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.
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, though analysts said option barriers were hampering further gains.
Crude oil gained more than one percent on Monday after China pledged to make its currency more flexible, raising expectations of higher demand from the world's second largest energy consumer.
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, though analysts said option barriers were hampering further gains.
China's currency will not be a specific topic of discussion at the G8/G20 meeting, while paying for future oil spills will be on the agenda, the Kremlin's top economic aide said on Monday.
Stocks and commodities jumped on Monday and U.S. Treasuries fell after China let the yuan rise to the highest since July 2005, with more currency flexibility easing tensions with the West and encouraging investors to snap up riskier assets.
Crude prices rose 2.2 percent on Monday to the highest since early May after China vowed to allow a flexible yuan exchange rate, raising expectations of higher petroleum imports by the world's second-largest oil user.
Chinese interest rate swaps fell on Monday after Beijing said it would allow more flexibility in its yuan currency, sparking hopes there will be less urgency to tighten monetary policy by raising interest rates.
Gold continued its upward streak to touch a new all high on Monday due to China's decision to allow flexibility in Yuan that pushed yellow metal to $ 1262.5 per ounce.
When we talk about Afghanistan, the first picture we get is Taliban and Osama bin Laden. But Afghanistan has a different face too. It is one of the richest nations as far as minerals are concerned.
U.S. stock index futures pointed to a higher open on Wall Street on Monday, rising alongside global stocks after China's vow to allow a flexible yuan exchange rate boosted investors' appetite for risky assets.
Stocks and commodities jumped on Monday and U.S. Treasuries fell as investors bet China will allow the yuan to rise after promising more currency flexibility, easing political tensions with the West and encouraging investors to snap up riskier assets.
China's yuan bolted to a 21-month high on Monday, suggesting authorities are unshackling the currency from its de facto 23-month-old peg to the dollar after vowing greater flexibility at the weekend.
Global markets celebrated on Monday at the merest hint that China would let its currency appreciate, showing just how badly the Middle Kingdom is needed to drive a recovery in the sagging world economy.
Global markets celebrated on Monday at the merest hint that China would let its currency appreciate, showing just how badly the Middle Kingdom is needed to drive a recovery in the sagging world economy.
The Australian Dollar has rallied more than one cent this morning after Friday night's close to trade over 0.8800 after the PBOC (People's Bank of China) announced on the weekend that it will make the RMB exchange rate more flexible in the future but will still maintain a trading band of +/-0.5%.
China's signal that it will ease its currency's 23-month-old peg to the dollar will spare the country from U.S. lawmakers' wrath only if it opens the door to significant upward movement in the yuan.
Policymakers in the world's major economies will closely monitor the Chinese yuan this week for signs it is actually moving after Beijing announced it would make its exchange rate more flexible.
China will keep the yuan's exchange rate at a basically stable level, the central bank said on Sunday, suggesting that the country's new currency regime will look a lot like the old one.
Tensions in global financial markets stemming from the euro zone's sovereign debt crisis appear to be easing, setting the stage for investors to dip back into risky assets in the second half of this year.
