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IMF says Korean currency should be further appreciated

SEOUL, April 18 (Yonhap) -- The South Korean currency is undervalued in the range of 2 percent to 8 percent, the International Monetary Fund said in its latest report, encouraging further appreciation of the won over the medium term. The IMF report dated Thursday said the won remained moderately undervalued by as much as 8 percent, with the upper end of the range seeming more plausible given the current account surplus run.

IMF says Korean currency should be further appreciated

SEOUL, April 18 (Yonhap) -- The South Korean currency is undervalued in the range of 2 percent to 8 percent, the International Monetary Fund said in its latest report, encouraging further appreciation of the won over the medium term. The IMF report dated Thursday said the won remained moderately undervalued by as much as 8 percent, with the upper end of the range seeming more plausible given the current account surplus run.

Portugal gets another IMF bailout payment

The International Monetary Fund released a bailout payment of 851 million euros ($1.18 billion) to Portugal on Thursday as the debt-riddled country gets close to exiting its three-year IMF-European Union rescue. The IMF executive board approved the payment, which brings the total amount disbursed under the program to 25.7 billion euros. The so-called "troika" of international lenders -- the IMF, the European Commission and the European Central Bank -- opened a 78-billion-euro credit lifeline to Portugal on May 20, 2011 that was to end this May 17.

China economy stronger than data suggests: government

By Aileen Wang and Adam Rose BEIJING (Reuters) - China's economy is doing better than official data suggests, the Commerce Ministry said a day after figures showed growth at an 18-month low, adding that targets for exports and imports this year should be met despite some caution over the trade outlook. Ministry spokesman Shen Danyang said a rise in export deliveries, a customs department poll of exporters and growth in trade in individual provinces all showed that the economy was in good shape.

Jan-March foreign direct investment in China up 5.5%

Foreign direct investment (FDI) into China increased 5.5 percent in the first three months of the year despite faltering in March, the government said Thursday, though outbound investment slumped. FDI, which excludes investment in financial sectors, totalled $31.55 billion in the March quarter, the commerce ministry said in a statement. However, investment in March declined 1.47 percent to $12.24 billion, it said. "Major Asian countries' and regions' investment in China generally maintained a steady growth momentum," ministry spokesman Shen Danyang said.

US Treasury warns China over recent yuan fall

The US Treasury said Tuesday that China cannot be ruled a manipulator of its currency despite the yuan's sharp slide since January. But the Treasury warned that the recent fall could "raise particularly serious concerns" if it represents a reversal in Beijing's commitment to a more free-floating yuan.

U.S. to allow Japan to retain tariffs on rice, wheat under TPP

The United States has agreed to allow Japan to retain tariffs on rice and wheat during bilateral talks related to wider Pacific free trade negotiations, Japanese government sources said Thursday. In return, Washington is demanding that Tokyo introduce a system to increase imports of U.S. rice and Japan has decided to accept, the sources said.

China denies U.S. warning of undervalued currency

By Megha Rajagopalan and Patrick Temple-West BEIJING/WASHINGTON (Reuters) - China rejected on Wednesday a warning from the Obama administration that its currency was too weak, urging the United States to recognize that China aims to "perfect and regulate" the exchange rate system. The Obama administration on Tuesday warned China that its currency was too weak and expressed doubt over the Asian giant's resolve to let market forces guide the value of the yuan.

US raises concern about China's currency but again avoids labeling Beijing a manipulator

WASHINGTON - The Obama administration is raising concern about the value of China's currency but is declining, as in recent years, to accuse Beijing of manipulating it. The administration also expressed concern Tuesday about South Korea's actions in currency markets and about countries that use the euro and have wide trade surpluses.

U.S. warns China its currency is still undervalued

By Patrick Temple-West and Jason Lange WASHINGTON (Reuters) - The Obama administration on Tuesday warned Beijing that its currency was too weak and expressed doubt over the Asian giant's resolve to let market forces guide the value of the yuan. In a semiannual report to Congress, the U.S. Treasury stopped short of declaring China a currency manipulator, but singled it out among large U.S. trading partners for its currency practices.
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