The Chinese have done it.
After signaling a more “flexible” foreign exchange policy for their currency on Saturday, the Republic today set a higher midpoint for the currency, a benchmark that allows the Yuan to trade higher against other world currencies. After the Yuan rose to 6.8275 per dollar on Monday, China’s government on Tuesday set the rate even higher, at 6.7980.
The new benchmark resulted in the currency appreciating to as high as 6.7900 per dollar, write Reuters’s Lu Jianxin and Jason Subler.
The US dollar is lower against the Yen this morning, at ¥90.62-64 per dollar, and so is the Euro, at ¥111.28. But the dollar’s got an edge on the Euro, at $1.2283.
The materials stocks that saw huge leaps yesterday are again enjoying a bounce, with Alcoa (AA) up 9 cents, or 0.8%, at $11.81, and US Steel (X) up 36 cents, or 0.8%, at $45.33. Miner BHP Billiton (BHP) is up 11 cents at $69.52.
The move hasn’t helped overall US equities, though, with the Dow futures off 1 point at 10,395. S&P 500 futures are off a point at 1,109.
source: barron's blogs
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