The Chinese yuan pared back against the US dollar, British pound and the Euro in the overnight session following a surprise announcement by Chinese officials.
The Chinese yuan gained against the US dollar and British pound as both major currencies fell under increased selling pressure in the overnight session.
Chinese officials are committed to currency elasticity and further financial restructuring, Secretary of the Treasury Paulson said following his visit to China.
Rising against the US dollar, euro and the British pound the Chinese yuan gained on recent developments following US Treasury Secretary Henry Paulson's visit to China.
In order to curb lending practices and looser monetary liquidity, China’s government has increased the reserve requirement for banks by 50 basis points this weekend.
In another move likely to shake things up with China, the US Senate Finance Committee today approved legislation that runs in line with previous legislation proposals by the US Senate Banking Committee.
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