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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
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.
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 AFP: http://www.google.com/hostednews/afp/article/ALeqM5gPw-13SgkofHYnsEzYBy0v7Bg3lw
 Image: http://www.homegain.com/housead/homes_for_sale/index?entryid=11502
 World stock markets suffer sharp falls: http://www.prisonplanet.com/world-stock-markets-suffer-sharp-falls.html
 Chinese Yuan FALLS The Most In Years: http://www.prisonplanet.com/chinese-yuan-falls-the-most-in-years.html
 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
 World markets continue bounce with more gains: http://www.prisonplanet.com/world-markets-continue-bounce-with-more-gains.html
 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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