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viTüasßankm<úCaedIm,IsikSakarGPivDÆn_ Cambodia Institute of Development Study Building a solid knowledge foundation for economic development |
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779 A. Kampuchea Krom Boulevard, Toek Laak I, Tuol Kork, Phnom Penh, Cambodia (P.O. Box 1658, Phnom Penh, Cambodia 12000) Tel: (855-23) 880-787 I Website: www.cids-cambodia.org I E-mail: info@cids-cambodia.org |
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SPECIAL SEMINAR on: “The
Power of Exchange Rate” 1-Day
(8 Hours) Saturday,
24th of April 2010 Phnom
Penh Hotel PRESS RELEASE Phnom Penh, Cambodia, April
19 – Back in 1992, American currency
speculator George Soros made over US$1 billion dollar by betting that the
British pound would depreciate, earning him the reputation of “the man that
broke the Bank of England”. A few
years later in 1998, the Russian ruble collapsed four days after Mr. Soros
wrote a letter to the Financial Times
“predicting the imminent demise of the ruble”. During the 1997 Asian Financial Crisis, failure of
Thailand’s central bank to maintain its pegged exchange rate due to
speculative attacks on its currency drove the economy into a deep recession –
GNP fell 40%. Financial contagion
spread to a number of other Asian countries.
Nominal US dollar GDP of ASEAN fell by US$9.2 billion in 1997 and
$218.2 billion (31.7%) in 1998. China has figured out how to
use its exchange rate policy to reshape the global economic and political
landscape. While most economies are
just turning the corner, China’s economy grew 11.9% in the first quarter of 2010,
its highest pace in almost three years.
Its current account surplus is projected to reach a whopping US$304
billion at the end of this year.
China’s exchange rate policy vacuums investment from all corners of
the globe; China is the highest recipient of foreign direct investment in the
world, US$90.03 billion in 2009. China
sits on a mountain of foreign exchange reserves, $2.4 trillion as of
2009. With this surplus, China has
repackaged it as financial aid to developing countries in Asia, Latin America
and Africa, increasing its political influence. These cases reveal the power
of exchange rate. The skill to predict the direction of exchange rate
movements, thus, can give the beholder the power to make money in the foreign
exchange and stock market, foresee a financial and economic collapse, and
develop effective economic policies – a skill that will prove to be useful in
navigating future opportunities and risks in Cambodia once the stock market
is up and running. PCG Media & Event
Management is organizing a one-day seminar on “The Power of Exchange Rate” on
Saturday April 24th at Phnom Penh Hotel. The training will be conducted by Dr. Kang
Chandararot, Director of the Cambodia Institute of Development Study (CIDS)
and economic lecturer at the University of Puthisastra in Phnom Penh. Dr. Chandararot holds a Ph.D. in Economics
(1997-2001) from Free University of Berlin, with dissertation on
de-dollarization theory and policy; and a Diploma in Economics (1991-1997)
from the University of Leipzig Germany, with thesis on exchange rate theory
and policy. For more information on
the seminar and registration, please contact PCG at +855-23-997-709
or +855-77 700-007. Downloads: Leaflet Registration Form |
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