Prime Minister Gilani said in his address that successive generations of leaders in Pakistan and China have always given their utmost attention to holding high the banner of Pakistan-China friendship. Syed Yousuf Raza Gilani (Photo/Wang Wenquan & Sun Linlin)Ĭhinese Premier Wen Jiabao (R) meets with visiting Pakistani PM Gilani in the Great Hall of the People in Beijing, capital of China, May 18, 2011. 'Long live Pakistan-China friendship!' the prime minister hailed to his PKU audience. The two leaders reaffirmed the 'all-weather' friendship during a talk on May 18. “Students exchanges, joint research projects, and more multi-disciplined research would be extremely useful to providing fresh ideas and the necessary intellectual content for taking our friendship and partnership to new heights,” Gilani said in the PKU Yingjie Overseas Exchange Center.Īt the invitation of Chinese Premier Wen Jiabao, Gilani pays an official visit to China from May 17 to 20. The visiting prime minister called for more exchanges of students and researchers to further strengthen the bilateral ties. Peking University, May 19, 2011: Long live Asian friendship - 'Yazhou youyi wansui,' said Pakistani Prime Minister Syed Yousuf Raza Gilani in Chinese in his Peking University address on May 19. Oil is also on track for its biggest quarterly increase since Russia's invasion of Ukraine in the first quarter of 2022.Īustralia's dollar is little changed at $0.6432.News & Events | About PKU News | Contact | Site Search Meanwhile, oil prices are trading at around $94 and are adding a layer of complication to central banks' growth-inflation dilemmas. The European Central Bank raised interest rates to 4% last week but said this hike could be its last. The Sterling has slid nearly 6% against the dollar since mid-July, while the euro has dropped more than 5%, as the UK labor market and economy and the eurozone economy slowed. Many analysts expect that stark divergences in economic growth and yields will keep the dollar mostly propped up, particularly against the euro. British inflation data is due on Wednesday and is likely to move the pound ahead of the Bank of England's decision. Sterling was last trading at $1.2372, down 0.08% on the day. Commonwealth Bank of Australia's economist and currency strategist, Carol Kong, said she expects the yen to be volatile leading up to the policy meeting and that investors may have potentially misinterpreted Ueda's comments. In the days since Ueda's remarks just over a week ago about an early move from negative rates, the yen has dropped 1.3% and taken losses for 2023 to more than 11%. They generally expect the Bank of Japan to leave rates on hold at -0.1% on Friday but will watch closely for hints about the policy outlook after Governor Kazuo Ueda stoked speculation of an imminent move away from ultra-loose policy. Traders then see the Bank of England raising rates by 25 basis points to 5.5% on Thursday, in what could be its final hike. But there seems to be an expectation that we could see some hawkishness through the latest dot plot (of policymakers' rate expectations), given how resilient the US economy has been.' RBC's Tan said, 'There's a very firm consensus for a pause here. The Federal Reserve is expected to keep interest rates on hold in the 5.25% to 5.5% range on Wednesday. Traders are looking towards a handful of central bank decisions later this week, which could shake up the currency market. The US economy is outperforming both Europe and Asia, especially China.' Alvin Tan, head of Asia FX strategy at RBC Capital Markets, said, 'In the grand scheme of things, we're quite positive on the dollar.

It reached 104.53 on Thursday, its highest since March. The index rose for the ninth consecutive week last week, as the US economy continued to show strength. The dollar index, which tracks the currency against six significant peers, including the euro and the yen, is up marginally at 105.32.

The euro is roughly level against the dollar at $1.0658, while the Japanese yen remains unchanged at 147.69 to the dollar with Japanese traders out for a public holiday. The US dollar is currently at a six-month high as traders anticipate interest rate decisions from the Federal Reserve, the Bank of England, and the Bank of Japan this week.

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