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Archive for December 3rd, 2008

Yuan Trades Near Five-Month Low as China Seeks to Boost Exports

By Judy Chen and Belinda Cao
Dec. 3 (Bloomberg) — China’s yuan traded near the lowest in more than five months, falling by the 0.5 percent limit from the daily reference rate, on speculation policy makers favor a weaker currency to support exports.

British Pound Climbs Against Dollar After Equities Rebound

By Gavin Finch and Matthew Brown
Dec. 2 (Bloomberg) — The pound rose against the dollar as stock advances in Europe rekindled risk appetite, spurring demand for the U.K. currency.

Ruble Plunge Prompts Doubling of Reserve Spending, Survey Shows

By Emma O’Brien
Dec. 2 (Bloomberg) — Russia’s central bank probably doubled spending of foreign reserves to defend the ruble from its biggest weekly plunge against the euro in more than four years, according to the median of 10 analyst estimates.

Mexico to Require Companies to Detail Derivative Bets

By William Freebairn
Dec. 2 (Bloomberg) — Mexico’s securities regulator will force companies to provide a more detailed explanation of their derivative holdings, mirroring a move by Brazil, after wrong-way bets triggered more than $3 billion in losses.

Latin America Currencies: Argentina’s Peso Falls for 15th Day

By Drew Benson and Andrea Jaramillo
Dec. 2 (Bloomberg) — Argentina’s peso fell for a 15th day, its longest losing streak since the government abandoned a one- to-one peg with the dollar in 2002, as the central bank seeks to smooth out a slide sparked by a tumble in commodity exports.

Currency Funds Had Best Month Since 2003, Parker Says

By Jamie McGee
Dec. 2 (Bloomberg) — Foreign-exchange funds had their biggest monthly returns in October since 2003 as investors sold higher-yielding assets and bought the U.S. dollar, according to Parker Global Strategies LLC.