The Chinese currency hit a record high of 6.4759 against the U.S. dollar on Wednesday after the People's Bank of China (PBOC) fixed the reference point at the strongest level against the greenback since revaluation in 2005. Some think Beijing is likely to go even further, as the country tries to bring inflation under control.
Another financial crisis is "inevitable," Mark Mobius, head of Templeton emerging market group, told CNBC Tuesday. But that crisis is "no big disaster. In fact it could be an opportunity to buy cheap stocks again," Mobius said. "So I don’t consider it a very bad thing to happen."
The dollar is dragging again, and the real is returning to earth. Here's your Tuesday FX fix.
In Hong Kong, the government has finally jump-started a cultural development project that has been plagued with red tape for years. The NYT reports.