Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

11/14/2012 (2 years ago)

Catholic Online (www.catholic.org)

Tuesday marks second consecutive day spot price hit record high

The spot price of the yuan against the U.S. dollar rose to 6.2262 this week. It marked a record high since China's foreign exchange reforms seven years ago previously. It was the second consecutive day that the spot price of the yuan against the dollar hit a record high since China launched its foreign exchange reforms in 2005.

China's stocks climbed, led by material producers, after the ruling party's once-in-a-decade meeting to choose new leaders drew to a close and the yuan rose to a 19-year high.

China's stocks climbed, led by material producers, after the ruling party's once-in-a-decade meeting to choose new leaders drew to a close and the yuan rose to a 19-year high.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

11/14/2012 (2 years ago)

Published in Business & Economics

Keywords: Yuan, China, U.S. dollar, stock markets, power transfer


LOS ANGELES, CA (Catholic Online) - In the meantime, enterprises and banks had been selling off foreign currencies in anticipation of the yuan's appreciation. According to Ding Zhijie, an economics professor at the University of International Business and Economics, this was in anticipation of the rise in price of currency.

The yuan is allowed to rise or fall by one percent from the central parity rate each trading day, as is allowed in China's foreign exchange spot market,.

The People's Bank of China (PBOC), the country's central bank, set the central parity rate of the yuan against the U.S. dollar at 6.2891 this week, which was the highest since May 9 of this year. The central parity rate of the yuan was 6.2865 on May 9, and even lower at 6.2804, on May 8.

The central parity rate of the yuan broke the level of 6.3 for the first time by hitting 6.2937 on February 10. All told, the strongest point of the yuan for 2012 was 6.2670 on May 2, while the weakest point for this year was 6.3495 on Aug. 16.

China has abandoned a decade-old peg to the U.S. dollar by allowing its currency to fluctuate against a basket of currencies on July 21, 2005.

China's stocks climbed, led by material producers, after the ruling party's once-in-a-decade meeting to choose new leaders drew to a close and the yuan rose to a 19-year high.

"The conclusion of the party congress removes some political uncertainty and will help reduce the equity risk premium," Wang Weijun, a strategist at Zheshang Securities Co. in Shanghai says.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2015
Universal:
Scientists: That those involved in scientific research may serve the well-being of the whole human person.
Evangelization: Contribution of women: That the unique contribution of women to the life of the Church may be recognized always.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Business & Economics

Meet the billionaires who pledged to give up their fortunes to change the world Watch

Image of

By Talia Ramos (NEWS CONSORTIUM)

Through the "Giving Pledge," men and women belonging to the upper crust of the society, with billions of dollars in their name, commit to donating a large chunk of their fortune, whether through their lifetime or through their will. Coming from the majority of their ... continue reading


World's discarded electronic junk building up into massive toxic dump Watch

Image of Less than 16 percent of global e-waste is being diverted from landfill into recycling and reuse.

By Catholic Online (NEWS CONSORTIUM)

Television sets, washers and driers, stereos - broken, discarded, and then thrown away, are creating a massively toxic waste dump of gargantuan proportions. The irony in all this "e-waste" is the fact that precious metals such as gold and silver are also thrown ... continue reading


Australian father-and-son team raises $10 MILLION for beehive project Watch

Image of The beehive symbolizes productive activity, and for father and son Cedar and Stuart Anderson of Australia, their project was literally that.

By Catholic Online (NEWS CONSORTIUM)

The beehive symbolizes productive activity, and for father and son Cedar and Stuart Anderson of Australia, their project was literally that. Nearly 30,000 people have funded their "Flow Hive" project on Indiegogo for $10 million dollars. Not bad at all for such ... continue reading


'Slow ya roll' Obama. You spoke too soon? Job growth suddenly slows down Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Intent on rallying the nation on its improved economy, U.S. President Barack Obama appears increasingly aware that threats are gaining speed that could derail job growth. LOS ANGELES, CA (Catholic Online) - "Our economy has been growing, we've got momentum," ... continue reading


Federal taxes unbelievably through the roof for February Watch

Image of Uncle Sam took in a lot of cabbage for the first few months of 2015. Why is the U.S. still trailing a momentous deficit, then?

By Catholic Online (NEWS CONSORTIUM)

Uncle Sam took in a lot of cabbage for the first few months of 2015. Inflation-adjusted federal tax revenues hit a record $1,185,613,000,000 in the first five months of fiscal 2015. Why is it that the U.S. federal government still ran a $386,537,000,000 deficit ... continue reading


Top 10 most financially important cities in the world Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

New York City is still the most important center in the financial world, according to the latest ranking made by the Long Finance in The Global Financial Index 17. In the latest rankings, it was observed that more cities in Asia are becoming important within the world ... continue reading


Apple topples AT&T from Dow Jones in reflection of iPhone's dominant position Watch

Image of The move by S&P Dow Jones Indices had been widely anticipated since a seven-for-one stock split in June 2014.

By Catholic Online (NEWS CONSORTIUM)

Largest company in the world, Apple will join the Dow Jones Industrial Average to replace AT&T. The change reflects the dominant position of the iPhone maker in the U.S. consumer economy today. The figures tell the tale: Apple has a market capitalization of ... continue reading


'Underage Red': Sephora shocks consumers with inappropriately named lipstick shades Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

With lipstick shades called "Underage Red" and "Lolita," the cosmetic retailer brand Sephora is under fire once again. Using names that refer to young girls being described in a sexualized manner, the lipstick shades grabbed the attention of shoppers, eventually ... continue reading


Oprah Winfrey sadly shuts down Harpo Studios forever Watch

Image of 61-year-old, Oprah Winfrey continues to play an active role in Hollywood, despite the ending of her talk show and now Harpo Studios.

By Abigail James (NEWS CONSORTIUM)

Oprah Winfrey is set to shut down production at her Chicago-based Harpo Studios by the end of 2015. After much thought, the billionaire mogul has decided production for her personal network OWN will be better done in Hollywood. LOS ANGELES, CA (Catholic Online) - The ... continue reading


SHINY, RED APPLE: Computer giant is now twice as big as world's second largest firm, ExxonMobil Watch

Image of Strong sales of the larger-screened iPhones resulted in the largest quarterly profit reported by a company, with device sales rising 29.5 percent in the final three months of 2014 to $74.6 billion,

By Catholic Online (NEWS CONSORTIUM)

How big is Apple? The creator of the iPhone and tablets is SO BIG that it is now currently twice as big as its second-closest rival, ExxonMobil. This is being reflected in the stock market, where shares in Apple jumped 2.7 percent at the start of the week to ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Acts 4:8-12
8 Then Peter, filled with the Holy Spirit, addressed ... Read More

Psalm, Psalms 118:1, 8-9, 21-23, 26, 21, 29
1 Alleluia! Give thanks to Yahweh for he is good, for ... Read More

Gospel, John 10:11-18
11 I am the good shepherd: the good shepherd lays ... Read More

Reading 2, First John 3:1-2
1 You must see what great love the Father has ... Read More

Saint of the Day

Saint of the Day for April 26th, 2015 Image

St. Cletus
April 26: St. Cletus was the third bishop of Rome, and succeeded St. ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter