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BEIJING, Feb. 14 (Xinhuanet) -- The exchange rate against the US dollar is currently at an appropriate level but could fluctuate in the future, Yi Gang, vice-governor of the central bank and head of the State Administration of Foreign Exchange, said on Sunday."In the future, as markets fluctuate and labor productivity changes, the rate will certainly show some fluctuation," he said at a seminar. Last Thursday, the yuan's central parity rate rose to a record high of 6.5849 against the US dollar, after rising for three consecutive trading days, before declining to 6.5952 on Friday.The yuan has appreciated about 3.6 percent against the dollar since mid-June. A report from the US Treasury said earlier that on an inflation-adjusted basis, the appreciation was even higher, at an annual rate of more than 10 percent.US Federal Reserve Chairman Ben Bernanke said last Wednesday that China's recent measures to control inflation by raising interest rates is "surprising" and urged Beijing to let its currency rise in value.Currently the exchange rate is still underestimated by no more than 10 percent, said Lu Mai, secretary-general of the China Development Research Foundation (CDRF).The resilience of exporters to the rising yuan is stronger than previously estimated, which helps to pave the way for more currency reform to liberalize the yuan, he said.In 2007 and 2008, the Chinese currency rose by 7 percent annually against the US dollar, but China's GDP only declined by 0.28 percentage points, with inflation down by 0.42 points and workers' wages up by 0.07 points, according to CDRF research."The figures showed that progressive currency reform since July 2005 was successful, and the government should accelerate the reform and further free the yuan in the next five years to promote healthy, long-term economic development," Lu said.China should keep the proportion of its trade surplus to GDP within 5 percent, and avoid further increasing its huge foreign exchange reserves to allow the currency to settle at a balanced level, he said.China's foreign reserves rose to a record .85 trillion at the end of last year, an 18.7 percent increase year-on-year, according to statistics from the People's Bank of China, the central bank.Yi said he took note of the CDRF findings, but emphasized that further moves depended on both the domestic and international economic situation and appropriate timing.Lu Feng, an economist at Peking University, said now is the right time to deepen currency reform and let the yuan trade at a higher price as inflation is rising.Analysts have predicted that the yuan will appreciate this year as inflation may see the government opt for a rising yuan to lower the cost of purchasing international commodities.Lian Ping, chief economist at the Bank of Communications, predicted the yuan would rise by 5 to 7 percent in 2011.
DAVOS, Switzerland, Jan. 29 (Xinhua) -- China is ready to push the decade-long Doha Round negotiations for a final success, Chinese Minister of Commerce Chen Deming said here on Saturday.Speaking at the World Trade Organization (WTO) Mini-Ministerial Meeting which brought together representatives from over 20 major trading powers, Chen said that China is ready to collaborate with other WTO members in a practical and proactive manner so as to draw a successful conclusion of the Doha Round talks by the end of 2011.A rapid conclusion of the negotiations, Chen said, will be beneficial to global economic recovery, which is to the interest of all.The commerce minister acknowledged the year 2011 as a "window of opportunity," albeit a narrow one."China will give support to the roadmap proposed by WTO Director-General Pascal Lamy," he said, adding that the country is willing to act vigorously to push forward the negotiation process.To ensure that an early final deal could be in reach, Chen said, parties should set goals in a practical manner, in accordance with the ambition level, and stick to what has been achieved as well as the Doha Development Agenda (DDA), while focusing primarily on pending issues.Held on the sidelines of the annual World Economic Forum, the WTO Mini-Ministerial Meeting is an annual event under the auspices of the Swiss Federal Government.Chen on Friday also joined discussions with his counterparts from the emerging club -- India, Brazil and South Africa, before attending the trade G7 meeting, consisting of Australia, Brazil, China, the European Union, India, Japan and the United States.

WASHINGTON, March 30 (Xinhua) -- A trace amount of radioactive iodine has been found in a sample of milk from the west state of Washington, the U.S. Environmental Protection Agency and the Food and Drug Administration (FDA) said Wednesday.According to a joint statement from the two agencies, results from a screening sample taken March 25 from Washington detected 0.8 pCi/L of iodine-131, which is more than 5,000 times lower than the Derived Intervention Level set by the FDA.These types of findings are to be expected in the coming days and are far below levels of public health concern, including for infants and children, the statement said.Iodine-131 has a very short half-life of approximately eight days, and the level detected in milk and milk products is therefore expected to drop relatively quickly."Radiation is all around us in our daily lives, and these findings are a minuscule amount compared to what people experience every day. For example, a person would be exposed to low levels of radiation on a round trip cross country flight, watching television, and even from construction materials," said Patricia Hansen, an FDA senior scientist.
BEIJING, May 24 (Xinhuanet) -- The PlayStation Network's shutdown caused by hacker's attack has cost Sony 14 billion Japanese yen, or 171 million U.S. dollars.Sony revealed the figure on Monday as a part of its overall loss in the massive earthquake and tsunami, 3.2 billion U.S. dollars, in the company's fiscal year ending on March 31, 2011.The 171 million U.S. dollars cover the lost revenue, the customer compensations, the security and legal enhancement fees and the free games the company offered as a goodwill gesture.The cyber-attacks, which kept the PlayStation Network offline from April 20 to May 15, involved the theft of personal data from more than 100 million accounts of the gamers.But the crisis was far from over yet."So far, we have not received any confirmed reports of customer identity theft issues, nor confirmed any misuse of credit cards from the cyber-attack," the company said, "Those are key variables, and if that changes, the costs could change."
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