Foreign Exchange News Results

  • China's Yuan Rallies as Economy Recovers

    China's yuan strengthened to levels last hit in March, as confidence builds that the country's economy is shaking off the coronavirus pandemic, and as local stock markets soar. On Thursday, the currency traded at better than 7 to the dollar in both the tightly controlled onshore market and freer offshore markets in Hong Kong and elsewhere. Craig Chan, head of global foreign-exchange strategy at Nomura, said a weaker dollar, China's improving economic outlook and the limited...

  • China's Ride-Hailing Giant Didi to Test Beijing's New Digital Currency

    BEIJING--Chinese ride-hailing giant Didi Chuxing Technology Co. said it is working with the People's Bank of China to test the central bank's fledgling digital currency on its transportation platform, advancing Beijing's effort to digitize the yuan. Didi said Wednesday that it had entered into a strategic partnership with the central bank's Digital Currency Research Institute to carry out research and test the application of the new currency. A spokesman for the central...

  • Dollar Briefly Edges Up as Investors Retreat Toward Safety -- Update

    The dollar briefly crept higher as concerns about the rise in new Covid-19 infections in parts of the U.S. and across emerging markets took the edge off the broader market rally of recent days. The Wall Street Journal Dollar Index, which measures the dollar against a basket of other currencies, ticked up before closing unchanged at 91.23 Tuesday. The gauge, which jumped sharply in mid-March as stock markets tanked, has been hovering between 90 and 95 since.

  • Dollar Edges Up as Investors Retreat Toward Safety

    The dollar crept higher as concerns about the rise in new Covid-19 infections in parts of the U.S. and across emerging markets took the edge off the broader market rally of recent days. The Wall Street Journal Dollar Index, which measures the dollar against a basket of other currencies, ticked up 0.1% to 91.12 Tuesday. The gauge, which jumped sharply in mid-March as stock markets tanked, has been hovering between 90 and 95 since.

  • China's Forex Reserves Rose $10.64 Billion in June

    BEIJING--China's foreign-exchange reserves rose in June for a third straight month amid a weakening dollar and eased outflow pressure, official data showed Tuesday. The country's hoard of foreign exchange increased by $10.64 billion to $3.112 trillion at the end of June, according to data released by the People's Bank of China. Economists polled by The Wall Street Journal had expected an $18 billion rise in reserves in June.

  • Investors Bet Against Pound as Focus Returns to Brexit

    Traders' sentiment toward the British pound has reached its lowest since the run-up to last year's election, as attention shifts from the coronavirus pandemic to stalled Brexit negotiations. Hedge funds and traders using borrowed money to make speculative bets have taken the most positions against the pound since November, according to FactSet, signaling that they expect it to drop further. The currency has already weakened 1.8% against the U.S. dollar over the past 10 trading...

  • China's Commercial Banks Bought $23.8 Billion of Forex in May

    BEIJING--China's commercial banks purchased a net $23.8 billion worth of foreign exchange in May, up from a net purchase of $14.8 billion in April, official data showed Friday. The State Administration of Foreign Exchange said Chinese banks purchased a net $77.7 billion worth of forex in the first five months of the year. Wang Chunying, a spokeswoman with SAFE, said in a statement that demand and supply of the forex market are largely balanced and purchases rose 61% from the prior...

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