Kyodo economic news summary -4-.TOKYO, Oct. 20 Kyodo
---------- IMF IMF
See: International Monetary Fund
See International Monetary Fund (IMF). adviser calls for gradual yuan flexibility
TOKYO - China should relax its grip on the yuan, but only gradually, since abrupt changes could spell trouble, the deputy director of the International Monetary Fund (IMF) Research Department said Monday.
''No, we are not arguing for a free-float renminbi (yuan), I think that would be a big mistake in China's circumstances, it doesn't have the infrastructure to deal with that,'' David Robinson David Robinson or Dave Robinson is a name shared by the following individuals:
---------- Tokyo stocks hit 16-month high on earnings optimism, weaker yen
TOKYO - Tokyo stocks hit a 16-month high Monday on buying spurred by expectations of upbeat corporate earnings results later this week and the weakening of the yen against the U.S. dollar, shaking off early losses.
The 225-issue Nikkei Stock Average Nikkei stock average
Applies mainly to international equities. Price-weighted average of 225 stocks of the first section of the Tokyo Stock Exchange started on May 16, 1949. Japanese equivalent of the US Dow. rose 123.82 points, or 1.12%, to close at 11,161.71, the highest closing since June 12 last year. The broader Tokyo Stock Price Index (TOPIX TOPIX Tokyo Stock Price Index ) of all First Section issues gained 11.00 points, or 1.00%, to 1,105.59, the highest closing since June 6 last year.
---------- Chuo Spring forms 2 Chinese auto parts Auto parts are components of automobiles. They mainly are, in alphabetic order (only car specific articles or articles with car section):
TOKYO - Chuo Spring Co., an affiliate of Toyota Motor Corp., said Monday it has established two joint ventures in the Chinese city of Tianjin to supply automobile suspension springs and control cables to Japanese automakers operating in China.
One of them, Tianjin Chuhatsu Fawer Spring Co., has started manufacturing cold-coiled suspension springs, while the other, Tianjin Chuhatsu Huaguan Machinery Co., has begun making control cables such as opener and accelerator cables, the company said.
---------- Snow expects U.S. interest rates to rise soon: Times
LONDON - U.S. Treasury Secretary John Snow expects U.S. interest rates to rise over the next few months, reflecting new-found strength in the country's economy, a British newspaper reported Monday.
''I'd be frustrated and concerned if there were not some upward movement (in rates),'' Snow was quoted as saying by The Times in an interview.