There is no basis for major appreciation of the yuan, given China's shrinking trade surplus, although the country's latest yuan policy will help to restructure its economy in the long run, a senior central banker said on Friday.
The dollar rose against the euro and fell against the yen on Friday as investors sought safety amid ongoing concerns about fiscal strains in the euro zone and after a report showed soft U.S. economic growth data.
Yuan is the new driving force behind the base metals. Following China's announcement that yuan will be freed from the dollar peg, global base metals market has surged in a rapid way.
The euro fell broadly on Friday after investors pulled back from riskier assets as share prices fell, but the market was wary of chasing prices aggressively ahead of a Group of 20 leaders' summit.
The yuan CNY=CFXS ended at 6.7900 against the dollar on Friday, its highest close since its July 2005 revaluation, after the central bank set the daily reference rate at a post-revaluation high in an apparent goodwill gesture ahead of the G20 summit.
Asian stocks fell for a fourth straight session on Friday, driven by expectations of tighter financial regulation ahead of the weekend G20 meeting and uncertainty about the global economic recovery.
Asian stocks on Friday slid for a fourth straight session, driven by expectations of tighter financial regulation ahead of the weekend G20 meeting and uncertainty about the global economic recovery.
The dollar made little headway on Friday in subdued trade as traders marked time ahead of a Group of 20 leaders' summit this weekend, but remained wary about chasing riskier assets given debt and growth worries.
China's Ministry of Commerce, a long-standing opponent of a stronger yuan, fell into line on Friday behind the scrapping of the currency's peg to the dollar but said the exchange rate would climb only gradually.
The yen rose broadly and stayed near a 1-month high against the dollar on Friday on short covering, and as falls in regional share markets prompted traders to further sell risky currencies such as the Australian dollar.
Buyout funds are making a comeback, scouring deals from Australia to America after nearly two years of virtual shutdown, but private equity-backed M&A volumes remain far short of the boom times.
World leaders aimed for a common target on Thursday of securing the economic recovery, but disagreed over how best to reach it.
Top Chinese e-commerce firm Alibaba.com, plans to buy Vendio Services Inc, making its first major U.S. acquisition to further its strategy of expanding its global footprint.
The United States said on Thursday world leaders must work to keep economic growth on track but Europe dug in its heels ahead of a G20 summit, insisting that now was the time to work on cutting costs.
The E 300 L is actually the first model that Daimler developed specifically for the Chinese market
Auto maker Zhejiang Geely said on Thursday it was teaming up with Chinese regional asset manager Daqing State Asset Operation Co in its planned $1.8 billion takeover of Ford Motor Co's Volvo Cars unit.
The United States is urging Syria to open up its markets to U.S. companies' computers and software, but fears over piracy and Internet access restrictions are holding back American technology companies from investing there.
The excitement surrounding the new Chinese yuan currency regime has been not been reflected in the non-deliverable forward (NDF) market.
The 1-year CNY NDF is only pricing in a 2 percent move in the next 12 months. This is conservative compared to the pricing of the 1-year NDFs in July 2005 when China altered their currency policy from a de-facto peg of 8.2765 yuan per dollar to a managed float.
Senators said on Wednesday they were unmoved by China's steps to partly free the yuan and vowed to push forward legislation to punish a Chinese currency misalignment they say distorts trade and steals jobs.
The yuan CNY=CFXS closed higher against the dollar on Thursday after moving in a wide range of more than 150 pips, as the central bank returned to a more laissez faire stance seen early in the week and let the market have a bigger say in traded values.
A flexible Chinese Yuan (CNY) may create romm for other emerging market currencies to appreciate and thereby push up consumption of commodities in those economies in the coming months. This will prove positive for energy, gold and metals, according to an analysis by Bank of America-Merrill Lynch (BofAML).
Asian stocks mostly steadied while the dollar eased on Thursday amid concerns over the global outlook after the Federal Reserve said the economic recovery was faltering.
