Currency markets
China’s yuan jumps to 16-month high, state banks step in to curb gains
Close up of Chinese Yuan notes, with Mao Tse-tung Peter Dazeley | The Image Bank | Getty Images China’s yuan rose to its strongest level in nearly 16 months on Friday on bets that Beijing will unveil fresh economic stimulus following a jumbo U.S. rate cut, though gains were capped by dollar buying from Chinese […]
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Japan nominates ex-currency diplomat Kanda to head Asian Development Bank
Masato Kanda, vice-minister of finance for international affairs at Japan’s Ministry of Finance, during a press conference after the Group of 20 (G-20) finance ministers and central bank governors meeting. Bloomberg | Bloomberg | Getty Images Japan will nominate Masato Kanda, the country’s former top currency diplomat, as its candidate to become next head of the Asian Development Bank, Finance Minister […]
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Shaken, but not stirred: Japanese yen’s safe-haven tag is intact despite wild swings this year
Japanese 1,000 yen, 5,000 yen and 10,000 yen banknotes arranged in Kyoto, Japan, on Thursday, Nov. 2, 2023. The contradictions in Japan’s efforts to protect the yen while slowing the pace of rising bond yields are becoming increasingly clear in currency and debt markets. Photographer: Kentaro Takahashi/Bloomberg via Getty Images Kentaro Takahashi| Bloomberg | Getty […]
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‘Pick a number’: Strategist says the U.S. dollar will drift much lower against the Japanese yen
A pedestrian walks past a display board showing the currency exchange rate between the US dollar and the Japanese yen, along a street in Tokyo on August 5, 2024. Richard A. Brooks | Afp | Getty Images The U.S. dollar is likely to continue to drift lower against the Japanese yen over the coming months, […]
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Bank of Japan will take longer to hike rates given the yen’s rapid strengthening, BMI says
An editorial montage of the Japan flag and Japanese yen cash bank notes. Javier Ghersi | Moment | Getty Images The Bank of Japan will adopt a more cautious approach to hiking interest rates to avoid rapid appreciation in the yen after the recent global market turmoil, Fitch Solutions’ BMI said in a recent note. […]
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The big ‘carry trade’ unwind is far from over, strategists warn
A man walks in front of an electronic quotation boards displaying the share price on the Tokyo Stock Exchange (L) and the foreign exchange rate for the Japanese yen against the US dollar (R) in Tokyo on August 6, 2024. Kazuhiro Nogi | Afp | Getty Images It’s too early to give the all-clear to […]
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Auctions of early King Charles bank notes raise $1.17 billion for charity
A person holds some of the newly released banknotes, featuring the King’s portrait, outside the Bank of England, London. Lucy North – Pa Images | Pa Images | Getty Images LONDON — Auctions of King Charles III bank notes with low serial numbers have raised £914,127 ($1.17 million) for charity, according to the Bank of […]
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China’s exporters enjoyed the benefits of a weak yuan. Now that’s changing and cutting into profits
A bank employee count China’s renminbi (RMB) or yuan notes next to U.S. dollar notes at a Kasikornbank in Bangkok, Thailand, January 26, 2023. Athit Perawongmetha | Reuters BEIJING — Chinese companies seeking growth from exports face a new challenge: a strengthening yuan. The “offshore” yuan traded in Hong Kong surged Monday against the U.S. […]
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India central bank asks top lenders to refrain from large trading bets against rupee, Reuters reports
An undated editorial illustration of Indian rupee cash bills and a stock market indicator board. Javier Ghersi | Moment | Getty Images The Reserve Bank of India has asked some large banks to not add to their existing positions against the rupee in a bid to support the currency which has fallen to all-time lows for three straight days, four bankers told Reuters. Officials from the RBI’s financial […]
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The popular ‘carry trade’ is unwinding — and economists fear Fed rate cuts could make matters worse
Pedestrians walk past a currency exchange shop in central Tokyo on April 17, 2024. Richard A. Brooks | Afp | Getty Images Rapid interest rate cuts from the Federal Reserve could make matters worse for the global “carry trade” unwind, according to economists at TS Lombard. The warning comes as market participants seek to aggressively […]
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