China Eases Currency Controls [Wall Street Journal] "Bank of China Ltd., one of the country's four major state-owned banks, has opened trading in the Chinese currency to customers in the U.S., representing a symbolic endorsement by Beijing of foreign trading in the yuan.The move is the latest by China to allow the yuan, whose value is still tightly controlled by the government, to become an international currency that can be used for trade and investment. Analysts say allowing trading in the yuan, also known as the renminbi, is an early step by the Chinese government toward making its currency fully convertible into dollars and other currencies."
Euro Stabilizes as Japan Commits Yen [Financial Times] "The euro is stronger versus the yen—but little changed against other major crosses - after Yoshihiko Noda, Japan's finance minister, said the government would use some of its $1,096bn foreign exchange reserves to buy European government bonds. Tokyo's promise to dip into its pockets to support the eurozone mirrors supportive comments on the bloc's assets emanating from Beijing over recent weeks. However, the rhetoric suggests a recognition in Asia that the fallout from continued contagion fears in Europe could badly damage the global economy."
In Wake of Shooting Glock Sales Soar [BusinessWeek via Bloomberg] "After a Glock-wielding gunman killed six people at a Tucson shopping center on Jan. 8, Greg Wolff, the owner of two Arizona gun shops, told his manager to get ready for a stampede of new customers.Wolff was right. Instead of hurting sales, the massacre had the $499 semi-automatic pistols—popular with police, sport shooters and gangsters—flying out the doors of his Glockmeister stores in Mesa and Phoenix."
CNBC's Detroit Auto Show Slide Show [CNBC.com] "With over 30 new cars and trucks to be revealed to the press Monday and Tuesday for the 2011 Detroit Auto Show, the American consumer will judge whether or not Motor City gets the message on what they want—and need."