Wednesday, 16 November 2011 16:48
Posted by Shoaib-ur-Rehman Siddiqui
SHANGHAI: The yuan ended little changed against the dollar on Wednesday, after the People's Bank of China set a weaker mid-point and the dollar index hit a one-month high as the euro zone debt crisis threatened to engulf top-rated members.
Dealers said the weaker mid-point also indicated China's stance, that it would continue to control the pace of yuan rises even as the US president Barack Obama pressured China over its currency and trade policies during the APEC summit.
"China has sent a very strong signal that it will not let the yuan rise or fall too much due to a slowdown in the domestic economy," said a dealer at a Chinese commercial bank in Shanghai.
China's weaker exports outlook was also a reason for the central bank to keep the yuan stable for now.
The Ministry of Commerce said on Wednesday that China's exports outlook was not optimistic for the rest ...
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SHANGHAI: The yuan ended little changed against the dollar on Wednesday, after the People's Bank of China set a weaker mid-point and the dollar index hit a one-month high as the euro zone debt crisis threatened to engulf top-rated members.
Dealers said the weaker mid-point also indicated China's stance, that it would continue to control the pace of yuan rises even as the US president Barack Obama pressured China over its currency and trade policies during the APEC summit.
"China has sent a very strong signal that it will not let the yuan rise or fall too much due to a slowdown in the domestic economy," said a dealer at a Chinese commercial bank in Shanghai.
China's weaker exports outlook was also a reason for the central bank to keep the yuan stable for now.
The Ministry of Commerce said on Wednesday that China's exports outlook was not optimistic for the rest ...
TOKYO: The euro slipped to a fresh one-month low against the dollar and the yen on Wednesday as the euro zone debt crisis threatened to engulf top-rated members such as France, as government bonds of core countries came under pressure.
The common currency fell as far as $1.3437, its lowest level in more than a month, after the French bond yield spread over benchmark German bunds hit euro-era highs near 200 basis points and the spread ...
SINGAPORE: Most emerging Asian currencies fell on Wednesday, with Malaysian ringgit breaking through a technical support level, on heightened concern that contagion from the European debt crisis will hit top-rated members such as France.
The South Korean won and Singapore dollar also weakened, approaching key support levels.
Spanish and Italian yields soared on Tuesday and France followed suit, underscoring the urgency of resolving the debt crisis, hurting sentiment in the region.
"Asian currencies look really weak ...
TOKYO: The euro lost further ground against the dollar in Asia on Wednesday after a spike in Italy's borrowing costs stoked investor concerns over Europe's debt crisis.
The euro fell to $1.3506 and 104.05 yen in Tokyo trade from $1.3536 and 104.31 yen in New York late Tuesday.
The dollar was flat at 77.07 yen compared with 77.05 yen.
Investors kept a wary eye on Europe after hikes in borrowing costs for Italy, Spain and France.
Italy's 10-year cost ...
SINGAPORE: Most emerging Asian currencies eased on Tuesday in slow trading as high yields at Italy's bond auction renewed investor aversion to risk despite hopes from the new leadership in Rome as well as Greece.
Exporters sold dollars in South Korea and Thailand, lending support to the regional currencies.
Italy sold 3 billion euros of five-year bonds at 6.29 percent on Monday, a euro-era record, fuelling worries the high borrowing costs would derail the country's efforts to ...
SINGAPORE: The euro held steady against the dollar on Tuesday, but was stuck near the bottom of its range so far this month as new governments in Italy and Greece failed to ease fears about the euro-zone sovereign debt crisis.
The euro had gained some reprieve in recent sessions as a change in leadership in Italy and Greece eased worries of political uncertainty and stirred hopes for progress in tackling Europe's debt problems.
But such optimism was ...
MUMBAI: The Indian rupee fell to its weakest level in nearly 32 months on Tuesday, dragged by a decline in the euro and persistent dollar demand from oil importers.
At 10:10 a.m. (0440 GMT), the partially convertible rupee was at 50.65/66 per dollar, after hitting 50.71, its weakest since March 31, 2009. The unit had closed down 0.3 percent at 50.285/295 on Monday.
It has lost 13.5 percent from its strongest level this year in late July.
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