Foreign Exchange News

BEIJING (XFN-ASIA) - Further yuan appreciation could cause China's trade surplus to grow rather than shrink, a leading central bank advisor said. Fan Gang, the only non-government representative on the monetary policy committee under the People's Bank of China, told a conference here Sunday that China should resist "unilaterally appreciating the yuan under foreign pressure." "Most ...

LONDON (AFX) - Gold edged up but remained well below yesterday's two-week highs, with analysts warning the outlook for the metal has turned shaky amid the plunge in oil prices. At 12.05 pm, spot gold was quoted at 630.05 usd an ounce, up from 627.35 usd reached when the COMEX market closed in New York yesterday. Gold hit a two-week high of 636.40 usd yesterday but retreated strongly after oil pr ...

The pound enjoyed a short-lived rally after figures were published showing very strong retail sales in the UK during the key holiday month of December. Retail sales rose by 1.1 pct in December from the previous month, against expectations of a 0.5 pct rise. That was the best December performance since 2003's equivalent increase. The pound's rally, however, was limited by the fact that it had alr ...

BEIJING (XFN-ASIA) - The yuan finished at 7.7739 to the dollar in the over-the-counter (OTC) market today, compared with a record level of 7.7710 yesterday. In the exchange-traded market, the yuan finished at 7.7740 to the dollar, compared with Thursday's 7.7705, a Guangzhou-based dealer said. The currency traded between 7.7764-7.7732 in the OTC market, and between 7.7752-7.7731 in the exchange- ...

SINGAPORE (XFN-ASIA) - The dollar and the euro were both softer against the yen in afternoon trading here, but look poised to make further headway against the Japanese currency in the near term, dealers said. At 3.16 pm here (0716 GMT), the dollar was at 121.27 yen, down from 121.37 yen in Sydney exactly four hours earlier. The euro was at 157.46 yen, down from 157.52 yen in Sydney and at 1.2984  ...

SYDNEY (XFN-ASIA) - The US dollar continued to gain against the yen and weaken against the euro in midafternoon trade, as market players assess recent data releases in the US, along with yesterday's decision by the Bank of Japan's to keep interest rates steady, dealers said. With little key data due out tonight, the euro is expected to hold favour into next week on expectations the European Centr ...

BEIJING (XFN-ASIA) - The central bank has set the yuan central parity rate at 7.7788 to the dollar, according to the China Foreign Exchange Trading System. The rate, published on its official Chinamoney website (www.chinamoney.com.cn), compares with the midpoint of 7.7758 set the previous trading day. The People's Bank of China (PBoC) started setting a daily central parity rate on Jan 4, 2006.  ...

NEW YORK (AFX) - Wall Street were mixed Thursday as investors pored over recent economic data and after U.S. Federal Reserve Chairman Ben Bernanke left investors with little clue about the direction of interest rates. Bernanke's speech to the Senate Budget Committee focused on long-term issues such as Social Security, Medicare, and national debt. The comments followed positive economic data relea ...

NEW YORK (AFX) - Wall Street turned lower Thursday after U.S. Federal Reserve Chairman Ben Bernanke worried investors by warning that the U.S. fiscal house is in disarray and could lead to economic weakness. Bernanke's morning testimony to the Senate Budget Committee called for fiscal responsibility and a revamping of Social Security and Medicare. Without changes, the economy could be in danger,  ...

SHANGHAI (XFN-ASIA) - The yuan finished at a record closing high of 7.7710 to the dollar in the over-the-counter (OTC) market today, compared with 7.7740 Wednesday. In the exchange-traded market, the yuan finished at 7.7705 to the dollar, compared with 7.7750, a Beijing-based dealer with a domestic bank said. The currency traded between 7.7702-7.7746 in the OTC market, and between 7.7700-7.7730  ...