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China lets yuan fall further, fuels fears of ‘currency war’

China lets yuan fall further, fuels fears of ‘currency war’

SHANGHAI: China’s currency fell to a four-year low on Wednesday, slumping for a second day, after a central bank devaluation on Tuesday, and government sources believe the yuan may be allowed to slide even further to help the country’s exporters. The yuan traded in China hit a low of 6.4510 per US dollar, its lowest […]

August 13, 2015 | By | Reply More
US automakers, fund managers looking past China’s devaluation

US automakers, fund managers looking past China’s devaluation

For many US companies and investors, the volatility in world markets this week, following Beijing’s surprise currency devaluation, presents the challenge of balancing the country’s current uncertain economic prospects against the hope for long term growth from the world’s most populous nation. China this week devalued its currency against the US dollar, after more data […]

August 13, 2015 | By | Reply More
Alibaba skids as revenue growth slowest in three years

Alibaba skids as revenue growth slowest in three years

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August 12, 2015 | By | Reply More
M’sian ringgit slumps to weakest level in 17 years

M’sian ringgit slumps to weakest level in 17 years

The ringgit’s level on Wednesday was the lowest since then-leader Mahathir Mohamad imposed capital controls and a peg of 3.8 ringgit per dollar in 1998 to shield the economy amid a regional financial crisis. KUALA LUMPUR: Malaysia’s ringgit currency slid past 4.0 to the dollar on Wednesday for the first time in 17 years, pounded […]

August 12, 2015 | By | Reply More
China central bank under pressure to weaken yuan further

China central bank under pressure to weaken yuan further

The Commerce Ministry, which on Wednesday publicly welcomed the devaluation as an export stimulus, had led the push for Beijing to abandon its previous strong-yuan policy. BEIJING: China’s move to devalue its currency reflects a growing clamor within government circles for a weaker yuan to help struggling exporters, ensuring the central bank remains under pressure […]

August 12, 2015 | By | Reply More
Sealing Pacific trade deal will be tough: Australia

Sealing Pacific trade deal will be tough: Australia

SYDNEY: Australia’s trade minister said Wednesday the last negotiating stages of a massive Pacific trade pact were “very difficult”, with the deal more likely to fail when the US presidential election cycle kicks in. Australia and 11 other Asia-Pacific countries have for more than five years been negotiating the Trans-Pacific Partnership (TPP), an agreement that […]

August 12, 2015 | By | Reply More
Oil prices slide to fresh lows in Asian trade

Oil prices slide to fresh lows in Asian trade

WTI on Tuesday sank to its lowest level since March 2009, while Brent also fell in London, after China’s central bank moved to devalue its currency by nearly two percent against the US dollar. SINGAPORE: Oil prices extended losses in Asia on Wednesday as dealers worried about China’s economy following its surprise currency devaluation, while […]

August 12, 2015 | By | Reply More
Asia extends losses after shock yuan devaluation, dollar sought

Asia extends losses after shock yuan devaluation, dollar sought

TOKYO: Asian stocks and commodities extended losses on Wednesday, feeling the aftershocks of China’s surprise devaluation of the yuan, which hit US equities overnight and pushed down already-weak emerging currencies. This benefited the dollar, which rallied even against the safe-haven yen. What caught the equity, commodity and currency markets off balance was a boon to […]

August 12, 2015 | By | Reply More
M’sia’s Hong Leong Bank plans up to $757 mln rights issue-sources

M’sia’s Hong Leong Bank plans up to $757 mln rights issue-sources

August 12, 2015 KUALA LUMPUR/SINGAPORE: Aug 11 Hong Leong Bank Bhd is planning to raise up to 3 billion ringgit ($757 million) in rights issues this year to strengthen its capital, two sources with direct knowledge of the matter told Reuters. The bank, Malaysia’s fifth largest by assets, is the last of its peers to […]

August 11, 2015 | By | Reply More
Oil prices skid on China currency move

Oil prices skid on China currency move

August 12, 2015 NEW YORK: US oil prices sank to their lowest level in more than six years Tuesday after a surprise currency devaluation in China raised worries about the world’s second-biggest economy. US benchmark West Texas Intermediate for delivery in September fell $1.88 to $43.08 a barrel on the New York Mercantile Exchange, the […]

August 11, 2015 | By | Reply More