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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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China widening trade band outdone by Spanish bond sale news

Apr 16, 2012 10:29 AM

The first day of China doubling the trading band on its currency on Monday was dwarfed by sovereign concerns in Spain, Bloomberg reports.

Announced over the weekend by the People's Bank of China, the trading band expansion is considered a clear signal indicating the nation's confidence with its economic system, recognized as the globe's most rapidly developing. Thus far this year, economic data indicating the Asian nation might be churning through a slowdown has raised eyebrows about the world's second-largest economy, which trails only that of the U.S.

In "the midst of domestic political turmoil, reform-minded officials seem to be sensing a window of opportunity to undertake significant steps towards market-oriented reforms," senior fellow Eswar Prasad with the Brookings Institution in Washington, also the former head of the China division at the IMF, told Bloomberg. Prasad viewed "a renewed momentum towards currency and financial market reforms."

Not since 2007 has the Asian nation widened the band, Bloomberg reports. The World Bank forecasts economic development in China to register this year at 8.2 percent.

But the gravity of China's announcement was trumped by developments in debt-hobbled Spain as it prepares for a bond sale, according to MarketWatch.

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