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World stock markets soar after Chinese yuan move

Posted By admin On June 21, 2010 @ 3:46 am In Money Watch | Comments Disabled

AFP [1]
June 21, 2010

LONDON — Global equities surged on Monday when investors welcomed a promise by China to relax constraints on the yuan, ahead of this weekend’s G20 summit of world leaders in Canada.

China said over the weekend that it would allow the yuan more flexibility in adjusting to market forces.

This was widely seen as a move to head off a dispute with the United States over exchange rates at the looming Group of 20 gathering in Toronto on June 26-27.

In early trading, Frankfurt shares leapt 1.39 percent, London jumped 1.13 percent and Paris gained 1.61 percent.

The European single currency climbed against the yen and dollar, as the Chinese move encouraged investors to buy the risk-sensitive euro.

Full article here [1]

World stock markets soar after Chinese yuan move 150410banner7 [2]

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URLs in this post:

[1] AFP: http://www.google.com/hostednews/afp/article/ALeqM5gPw-13SgkofHYnsEzYBy0v7Bg3lw

[2] Image: http://www.homegain.com/housead/homes_for_sale/index?entryid=11502

[3] World stock markets suffer sharp falls: http://www.prisonplanet.com/world-stock-markets-suffer-sharp-falls.html

[4] Chinese Yuan FALLS The Most In Years: http://www.prisonplanet.com/chinese-yuan-falls-the-most-in-years.html

[5] Top Chinese banker Guo Shuqing calls for wider use of yuan: http://www.prisonplanet.com/top-chinese-banker-guo-shuqing-calls-for-wider-use-of-yuan.html

[6] World markets continue bounce with more gains: http://www.prisonplanet.com/world-markets-continue-bounce-with-more-gains.html

[7] Chinese Yuan Hits 18 Year High Against Dollar: http://www.prisonplanet.com/chinese-yuan-hits-18-year-high-against-dollar.html

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