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Dollar tumbles to record lows, gold hits record high

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Wednesday, September 29, 2010

LONDON — The dollar sank against the euro and hit a record low point against the Swiss franc on Wednesday while gold struck a new all-time peak, as traders mulled possible US moves to boost its ailing economy.

Meanwhile in Asia, China’s central bank pledged to increase the flexibility of its exchange rate just as US lawmakers were to vote on legislation that could punish Beijing for alleged currency manipulation.

The People’s Bank of China promised to continue to implement an “appropriately loose monetary policy” and “increase currency flexibility”, according to a statement on its website.


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It also said it would “gradually improve the exchange rate setting mechanism.”

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The central bank’s wording was almost identical to that used in a similar pledge in June. Since then, the yuan has risen by less than two percent against the US dollar.

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This article was posted: Wednesday, September 29, 2010 at 9:16 am

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