China intends to maintain the “basic stability” of its currency’s exchange rate while the nation’s economy shows “positive signs” of recovery, Chinese Vice Finance Minister Li Yong (李勇) said.
The government will continue policies to restore growth following the economy’s 6.1 percent expansion in the first quarter, as well as increases in investment and consumption, Li said at an Asian Development Bank meeting in Bali yesterday.
“We have seen some positive signs from the indicators issued for the first quarter,” Li said. “We will continue this process and try to bring back growth and also pay attention to the social safety net.”
China expanded in the first quarter at the slowest pace since at least 1999. Still, manufacturing rose for a second month last month, indicating that a 4 trillion yuan (US$586 billion) government stimulus package is succeeding in stoking a recovery in the world’s third-biggest economy.
China is maintaining the “basic stability of the exchange rate” for the yuan, Li said, without elaborating. The yuan rose 0.16 percent last month, its best month this year, following a 0.09 percent advance in March.
China allows its currency to trade by a limit of 0.5 percent against the dollar, on either side of the so-called central parity rate.
To recover from the global recession, Asian governments need to adopt “effective” fiscal and monetary policies that will restore confidence and attract investment, Li said.
EXPLOSION: A driver who was transporting waste material from the site was hit by a blunt object after an uncontrolled pressure release and thrown 6m from the truck Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) said yesterday there was no damage to its facilities after an incident at its Arizona factory construction site where a waste disposal truck driver was transported to hospital. Firefighters responded to an explosion on Wednesday afternoon at the TSMC plant in Phoenix, the Arizona Republic reported, citing the local fire department. Cesar Anguiano-Guitron, 41, was transporting waste material from the project site and stopped to inspect the tank when he was made aware of a potential problem, a police report seen by Bloomberg News showed. Following an “uncontrolled pressure release,” he was hit by a blunt
Quanta Computer Inc (廣達), which makes servers and laptop computers on a contract basis, yesterday said it expects artificial intelligence (AI) devices to bring explosive growth to Taiwan’s electronics industry, as AI applications are starting to run on edge devices such as AI PCs. Taiwanese electronics manufacturers such as chipmakers, component suppliers and hardware assemblers are likely to benefit from a rapid uptake of AI applications, Mike Yang (楊麒令), president of Quanta Cloud Technology Inc (雲達科技), a server manufacturing arm of Quanta, told reporters on the sidelines of a technology forum in Taipei yesterday. “I believe the growth potential is promising once
ASML Holding NV and Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) have ways to disable the world’s most sophisticated chipmaking machines in the event that China invades Taiwan, people familiar with the matter said. Officials from the US government have privately expressed concerns to both their Dutch and Taiwanese counterparts about what happens if Chinese aggression escalates into an attack on the nation responsible for producing the vast majority of the world’s advanced semiconductors, two of the people said, speaking on condition of anonymity. ASML reassured officials about its ability to remotely disable the machines when the Dutch government met with the company
RETALIATION: Beijing is investigating Taiwan, the EU, the US and Japan for dumping, following probes of its market, as well as tariff hikes on its imports The Chinese Ministry of Commerce yesterday said it had launched a dumping investigation into imports of an important engineering chemical from Taiwan, the EU, the US and Japan. It would probe imports of polyoxymethylene copolymer, a thermoplastic used in many precision parts used in phones, auto parts and medical equipment, the Chinese commerce ministry said. The ministry is reviewing materials provided by six Chinese companies that applied for assistance on behalf of the industry on April 22, it said. The probe will target polyformaldehyde copolymer imported from suppliers in the EU, the US, Taiwan and Japan last year, and will assess any damage