20100625 1131 Global Economic News.

China: PBoC adviser sees yuan rising 3% versus US dollar
The yuan is likely to rise about 3% against the USD by the end of this year, assuming the euro holds its ground against the US currency, Li Daokui, an adviser of the central People’s Bank of China (PBoC) said. PBoC would once again let the yuan move more freely after having kept the currency more or less pegged to the dollar for 2 years to provide stability for exporters during global downturn. (Financial Daily)

Taiwan: Unexpectedly raises rate in signal of Asia’s confidence
Taiwan’s central bank unexpectedly raised its benchmark interest rate for the first time since 2008, joining Asian policy makers from China to Malaysia in signaling confidence the global recovery will withstand Europe’s debt woes. Governor Perng Fai-nan and his board increased the discount rate on 10-day loans to banks to 1.375% from a record-low 1.25%, confounding the forecasts of all 13 economists surveyed by Bloomberg News, who expected no change. (Bloomberg)

Japan: Export growth slows, signaling recovery to cool
Japan’s export growth slowed for a third month in May, signaling the pace of the economic recovery is likely to cool. Shipments abroad advanced 32.1% from a year earlier, less than April’s 40.4%, the Finance Ministry said in Tokyo. The median estimate of 19 economists surveyed by Bloomberg News was for 36.5%. (Bloomberg)

France: Jobless claims increase as companies trim workforce
The number of jobseekers in France climbed in May as manufacturers trimmed payrolls in the wake of the country’s worst recession in more than half a century. The number of unemployed actively looking for work rose by 22,600 last month, an increase of 0.8%, the Labor and Finance Ministries said. The total number of jobseekers was 2.7m, the highest since May 2005. (Bloomberg)

EU: Should ignore US stimulus call at G-20, Taylor says
Europe should ignore US calls for continued stimulus and stick to austerity plans when G-20 leaders meet this weekend because budget cuts aren’t likely to trigger a new recession, economist John B. Taylor said. US President Barack Obama is urging G-20 nations to support the global economic recovery by focusing on growth, while Germany and the UK, are focusing on reducing budget deficits, setting a course for conflict at the G-20 summit. (Bloomberg)

US: Investment picking up, claims decline
Orders for computers and machinery climbed in May, showing gains in global business investment and demand that will give the US economy a lift. Bookings for goods meant to last at least three years, excluding autos and aircraft, increased 0.9%, the third gain in the past four months, according to figures from the Commerce Department. A report from the Labor Department showed the number of claims for jobless benefits last week hovered near this year’s average. (Bloomberg)