China unshackles exchange rate and hopes rise for U.S. exports
NEW YORK - Stocks extended their winning streak Monday after China said it would allow its currency to appreciate against the dollar, a move that could provide a boost for U.S. manufacturers and exporters.
The Dow Jones industrial average rose for a fifth day, adding about 90 points in midday trading. Broader indexes also climbed. Treasury prices fell after demand for safety holdings weakened.
China's trading partners complain that the country keeps its currency, the yuan, artificially low to bolster exports. At the same time, the weak currency makes imported goods expensive for consumers in China. A stronger yuan compared with the dollar should allow U.S. manufacturers and exporters to be more competitive selling their products in China, one of the world's largest and fastest-growing economies.
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2 comments:
Yeah sure thats why they are doing it. Watch them like a hawk.
Stocks may have jumped in the morning, but fell below the opening value by the end of the trading session :(
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