Deputy governor China central bank: EUR stop loss orders 1.3300

Discussion in 'Wall St. News' started by ASusilovic, Mar 25, 2010.

  1. Remember, the good old days of China’s dollar bashing?

    Well, no more. There is a new victim in town, and it’s called the euro.

    In today’s sovereign crisis-filled world, it seems bashing the euro is fair game — even if it’s counter intuitive. After all, if you don’t like the dollar and you don’t like the euro — and let’s face it, you can’t possibly like sterling — what’s left? The franc, the yen?

    But that, at least, appears to be the case on Thursday.

    According to Reuters, Zhu Min, deputy governor of the People’s Bank of China, made the following whopper of a statement during Asian trade:

    Zhu min said the Greek debt crisis was just the beginning, prompting short-term players to sell the euro and triggering stop-loss orders at $1.33000.

    Although the actual quote, according to Dow Jones’ Market Watch, ran a little more like this:

    “Greece is only one case, but it’s only a tip of the iceberg,” said People’s Bank of China Vice Gov. Zhu Min in a speech in Hong Kong, according to Dow Jones Newswires.

    “I don’t think Greece will go bankrupt because it’s still relatively small, but we don’t see decisive action that tells the market, ‘We can solve it, we can close it,’ so the market is very volatile,” Zhu reportedly said. He called Spain and Italy the “main concern today.”

    Nevertheless, the euro dipped sharply against the dollar about 0530 GMT on the day — the comments seemingly pushed the currency through some critical stop-loss levels, although it appears to have rebounded since then.

  2. Lethn



  3. CAD