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Yuan in biggest fall since 1994 after surprise devaluation NEW YORK: The yuan suffered its biggest fall in more than two decades on Tuesday, hitting a three-year low after the Chinese central bank surprised markets by devaluing it by almost 2 percent, firing a broadside in what some analysts saw as a looming currency war. The bank described the move as a "one-off depreciation" and billed it as free-market reform, but, after a run of weak Chinese data, with exports tumbling more than 8 percent in July, many economists said it was aimed at boosting the competitiveness of the world's second-biggest economy. Others pointed to China's wish to be included in the International Monetary Fund's Special Drawing Rights (SDR) basket of currencies as the main driver of the decision, arguing the size of the depreciation would not be enough to significantly help exporters. "This was a bombshell to the markets overnight," said Dean Popplewell, chief currency strategist at Oanda ...


South Africa's rand sinks on China devaluation, power woes weigh JOHANNESBURG: South Africa's rand fell to its weakest against the dollar in nearly a week on Tuesday, dragged down by China's decision to devalue the yuan after a string of poor economic data. By 1530 GMT the unit had weakened 1.25 percent to 12.8150 , within touching distance of a 14-year low of 12.8300 as domestic and intentional factors weighed on the already fragile economy battered by chronic power shortages. "There's definitely scope for the ...

Nigerian naira eases on black market as dollar demand rises LAGOS: Nigeria naira eased against the dollar on the parallel market on Tuesday driven by demand mainly from individuals travelling abroad for summer holidays and importers, traders said. The local currency was quoted at 224 naira to the greenback on the unofficial market, 0.89 percent weaker from 222 the previous day, traders said. On the official interbank market, the naira ended at 197, a level it has been stuck at following a central bank's peg ...

China yuan devaluation pressures Asian currencies TOKYO: Asia's currencies came under pressure on Tuesday after China unexpectedly devalued its yuan currency in the face of weakening growth, driving the dollar higher.China's central bank announced a near two percent drop in the value of its yuan against the US dollar, the biggest fall since the currency was unpegged from the greenback in 2005.The surprise move sent ripples through Asia's currency markets, sending the Australian dollar -- often seen as a proxy for ...

Sterling falls on lingering UK rate hike doubts LONDON: Sterling edged towards a three-week low versus the dollar on Monday, after its weakest week in three months against the US currency as investors pushed back their expectations of when UK interest rates would rise.Minutes from the Bank of England's latest monetary policy committee meeting released on Thursday showed just one policymaker voted for an immediate increase in interest rates. Many in the market had speculated that at least two MPC members would vote ...

Dollar rises against yen after US jobs report TOKYO: The dollar rose against the yen in Asia on Monday after a solid US jobs report boosted expectations that the Federal Reserve will soon lift interest rates.In Tokyo, the greenback ticked up to 124.36 yen from 124.22 yen in New York on Friday.The euro edged higher to $1.0966 and 136.40 yen, from $1.0962 and 136.16 yen."Players' reaction to the US jobs data was mixed, but the figures were not so bad in general," said ...

Dollar slips vs euro, yen after US jobs report NEW YORK: The dollar fell against the euro and the yen Friday, despite a solid US jobs report that raised expectations that the Federal Reserve will soon lift interest rates.The dollar initially rose after the report, which said the US economy added 215,000 jobs in July and that unemployment held steady at a seven-year low rate of 5.3 percent.However, the greenback later retreated against the euro and the yen, although it remained higher against the ...


 



 
Index Closing Chg%
Arrow DJIA 16,102.38 1.66
Arrow Nasdaq 4,683.92 1.05
Arrow S&P 1,921.22 1.53
Arrow FTSE 6,042.92 2.44
Arrow DAX 10,038.04 2.71
Arrow CAC-40 4,523.08 2.81
Arrow Nikkei 17,792.16 2.15
Arrow H.Seng 20,840.61 0.45
Arrow Sensex 25,201.90 2.18





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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln