis of contracts cannot endure two wars,” noted
Sergey
Markedonov. “Iran is a large country with 70 million population.
Taking into account this as well, the war is not profitable for
Americans,
as the US will have to switch to draft and mobilization,
and American society is not ready for it,”
05/18/2006
Ahmadinejad called “mentally ill” opponents of Iranian
nuclear program
Iranian President Mahmoud Ahmadinejad has called “mentally
ill” countries
that oppose Iranian progress in nuclear field
“Those, who are concerned by success of other nations,
are suffering from mental illness and should be subjected to
medical treatment.
We state it clearly that we are not in a conflict with
anybody, but we are fighting for our right and will not refuse
from it,”
Ahmadinejad said.
|
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