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.
he AUD continues to trade close to the top of its recent trading range, supported by the currency control changes out of China.
The Aussie opens today lower at 0.8700 against the Greenback as mixed signals on the US housing front overnight cast shadows over the US economy in the lead up to the U.S. Federal Reserve's latest announcements tonight.
Honda Motor Co halted production at a car making factory in southern China on Wednesday, making it the second car maker after Toyota Motor Corp to turn off assembly lines because of a strike at a supplier owned by Japan's Denso Corp.
Honda Motor Co said production at Chinese joint venture Guangqi Honda's two factories would resume on Thursday after a one-day disruption caused by a strike, now ended, at a Chinese factory of Japan's NHK Spring (5991.T).
German premium carmaker BMW is sticking to a single digit percent 2010 sales growth forecast, despite outperforming in the first five months, as tougher comparatives and global fiscal changes kick in.
Japanese auto makers Toyota and Honda said major car factories in south China halted work on Wednesday due to strikes at parts suppliers, as worker discontent continued to jolt the industry and unnerve investors.
Apple Inc has run out of white iPhone 4s on the eve of the launch of the hot-selling next-generation smartphone, the latest hiccup in the gadget's closely watched global roll-out.
Brands that use microblogging sites like Twitter to provide real-time responses to the public are winning a higher degree of trust from consumers, according to a study by a leading public relations firm.
Agricultural Bank of China has set a floor price for the Hong Kong portion of its $23 billion stock market listing, according to a report, while sources said key investors have agreed to buy $5.45 billion of the shares.
Veteran hedge fund manager Bill Browder is buying commodities and the companies that produce them in emerging markets to profit from what he called a looming crisis in the world's major currencies.
China recently agreed to make yuan flexible by ending its peg to the dollar. This move was welcomed by several nations, including India.
If the outsized moves in the Chinese yuan this week were anything to go by, China is taking a significant step toward achieving its dream of becoming a global financial center by 2020.
China's yuan eked out a tiny gain on Wednesday after its biggest swings since 2005 earlier this week, suggesting Beijing's promise of currency flexibility will not produce the rapid gains its trading partners would like.
European and Asian stocks fell on Wednesday as poor U.S. home sales added to fears about the global economic recovery and optimism over China's new flexible yuan policy faded.
Asian stocks slid on Wednesday and European markets were expected to follow suit as poor U.S. home sales added to fears about the global economic recovery and optimism over China's new flexible yuan policy faded.
Apple Inc's hot-selling next-generation iPhone sports chips from Samsung Electronics, Micron Technology and STMicroelectronics, according to an early teardown, or disassembly analysis by technology firm iFixit.
Oil prices fell for a second day on Wednesday, as much as 1 percent, on unexpected gains in U.S. crude and gasoline stocks in an industry report, while weak U.S. home sales drove equities lower and dampened risk appetite.
Gold edged up on Wednesday, tracking an increase in ETF holdings as investors sought a safe haven from sliding stock markets and worries about the pace of global economic recovery.
The dollar and the yen were broadly steady on Wednesday while the euro and high-yielders were on the defensive as a recent risk rally appeared to have run its course and the euphoria from China's new yuan policy waned.