Asian intervention tops G7 agenda

Despite pressure from US Treasury Secretary John Snow for currencies to be free floating, Japan continues to intervene to keep the dollar/yen above 117, analysts told FX Week. But this is expected to decrease following the end of Japan’s fiscal half year this month, said Simon Derrick, senior currency strategist at the Bank of New York in London.

This will move a greater focus to the Chinese renminbi currency peg, said Chris Gothard, FX strategist at Brown Brothers Harriman in London. "China

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