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China's Trade Surplus Probably Held Close to Record Last Month

July 10 (Bloomberg) -- China's trade surplus probably stayed close to a monthly record in June, increasing pressure on the government to let the yuan appreciate faster.

The surplus was $12.8 billion, little changed from $13 billion in May, according to the median forecast of 26 economists surveyed by Bloomberg News. That would bring the trade surplus in the first half to $59.6 billion, up 50 percent from a year earlier. Figures may be released as early as today.

China's swelling trade surplus is flooding the economy with cash, hampering government efforts to rein in lending for investment projects. Allowing the yuan to strengthen would help curb the surplus, making it easier for Premier Wen Jiabao to cool parts of the economy, economists said.

``The trade surplus is creating a huge problem in China,'' said Chris Leung, an economist at DBS Bank in Hong Kong.

BOJ urged to bar executives from private funds

TOKYO, July 6 (Reuters) - The Bank of Japan should bar its executives from holding on to investments in private funds and from trading in stocks and investment trusts, an advisory committee said on Thursday.

The group of nine outside experts including lawyers also urged the BOJ to require all nine of the central bank's board members, including the governor, to disclose their personal assets by the end of September.

The committee had been tasked by the BOJ to propose stricter rules on BOJ officials' financial assets in the wake of a scandal over Governor Toshihiko Fukui's investments in an aggressive equity fund whose manager has been indicted for insider trading.

It submitted its final proposals on Thursday, and the BOJ will present a revision of its internal regulations on Friday.

Tenet Healthcare Receives $340 Mln From Insurers For Hurricane ...

(RTTNews) - Thursday morning, Tenet Healthcare Corp. (THC | charts | news | PowerRating), a provider of healthcare services, revealed it reached an agreement with its property insurers for fiscal year 2005-06 to settle all its claims related to damages and business interruption that it incurred on account of Hurricane Katrina. The company said that it received the total claims of $340 million from the insurers as of today.

The Texas-based company said that all the five hospitals that it operates in New Orleans market, the hospital it operates in Biloxi, Mississippi, and its five Diagnostic Imaging Services outpatient radiology centers and other support property in New Orleans sustained significant damages when Hurricane Katrina made landfall on August 29, 2005. The company said that on account of extensive damage, it had not been able to reopen Memorial Medical Center and Lindy Boggs Medical Center so far.

Light Economic Calendar Suggests Consolidation for EUR/USD Next Week

The currency market has been relatively quiet today with little meaningful price action except for the movements in the commodity currencies. The US dollar is mostly unchanged against the majors aside from a mild rally against the Japanese Yen. Both the first quarter current account balance and the University of Michigan consumer confidence surveys were stronger than expected. The current account deficit narrowed from US$223.1 billion to US$208.7 billion thanks to higher US overseas purchases and foreign investment in the US. Though encouraging, it is a bit distorting since net foreign purchases in the first quarter were decent. A first look at demand in the beginning of the second quarter is less encouraging. If you recall, yesterday we learned that foreigners only purchased $46.68 billion worth of US investments in April, the weakest accumulation since March 2005.

EBS Dealing Resources Extends EDS Relationship; EDS Will Continue ...

PLANO, Texas, June 7 /PRNewswire-FirstCall/ -- EDS today announced it is extending its nearly decade-long relationship with EBS Dealing Resources, the world's leading provider of trading and market data solutions to the professional FX and precious metals communities. Financial details of the agreement were not disclosed.

EDS (http://www.eds.com/ ) will continue to enable EBS' (http://www.ebs.com/ ) global growth with a range of IT services including management of the company's global network operations, field services and telecommunications.

"By the nature of our business, we need to ensure that our clients have the most accurate trading information and market data in real time," said Bill Moran, Chief Operating Officer of EBS. "Key is our ability to improve trading response time across a globally distributed network as we respond to an increasingly more competitive marketplace.

Google Checkout Is Based on Its Own Currency

MOUNTAIN VIEW, Calif. - While e-commerce analysts describe what is expected to be a war for the minds and wallets of Internet shoppers between Google Checkout and PayPal, the most important feature of Google Checkout has gone virtually unremarked. Checkout is based on a new currency issued by Google: the Googlerand. "The days of geophysical nation states and the monetary systems to which they are tied are obviously numbered," said Marcy Chung, director of Google's newly created mint. "Future wars won't be fought over oil or piles of sand or competing interpretations of the words of some dead prophet, but over the way people do their shopping and banking online. That's why it was important for us to become the first search engine-slash-
portal to issue its own currency." Officials at Yahoo! and Microsoft, who were apparently caught off guard by Google's latest maneuver in its quest for world domination, were unavailable for comment last night.