Yuan Falls 0.7%
China’s Yuan fell 0.7 percent after a rate cut by the Bank of China and continued declining demand for Chinese exports. More
BOJ to Hold Emergency Meet on Tuesday
The Bank of Japan will hold an emergency meeting on Tuesday and Governor
Masaaki Shirakawa warned credit strains were driving up corporate
borrowing costs at the fastest pace since Japan’s financial crisis a
decade ago. The BOJ policy board will hold a meeting from 1 pm Tokyo time
on Tuesday to discuss measures to help corporate finance, and Shirakawa
will hold a news conference at 3:30 pm, the central bank said. More
UK “closer” to Adopting the Euro
The UK is “closer than ever before” to joining the euro, according to the
European Commission’s president, Jose Manuel Barroso told French radio
that British politicians were considering the move because of the effects
of the global credit crunch. More
Australian, New Zealand Dollars Decline on Stocks, Rate Cuts
The Australian and New Zealand dollars dropped the most in a week as
regional stocks fell and economists forecast that the two nations’ central
banks will slash borrowing costs this week to boost domestic growth. More
