China's yuan surged to a five-year peak on Monday, sending stocks higher across the globe as Beijing signaled ahead of this weekend's G20 summit that it would deliver on pledges of greater currency flexibility.
Stocks rose on Monday as China's vow to allow a flexible yuan currency reassured investors about the global recovery and improved the profit outlook for many U.S. multinational companies.
Caterpillar Inc (CAT.N), the U.S. machinery giant that sells billions of dollars of earth-moving equipment and other products to China each year, said on Saturday it was heartened by China's move to gradually make the yuan more flexible, saying it would help lift U.S. exports.
Stocks rose on Monday but were off their session highs as China's vow to allow a flexible yuan invigorated optimism in the global recovery and raised the sales outlook for U.S. multinational companies.
Leaders of some of the Group of 20 nations meeting in Canada this weekend will want to hear more about how China plans to make its currency more flexible, Canadian Finance Minister Jim Flaherty said on Monday.
The Australian and New Zealand dollars rose to their highest levels in about a month on Monday after China let the yuan rise to a five-year high,raising optimism about global economic recovery.
Canadian Finance Minister Jim Flaherty said on Monday that China's decision over the weekend to give its yuan currency more flexibility was quite encouraging
China's move to allow greater currency flexibility will raise pressure on exports in the short term, but will be good for competitiveness in the long run, state media on Monday quoted a Commerce Ministry official as saying.
Rio Tinto and BHP Billiton moved closer to a $116 billion iron ore joint venture after the Western Australia government approved the plan in return for payment of higher mining royalties, a deal that undermines Prime Minister Kevin Rudd's planned mining super tax.
Stocks climbed on Monday as China's vow to allow a flexible yuan invigorated optimism in the global recovery and raised the outlook for sales in the long term at U.S. multinationals.
Financial market stress eased further on Monday as investors cheered Beijing's vow to make its currency more flexible, but interbank euro funding costs rose again with excess money market liquidity set to drop.
Stocks were poised to rally at the open on Monday as China's vow to allow a flexible yuan invigorated optimism in the global recovery and raised the outlook for sales in the long term at U.S. multinationals.
The euro and Australian dollar hit their highest against the U.S. dollar in about a month on Monday after China allowed the yuan to rise to a post-revaluation high, boosting demand for riskier currencies.
Rio Tinto and BHP Billiton moved closer to a $116 billion iron ore joint venture after the Western Australia government approved the plan in return for payment of higher mining royalties, a deal that undermines Prime Minister Kevin Rudd's planned mining super tax.
China's yuan surged on Monday by the most of any day since its landmark revaluation in 2005, sending a clear signal ahead of this weekend's G20 summit that Beijing is keeping to its word and allowing greater currency flexibility.
China's yuan surged on Monday by the most of any day since its landmark revaluation in 2005, sending a clear signal ahead of this weekend's G20 summit that Beijing is keeping to its word and allowing greater currency flexibility.
China's yuan CNY=CFXS soared on Monday to its highest against the dollar since the landmark 2005 revaluation, with the central bank stepping aside and tolerating broad gains on the first trading day since scrapping the currency's two-year peg to the dollar.
Gold prices rose to a record high at $1,264.90 an ounce in Europe on Monday as a slip in the dollar added impetus to the metal's existing rally on the back of rising concerns over financial and sovereign risk.
Stock index futures rose sharply on Monday as global stocks gained after China's vow to allow a flexible yuan exchange rate boosted investor appetite for risky assets.
The euro and Australian dollar hit their highest levels in about a month on Monday after China allowed the yuan to rise to a post-revaluation high, but confidence in the single currency's recovery remained fragile.
Till now the bullion world used to believe that only China is secretive about its gold reserves and other nations are giving out the data properly tom the world. But, now it has emerged that even Saudi Arabia has been hoarding gold for the past year and its reserves have gone up substantially.
European shares rose for a ninth session on Monday, hitting a five-and-a-half week high, after China allowed more flexibility in the yuan exchange rate that boosted confidence in the global economy.
