Yellen's speech cited persistent labor market slack but noted faster recovery in the sector could accelerate the timing of a Fed interest rate hike.» Read More
*China allows banks to freely set OTC yuan/dollar rates. SHANGHAI/ BEIJING, July 3- China has permitted banks to freely set their own exchange rates for the yuan against the dollar in over-the-counter transactions-- another step toward freeing the exchange rate from government control.
The report boded well for Thursday's U.S. nonfarm payrolls report, and provided a boost to the dollar.
*China allows banks to set OTC dollar/yuan rates. *A small step in China's gradual forex reform. BEIJING, July 2- China will permit banks to set their own exchange rates for the yuan against the dollar in deals with clients, in a further step to relax controls to make the currency more market-driven.
BEIJING, July 2- China will permit banks to set their own exchange rates for dollar/yuan deals with their clients, relaxing controls in a bid to make the currency more market-driven. "This is a small step in China's foreign exchange reforms," said an analyst at state-owned Bank of China, the country's biggest foreign exchange bank, who asked not to be identified.
BEIJING, July 2- China is abolishing controls on the dollar/yuan exchange rate for banks when they deal with clients, the nation's foreign exchange regulator said on Wednesday. Effective on Wednesday, banks are allowed to set the dollar/yuan exchange rate based on market demand, the regulator said.
A UK factory survey adds to evidence that Britain's consumer-led recovery is becoming more balanced and sustainable.
The euro held near a six-week high against the dollar on Tuesday, threatening a break past $1.37.
*Yuan boosts China's globalisation programme. SHANGHAI, June 30- China's yuan rose against the dollar on Monday after hitting a two-week high in intraday trading as the central bank set a slightly stronger midpoint- signalling that the government is willing to keep the currency stable for now, traders said.
China shares have long been considered cheap for good reason, suffering a long downtrend, but some say now is the time to turn outright bullish.
The dollar looked set for a second week of losses on Friday, after a string of poor U.S. economic data that gave investors no reason to expect higher interest rates soon.
Sterling rallied on Thursday after new measures to cool the UK housing market failed to dampen rate rise expectations.
China shadow banks have lower lending rates than traditional banks, China Beige Book data show, but it may not signal a hiccup in efforts to curb the sector.
The pound saw losses after comments from the BoE cooled expectations for an interest rate hike, while its G3 counterparts drifted in well-worn ranges.
The British pound fell after the Bank of England did little to bolster rate hike expectations.
HONG KONG, June 24- China's yuan was broadly unchanged on Tuesday in subdued trading, as firmer oil prices offset optimism from a survey showing stronger Chinese manufacturing activity. "Oil is trending higher and investors are waiting for more data to take a view on the currency," said a trader at a European Bank in Hong Kong.
Paul Donovan, MD and Deputy Head of Global Economics at UBS, says Washington's criticism about China's currency manipulation are political in nature.
China shares are stuck between hopes low valuations may spur bargain buying and fears of a potential credit crisis, but some see trading opportunities.
The Australian and New Zealand dollars both jumped on Monday, after a promising China manufacturing survey.
The dollar reversed some of its losses in a quiet session overnight after upbeat U.S. data helped temper the Federal Reserve's dovish outlook.
The dollar sank to its weakest level in three weeks on Thursday after a cautious message from the Federal Reserve.