China currency peg ends…
Posted by ecoshift on June 21, 2010
Chinese Yuan Strengthens as Peg Ends – TheStreet
By Joe Manimbo 06/21/10
The U.S. dollar started the week mostly steady against its European rivals, though the buck tumbled against its risk-sensitive counterparts in Australia, New Zealand and Canada, following China’s weekend decision to allow its currency to strengthen.
Since July 2008, China had essentially tethered the yuan to the U.S. dollar to help protect the world’s third-largest economy from the global financial crisis. The move Saturday by the People’s Bank of China, the nation’s central bank, boosted investor appetite for riskier assets on the notion a freer Chinese currency might stimulate global economic activity.
Consequently, the greenback fell to 5-week lows against Aussie, kiwi and Canadian dollars. Earlier overnight, the U.S. currency neared a one-month low against the euro, though the buck pared some of its previous losses at the onset of the North American session.
Wall Street looks to China for new growth – Jun. 21, 2010
By David Ellis, staff writerJune 21, 2010: 11:04 AM ET
NEW YORK (CNNMoney.com) — Where are the real opportunities for growth on Wall Street? Try China.
The biggest financial firms haven’t tried to hide their ongoing ambitions to grow in the world’s fastest-growing economy.