Corporate foreign exchange news

Forex market news: China's Wen charts bumpy road to recovery

Thursday, 12 November 2009 09:06:47 GMT

The Chinese premier Wen Jiabao has declared that the journey to global economic recovery will be gradual and bumpy.
In a national television address, Mr Wen insisted the worst of the crisis was over, but he warned that a plenitude of factors could destabilise a swift recovery.
"The global economy is starting to recover but a total recovery will be a slow and bumpy process," he told the nation.
In a separate announcement, China's central bank declared that of the risks facing the global recovery process, trade protectionism, unsustainable fiscal stimulus interventions and "price uncertainties" are among the most pernicious.
Speaking to Bloomberg, Tim Condon, chief Asia economist at ING Groep in Singapore, said the markets should expect some "very big bounces" in 2010 as the turbulence seen in the last 18 months continues to ripple through the regional and global economy.
Meanwhile, US president Barack Obama has this week told Reuters he is confident the two countries can reach a broad agreement on currency trading that will benefit both parties.ADNFCR-2522-ID-19456040-ADNFCR
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