China official plays down yuan shift

BEIJING (Reuters) - Chinese Vice Commerce Minister Chen Jian on Sunday played down talk of a shift in the central bank's currency policy as well as mounting expectations of a rise in the yuan's exchange rate. Speculation that China might let the yuan resume its climb after a 16-month pause swirled after a change last Wednesday in the long-standing wording used by the People's Bank of China to describe its currency stance.



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China official plays down yuan shift

BEIJING (Reuters) - Chinese Vice Commerce Minister Chen Jian on Sunday played down talk of a shift in the central bank's currency policy as well as mounting expectations of a rise in the yuan's exchange rate.

Speculation that China might let the yuan resume its climb after a 16-month pause swirled after a change last Wednesday in the long-standing wording used by the People's Bank of China to describe its currency stance.

In its third quarter monetary policy report, the central bank failed to refer to keeping the yuan "basically stable at a reasonable and balanced level" when discussing the outlook for the exchange rate.

Asked whether the PBOC was heralding a return to the gradual appreciation of the yuan against the dollar seen from July 2005-July 2008, Chen told Reuters: "I don't think the central bank meant to say that."

Chen, however, said the yuan should reflect movements in major international currencies, which was also part of the PBOC's policy formulation.

China is coming under growing international pressure to let the yuan rise. Its manufacturers have been gaining market share at the expense of rivals in countries whose currencies have risen against the falling dollar, to which the yuan is pegged.

But, speaking on the sidelines of a forum, Chen said his ministry was not worried about rising appreciation expectations.

Turning to China's trade, Chen said there was only a small chance that exports would resume year-on-year growth by the end of 2009.

Many private economists, by contrast, expect positive growth in November or December because of the low base of comparison in 2008. Exports in October were 13.8 percent lower than a year earlier.

Chen also said a leap in China's trade surplus to $24 billion in October from $12.9 billion in September did not constitute a new trend.

(Reporting by Aileen Wang and Alan Wheatley; Editing by Alex Richardson)

(c) Reuters 2009. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

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China official plays down yuan shift

BEIJING (Reuters) - Chinese Vice Commerce Minister Chen Jian on Sunday played down talk of a shift in the central bank's currency policy as well as mounting expectations of a rise in the yuan's exchange rate. Speculation that China might let the yuan resume its climb after a 16-month pause swirled after a change last Wednesday in the long-standing wording used by the People's Bank of China to describe its currency stance.



137334
China official plays down yuan shift

BEIJING (Reuters) - Chinese Vice Commerce Minister Chen Jian on Sunday played down talk of a shift in the central bank's currency policy as well as mounting expectations of a rise in the yuan's exchange rate.

Speculation that China might let the yuan resume its climb after a 16-month pause swirled after a change last Wednesday in the long-standing wording used by the People's Bank of China to describe its currency stance.

In its third quarter monetary policy report, the central bank failed to refer to keeping the yuan "basically stable at a reasonable and balanced level" when discussing the outlook for the exchange rate.

Asked whether the PBOC was heralding a return to the gradual appreciation of the yuan against the dollar seen from July 2005-July 2008, Chen told Reuters: "I don't think the central bank meant to say that."

Chen, however, said the yuan should reflect movements in major international currencies, which was also part of the PBOC's policy formulation.

China is coming under growing international pressure to let the yuan rise. Its manufacturers have been gaining market share at the expense of rivals in countries whose currencies have risen against the falling dollar, to which the yuan is pegged.

But, speaking on the sidelines of a forum, Chen said his ministry was not worried about rising appreciation expectations.

Turning to China's trade, Chen said there was only a small chance that exports would resume year-on-year growth by the end of 2009.

Many private economists, by contrast, expect positive growth in November or December because of the low base of comparison in 2008. Exports in October were 13.8 percent lower than a year earlier.

Chen also said a leap in China's trade surplus to $24 billion in October from $12.9 billion in September did not constitute a new trend.

(Reporting by Aileen Wang and Alan Wheatley; Editing by Alex Richardson)

(c) Reuters 2009. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

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No double-dip US recession

The pace of the recovery in the US economy remains sluggish but Mr Strauss-Kahn does not believe there will be a double-dip recession. -- PHOTO: AFP

THE International Monetary Fund's managing director, Dominique Strauss-Kahn, said on Friday the pace of the recovery in the US economy remains sluggish but he does not believe there will be a double-dip recession.

He also said China's economic stimulus is helping to rebalance its economy towards relying more on domestic demand but it still needs to let its currency rise over time.

In October, the IMF raised its US growth outlook to 1.5 per cent in 2010 but Mr Strauss-Kahn said that forecast could be on the pessimistic side.

'Our forecast has that, not only in the United States but also for the rest of the world, 2010 will be a year of recovery,' Mr Strauss-Kahn told a news conference in Singapore where he was attending an Asia Pacific Economic Cooperation (Apec) meeting.

'I must say, in some respects, we had been a little pessimistic because growth has resumed a little earlier than expected, by one quarter or so.'

He said the dollar had remained resilient throughout the global crisis but most Asian currencies were undervalued and reiterated calls for the Chinese yuan to be revalued. 'China's economy in the coming years will be focused on domestic growth and the value of renminbi will have to be increased,' he said. -- THOMSON REUTERS

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No double-dip US recession

The pace of the recovery in the US economy remains sluggish but Mr Strauss-Kahn does not believe there will be a double-dip recession. -- PHOTO: AFP

THE International Monetary Fund's managing director, Dominique Strauss-Kahn, said on Friday the pace of the recovery in the US economy remains sluggish but he does not believe there will be a double-dip recession.

He also said China's economic stimulus is helping to rebalance its economy towards relying more on domestic demand but it still needs to let its currency rise over time.

In October, the IMF raised its US growth outlook to 1.5 per cent in 2010 but Mr Strauss-Kahn said that forecast could be on the pessimistic side.

'Our forecast has that, not only in the United States but also for the rest of the world, 2010 will be a year of recovery,' Mr Strauss-Kahn told a news conference in Singapore where he was attending an Asia Pacific Economic Cooperation (Apec) meeting.

'I must say, in some respects, we had been a little pessimistic because growth has resumed a little earlier than expected, by one quarter or so.'

He said the dollar had remained resilient throughout the global crisis but most Asian currencies were undervalued and reiterated calls for the Chinese yuan to be revalued. 'China's economy in the coming years will be focused on domestic growth and the value of renminbi will have to be increased,' he said. -- THOMSON REUTERS

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Times coverage: Funeral held for Melody Ross, 16

Chantha Ross, right, puts a rose on the casket of her daughter, Melody. As the three-hour funeral service ended, other mourners also placed roses there. Credit: Barbara Davidson / Los Angeles Times

Los Angeles Times (California, USA)

The Times' Ruben Vives reports from Saturday's funeral for Melody Ross, a 16-year-old Cambodian American teen who was shot and killed Friday, Oct. 30, in the 4400 block of East 10th Street in Long Beach while leaving her high school's homecoming football game. Tom Love Vinson and Daivion Davis, both 16-year-old black males, have been charged as adults in her slaying, which authorities say was gang-related. From the report:

Melody Ross, the Wilson High School honors student whose shooting death after a Long Beach football game touched off an outpouring of sympathy from around the country, was buried Saturday in Whittier.

A hushed throng of family members, friends and dignitaries gathered at SkyRose Chapel at Rose Hills Memorial Park and Mortuary, where her first name was spelled out in a collage of photographs taken over the 16 years of her life.

A slide show was screened above her open wooden casket, set amid wreaths of flowers. Nearby, a Wilson football helmet, a Gatorade bottle and a football sat on marble stands, each bearing signatures of those who knew her.

Looking over the crowd, Melody's uncle, Sam Che, 36, said he was touched by the expressions of love for his niece. He pointed to a photograph of Melody and gently said, "Look at her smile."
Read the complete story: Funeral held for Melody Ross, teenager shot after high school football game

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Times coverage: Funeral held for Melody Ross, 16

Chantha Ross, right, puts a rose on the casket of her daughter, Melody. As the three-hour funeral service ended, other mourners also placed roses there. Credit: Barbara Davidson / Los Angeles Times

Los Angeles Times (California, USA)

The Times' Ruben Vives reports from Saturday's funeral for Melody Ross, a 16-year-old Cambodian American teen who was shot and killed Friday, Oct. 30, in the 4400 block of East 10th Street in Long Beach while leaving her high school's homecoming football game. Tom Love Vinson and Daivion Davis, both 16-year-old black males, have been charged as adults in her slaying, which authorities say was gang-related. From the report:

Melody Ross, the Wilson High School honors student whose shooting death after a Long Beach football game touched off an outpouring of sympathy from around the country, was buried Saturday in Whittier.

A hushed throng of family members, friends and dignitaries gathered at SkyRose Chapel at Rose Hills Memorial Park and Mortuary, where her first name was spelled out in a collage of photographs taken over the 16 years of her life.

A slide show was screened above her open wooden casket, set amid wreaths of flowers. Nearby, a Wilson football helmet, a Gatorade bottle and a football sat on marble stands, each bearing signatures of those who knew her.

Looking over the crowd, Melody's uncle, Sam Che, 36, said he was touched by the expressions of love for his niece. He pointed to a photograph of Melody and gently said, "Look at her smile."
Read the complete story: Funeral held for Melody Ross, teenager shot after high school football game

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Cambodian AIDS orphans have good plans for future

By Zhang Ruiling

PHNOM PENH, Nov. 16 (Xinhua) -- They are a hidden population, living with HIV/AIDS at a very young age. What we do know is that they are very vulnerable. It is this state of being hidden that puts AIDS orphans at special risk during their lifetime.

But those living with HIV in Cambodia are lucky. They live in the National Borey for Infants and Children, a state-run orphanage located in the suburb of the capital city Phnom Penh, which is supported by the government and humanitarian agencies.

"The center accommodates more than 100 orphans, among them 27 are living with HIV, and Sei La is one of them," Sani, a teacher at the center, told Xinhua while pointing at the boy who was orphaned at an early age when his parents died of AIDS.

Sei La is a typical Khmer boy with brown skin. He looks happy and healthy. He said he had just returned from school.

"How old are you, Sei La? Do you know China?" we asked.

"I am 15 years old now. I know China, it's a big country with a lot of people," Sei La answered with a shy smile.

"I am happy here. I have friends here and the teachers treat us like mothers. I study in the Khmer language school in the morning, and in the afternoon I go to English school," he continued.

"I have been working here for nearly 25 years. I love these poor children, they are just like my own sons and daughters," said Sani. Her warmth for these children is reciprocated, as Sani's proteges respectfully call her "Mama."

Sani told us that Sei La was a clever boy, and that he worked part-time in a small restaurant in the city every Sunday.

"Just clean dirty dishes, set tables, and serve as an assistant," he said.

"The payment is little, just 3,000 riel (about 0.73 U.S. dollars)," he admitted. "I only want to earn some pocket money, so I can buy some snacks and sometimes repair my bicycle, but first of all, I want to gain some experience for seeking a good job in the future."

When talking about the HIV/AIDS disease, Sei La looked calm while replying that he knew he was infected with HIV.

"I was very scared at first and hated my parents, but after I learned about HIV/AIDS, I know if I keep taking pills and do some exercise, the disease can be controlled," he explained.

We have reason to believe that Sei La has already overcome his fear and public prejudice, and learned how to stand on his own two feet.

On the playground, we saw a group of children playing frisbee and some girls playing on the swirls.

"I like here very much," Nani, a five-year-old girl, said while riding a bike in the yard.

Enjoying the sight of little boys and girls giggling and running around, one can hardly imagine that this is an orphanage and that these lovely children are AIDS orphans. At that moment, we gratefully realized that poverty and illness would never prevail over the purity of a child's mind, and that these children's aspirations for living and learning would rise above these impediments.

Mak Phanna, director of the National Borey for Infants and Children of the Department of Child Welfare in the Ministry of Social Affairs, Veteran and Youth Rehabilitation, told us that the Royal Government of Cambodia always paid great attention to children, especially the disabled and orphans infected with HIV. In effect, the government has adopted a law on HIV and AIDS, which went into effect in 2002.

Cambodia diagnosed the first case of HIV in 1993, and HIV prevalence in the country peaked at 3.7 percent in 1997. Chhim Sareth, director of the AIDS Health Foundation, Cambodia Care Organization, said Cambodia had one of the highest rates of HIV/AIDS in the region, but the good news was that the rate was decreasing every year.

The Joint United Nations Programme on HIV and AIDS (UNAIDS) estimates that 75,000 Cambodians live with HIV, but the prevalence of the virus among the population halved to 0.9 percent between 1998 and 2006. The measures taken by the government include publicity campaigns and education to raise understanding of HIV/AIDS. Also, a condom campaign, offering free HIV tests, has made some progress.

"It is unfortunate for these children to suffer this illness. However, it is very fortunate for them to have received various assistance. Through much support, these children have attended elementary school without paying any tuition, and have received treatment and medicines free of charge," Phanna said.

We also have high hopes for these children and wish them a happy and healthy life.

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