Chinese Yuan
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The U.S. dollar weakened against most major currencies on Friday, hitting nearly two-week lows against the euro, as weaker-than-expected jobs data raised concerns that the pace of recovery in the American labor market has slowed.
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French President Nicolas Sarkozy called publicly on Chinese President Hu Jintao to let the yuan rise more swiftly against the euro.
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China's central bank chief said on Sunday it could consider a wider trading band for the yuan currency after finance chiefs from the Group of 20 economic powers renewed calls for greater currency flexibility.
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U.S. Treasury Secretary Henry Paulson said on Thursday that China should pick up speed in making the reforms necessary to allow the yuan to float, warning China about rising trade protectionist sentiment.
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Irked by the relentless ascent of their currency, euro zone finance ministers have decided to target China's yuan as the chief culprit in a quest for fair play on global exchange rates and trade.
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Beijing will cap a program allowing its citizens to invest in Hong Kong's stock market, regulators said on Friday, scaling back an earlier aggressive plan to open a gateway for its capital accounts.
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A more flexible yuan would not hold back China's growth or cause deflation but would help Beijing rebalance its economy towards domestic consumption, a top U.S. Treasury official said on Thursday.
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The Chinese yuan rose sharply against the U.S. dollar on Monday after the Chinese central bank set a higher reference rate for the Chinese currency following Friday's poor U.S. jobs data.
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U.S. President George W. Bush said on Wednesday it would help to balance trade if China floated its currency, which has been allowed to appreciate gradually in the past two years but remains tightly managed.
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The dollar slipped against the yen Friday after President Bush and the head of the Federal Reserve both said they would not rescue speculators ailing from deteriorating lending conditions that could worsen.
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The yen rose modestly Thursday, recovering from the previous day's sharp decline, as investors continued a longer-term trend of reducing risky bets in response to troubled credit markets.
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The yen gained on Tuesday as investors, fearing tougher credit conditions will crimp global economic growth, bought the lower-yielding Japanese currency and sold riskier assets.
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The dollar rose against the euro, but fell against the yen Monday, as investors attempted to minimize exposure to risky assets amid lingering fears of a global credit crisis.
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The dollar fell against most major currencies Friday, despite strong U.S. economic data, as calmer credit markets sparked renewed interest in riskier overseas assets.
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A surge in investors' appetite for higher-yielding currencies and assets pushed the yen towards its biggest daily and weekly losses against several currencies for years on Thursday.