RMB Appreciation Could Top 15 Per Cent
China's government will allow its currency to further appreciate against the U.S. dollar this year. State media today reports quotes from Frank Gong, Head of China Research at JPMorgan Chase, who predicts a currency gain of between 10 an 15 per cent in the coming months. The RMB has increased 16 per cent in value since the July 2005, when Beijing unpegged its currency from the U.S. dollar, but China remains under pressure from the United States and the European Union to allow a freer flotation against global currencies.
ZTE Chooses Dallas For U.S. HQ
One of China's major telecommunications companies, ZTE, will establish
its U.S. headquarters in Dallas, Texas. "Dallas – it's a place for
development," ZTE Co-founder Zhang Taifeng reportedly told Texas Mayor
Tom Leppert at a meeting in Shenzhen. So far, ZTE has only a small
presence in the United States. The headquarters will occupy 21,000
square feet of space and employ 65 people. ZTE has currently 49,000
workers on its payroll and produces a range of telecoms products,
including mobile phones and other wireless applications.
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