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World stock markets soar after Chinese yuan move

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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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This article was posted: Monday, June 21, 2010 at 3:46 am

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