-->**** 06 May 2004: 12:55 - FX NOW! USD/JPY, AUD/JPY Flows - Wen still doesn't say When.

Back and forth on USD/JPY, with the same names tending to be involved on both sides. Whether this is connected directly to 'China' stories hitting the newswires is a moot point, but it is interesting to note that Wen has again emphasised that while he was committed to exploring a 'market-oriented exchange rate mechanism', this would come after - (he is quoted as saying 'conditional on') - proper macro economic conditions and a prudent banking system. This effectively rules out any surprise moves on the exchange rate, and puts the current emphasis on what he earlier described as a 'soft landing'. 4CAST