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The dollar jumped against major currencies Monday as markets expect the Federal Reserve to restart economic stimulus programs.
The central bank will likely leave its federal funds rate near zero at its meeting Tuesday, but could sound plans to resume purchasing mortgage-backed securities or buying Treasury bonds. The central bank’s programs ended earlier this year when it appeared the recovery was proceeding well. Get the full story »
The largest U.S. labor group urged Congress on Friday to pass legislation to fight China’s currency practices, a day after the Obama administration again declined to label Beijing a currency manipulator.
The United States should also keep other options on the table, including a possible challenge of China’s currency practices at the World Trade Organization, Richard Trumka, president of the AFL-CIO labor federation, said in a statement. Get the full story »
China needs to take further “significant steps” to raise the value of its currency, Senate Finance Committee Chairman Max Baucus said on Thursday in reaction to the Obama administration’s decision not to label China a currency manipulator. Baucus, however, stopped short of threatening to move legislation on the issue. Get the full story »
China’s yuan surged on Monday the most since its revaluation in 2005, sending a clear signal ahead of this weekend’s G20 summit that Beijing is sticking to its word of allowing greater currency flexibility.
The central bank has maintained the peg since the middle of 2008, a controversial policy aimed at steadying the world’s fastest-growing major economy during the global economic downturn. But the central bank stepped aside on Monday to back up its surprise weekend announcement that it would allow greater flexibility for the yuan, buying some time against Western critics who argue the currency is undervalued and gives China an unfair advantage in world trade. Get the full story »
