“The world's currency structure has changed; the dollar is losing its status as the world currency,” said Xu Jian, a Chinese central bank vice director, yesterday. “We will favor stronger currencies over weaker ones, and will readjust accordingly,” confirmed Cheng Siwei, vice chairman of China's National People's Congress, at the same conference.
And that was all she wrote for the U.S. dollar.
While China has yet to formally announce a change in its foreign exchange reserves, the allusion was enough to spook traders. Here’s the breakdown:
Euro: $1.47 -- an all-time high versus the dollar Pound: $2.10 -- 26-year high versus the dollar
And that was all she wrote for the U.S. dollar.
While China has yet to formally announce a change in its foreign exchange reserves, the allusion was enough to spook traders. Here’s the breakdown:
Euro: $1.47 -- an all-time high versus the dollar Pound: $2.10 -- 26-year high versus the dollar
Canadian dollar: $1.10 -- rose almost 2 cents in one day, a new all-time high
Australian dollar -- 93.9 cents -- gained over a cent overnight, to a new 23-year high
Yen: 113 -- gained a full point versus the dollar to 2-month highsThe dollar fell against every other actively traded currency… 16 in all.
Profit-taking has since chased down several of these currencies from their peaks, but as we write, all remain above previous highs.
Profit-taking has since chased down several of these currencies from their peaks, but as we write, all remain above previous highs.
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