PBOC's Wu expects Fed rate cuts in 2007

The US Federal Reserve is expected to cut rates in 2007 and that will reinforce the dollar's downwards bias and the yuan's tendency to rise, a senior Chinese central banker was reported by the Financial News as saying.

Wu Xiaoling, a vice-governor of the People's Bank of China, said in a review of 2006 published in the Financial News, a central bank-backed daily, that the Fed is likely to begin cutting interest rates next year, even as other regions remain in a tightening bias.

"The market

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