How low can yuan go: China lets the renminbi fall for third consecutive day August 13, 2015 China sought to allay fears that the renminbi could enter into free-fall, as it devalued the currency for the third consecutive day. During a press conference in the early hours of this morning, the People's Bank of China (PBoC) said the strong economic environment, sustained trade surplus, sound fiscal position and deep foreign exchange reserves provided "strong support" to the [...]
Unilever and China weigh on FTSE but Randgold shines – London Report August 13, 2015 BRITAIN’S top share index was dragged lower yesterday by Unilever and mining companies after the fall in the value of China’s currency pulled down metal prices. The blue chip FTSE 100 index was down 1.4 per cent at 6,571.19p by the close, slightly outperforming other European equities. Consumer goods company Unilever shed 4.3 per cent [...]
Gold prices rise for fifth consecutive day on worries about China’s economic slowdown August 12, 2015 The price of gold went up for the fifth day in a row today, as uncertainty about China’s flagging economic growth had investors fleeing to safer havens. Rising 1.4 per cent to $1,124.01 an ounce, gold prices are recovering from the five-year low that had gold miners feeling the squeeze. Mining companies were buoyed by [...]
Trade and status: China weakens yuan to gain advantage August 12, 2015 China plans to top the global hierarchy with its surprise move to devalue its currency China shocked the world yesterday when it devalued the yuan by nearly 2 per cent against the dollar. The surprise move brings its currency to a three-year low against the greenback and should help revive exports. The news [...]
China currency move pulls on mining stocks – London Report August 12, 2015 LUXURY goods firm Burberry was one of the hardest hit UK firms yesterday, after China devalued its currency, raising the costs of imports. The FTSE 100 closed down 1.1 per cent. Weakness in commodity stocks has contributed to recent declines in the index, which is now more than six per cent off April’s record high. [...]
China’s shock devaluation is more about reform than its authorities panicking August 11, 2015 In a surprise move, China weakened its currency yesterday by setting the daily fix for the RMB 1.9 per cent lower, in its most significant devaluation since 1994. This has fuelled a great deal of speculation as to the reasons for this move and the ultimate implications for the Chinese economy and the rest of [...]
Markets taken aback by China’s move to devalue the renmibi to boost flagging economic growth August 11, 2015 Markets were taken aback by China’s move to devalue the renmibi nearly two per cent against the US dollar, to boost China’s flagging economic growth. Following weak trade and inflation data, central bank People’s Bank of China fixed its currency down 1.9 per cent, in a move which caused the Chinese currency’s biggest one-day drop [...]
FTSE finishes up after China data boosts miners – London Report August 11, 2015 MAJOR mining stocks experienced a sharp reversal yesterday, turning higher on hopes of stimulus after weak data in China, which led the UK’s top share index to recoup early losses. The blue-chip FTSE 100 index was up 17.73 points, or 0.3 per cent, at 6,736.22 points by the close, turning higher after gains in early [...]
Is China fragile? It could well surprise us – CNBC Comment August 4, 2015 WITH earnings season in full swing, China remains the buzzword – but for all the wrong reasons. As analysts who have questioned the strength of the world’s second-largest economy start to look a lot less like Cassandras, the question remains: when will the Asian powerhouse stabilise? Short answer: it’s tough to tell at this stage. [...]
Commodities in freefall as China faces slowdown August 4, 2015 Mining stocks were dealt a body blow yesterday, with one index dropping to a 13-year low, as Chinese manufacturing PMI data dragged the commodities market down yet again. The data, which came out yesterday morning, showed that the downturn in China’s manufacturing sector intensified at the start of the third quarter. Production was cut at [...]