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27 2011 Et cetera |
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BINI SMAGHI :

( ) Lorenzo Bini Smaghi, ( , ) . , Lorenzo , , . ( )., Bologna, Lorenzo Bini Smaghi , " , , , , , ..." Lorenzo Bini Smaghi , " - , , , , , , , , ". Lorenzo, , . .

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www.afp.com//afpcom/fr

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(E G X 3 0 I N D E X ) 11% : 2008

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Bank of Communications , 2011 6%.

Bank of Communications, , . , 6% ( ). 2011 , ( 4%) 4.5%. , . .Bank of Communications 5-7% .

BEIJING, Jan 27 (Reuters) China's annual inflation will probably top 6 percent around the middle of 2011 before losing steam in the second half of the year, the Bank of Communications said on Thursday.Key drivers of domestic inflation were soaring food prices, rising production and labour costs, fuelled by the abundant banking liquidity, the bank said in a research report.China will have to cope with rising imported inflation due to soaring global commodity prices on the back of the dollar's weakness, said the bank, China's fifth-largest lender.China faces relatively big pressures on prices in 2011, especially in the first half. There are many factors driving up prices and inflation risks cannot be ignored, it said. Full-year inflation could be around 4.5 percent, with the annual rate topping 6 percent in some months, it said. China's annual inflation in December eased to 4.6 percent from November's 28-month high of 5.1 percent, but many economists think the pull-back is temporary due to rising food costs. The bank expects China's foreign exchange reserves, already the world's largest, to top $3.2 trillion by the end of 2011 from $2.85 trillion last year, driven by the trade surplus, foreign investment and short-term money inflows. The yuan is likely to rise 5-7 percent against the dollar as the government tolerates fast currency gains to curb imported price rises, the bank said. Banks would probably lend 7-7.5 trillion yuan in new loans in 2011, down from last year's 7.95 trillion yuan, it said.On the policy front, the central bank would probably raise the benchmark interest rate by 2-3 times, each at 25 basis points, and raise banks' reserve requirements four times, each at 50 basis points, it said.On top of that, the central bank will implement the differentiated reserve requirement ratio system to punish banks found lending too aggressively, it said.


" " (FROB)

3 FROB 3 . 0923 GMT 3.5 . , FROB 3 .

MADRID, Jan 27 (Reuters) Spain's banking restructuring fund (FROB) has opened the books on a 3-year bond issue at mid-swaps +220/+225 basis points, ThomsonReuters service IFR said on Thursday.The order book size at 0923 GMT was near to 3.5 billion euros ($4.80 billion), lead managers told IFR. The fund, charged with helping recapitalise Spain's banking sector as part of a sweeping restructuring process, has issued to the market once before when it raised 3 billion euros last year.The benchmark bond is expected to price later on Thursday, lead managers said.Lead managers for the issue, rated Aa1/AA/AA+ by agencies Moody's, S&P and Fitch, include Citigroup, HSBC, Royal Bank of Scotland, Santander and Societe Generale CIB. Spain's banks will need no more than 20 billion euros to sanitise balance sheets and regain market confidence, the government said on Monday, though many economists say the final sum will be higher as the banks struggle with the burst property bubble.

DAVOS- NOMURA S&P

Nomura Holdings Junichi Ujiie, Standard & Poor's . Junichi Ujiie , , , , ( ) Yosano, , . , . 1% , .

DAVOS, Switzerland, Jan 27 (Reuters) Standard & Poor's downgrade of Japan's long-term sovereign debt rating may help push the Japanese government into fiscal reform, Nomura Holdings Chairman Junichi Ujiie said on Thursday.
"(The downgrade) was not a big surprise. But in that way it will make it easier for (Japan's Economy Minister Kaoru) Yosano to push through laws on fiscal reform," Ujiie told Reuters on the sidelines of the World Economic Forum in Davos.
Foreign investors might short-sell but they don't hold very much only around five percent, Ujiie added. I don't expect a turmoil in the bond market.


- :

- , Yukio Edano, S&P . Yukio Edano - , .- . " . - , - .

TOKYO, Jan 27 (Reuters) Japan's top government spokesman said on Thursday the government will pursue fiscal reform to maintain market confidence in the country's sovereign debt. The prime minister has always been very conscious of maintaining confidence in Japanese government debt, and is always watching bond yield moves very closely, Chief Cabinet Secretary Yukio Edano told a news conference. Standard and Poor's earlier cut Japan's sovereign debt rating to AA minus from AA, warning that Japan's government debt ratio would continue to rise more than it had previously expected.

12:28 27Jan11 RTRS-JAPAN CHIEF CABINET SEC EDANO: WON'T COMMENT ON RATING DECISION BY PRIVATE AGENCY
12:28 27Jan11 RTRS-JAPAN CHIEF CABINET SEC EDANO: WILL STICK TO JAPAN FISCAL DISCIPLINE STANCE
12:29 27Jan11 RTRS-JAPAN CHIEF CABINET SEC EDANO: WILL PURSUE FISCAL REFORM TO MAINTAIN MARKET CONFIDENCE
12:30 27Jan11 RTRS-JAPAN CHIEF CABINET SEC EDANO: PM ALWAYS CONSCIOUS ABOUT MARKET CONFIDENCE IN JAPAN DEBT
12:30 27Jan11 RTRS-JAPAN CHIEF CABINET SEC EDANO: PM ALWAYS KEEPING CLOSE EYE ON JGB YIELD MOVES
12:31 27Jan11 RTRS-RPT-JAPAN CHIEF CABINET SEC EDANO: IMPORTANT TO PRESS AHEAD WITH FISCAL REFORM EFFORTS
12:32 27Jan11 RTRS-EDANO: CONFIDENT CAN GAIN UNDERSTANDING ON NEED TO PASS BUDGET, BUDGET-RELATED BILLS THROUGH DIET


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Release Date: January 26, 2011

For immediate release

Information received since the Federal Open Market Committee met in December confirms that the economic recovery is continuing, though at a rate that has been insufficient to bring about a significant improvement in labor market conditions. Growth in household spending picked up late last year, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, while investment in nonresidential structures is still weak. Employers remain reluctant to add to payrolls. The housing sector continues to be depressed. Although commodity prices have risen, longer-term inflation expectations have remained stable, and measures of underlying inflation have been trending downward.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Currently, the unemployment rate is elevated, and measures of underlying inflation are somewhat low, relative to levels that the Committee judges to be consistent, over the longer run, with its dual mandate. Although the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, progress toward its objectives has been disappointingly slow.

To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to continue expanding its holdings of securities as announced in November. In particular, the Committee is maintaining its existing policy of reinvesting principal payments from its securities holdings and intends to purchase $600 billion of longer-term Treasury securities by the end of the second quarter of 2011. The Committee will regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information and will adjust the program as needed to best foster maximum employment and price stability.

The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels for the federal funds rate for an extended period.

The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to support the economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Richard W. Fisher; Narayana Kocherlakota; Charles I. Plosser; Sarah Bloom Raskin; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.

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