| China Yuan Official Central Parity Rates For Thursday
The daily central parity rate for the yuan versus the U.S. dollar is the weighted average of prices given by market makers. The highest and lowest offers are excluded from the calculation. In each daily trading session, the central bank allows the dollar-yuan rate to move no more than 0.5% above or below the central parity rate. Other currency pairs are allowed to move as much as 3% above or below the central parity rate. Source: www.chinamoney.com.cn -By China Bureau, Dow Jones Newswires; 8621 6120-1200; djnews.shanghai®dowjones.com (END) Dow Jones Newswires May 07, 2008 21:18 ET (01:18 GMT) Copyright 2008 Dow Jones & Company, Inc. .
Exchange rates tumble after RBZ currency floatation
EXCHANGE rates on the black market tumbled Thursday and Friday after Wednesday's announcement by the central bank that it was to float the Zimbabwe dollar. Rates for money transfers which had peaked at £1:Z$420 million this week, went down dramatically to Z$230 on Fiday as money transfer agents assessed the impact of the floatation on the currency market. Previously, exchange rates had been fixed at Z$30,000 to the US dollar, although rates on the parallel market were as high as Z$200 million. Reserve Bank of Zimbabwe Governor Gideon Gono said the country would move away from the current exchange rate to a willing buyer, willing seller policy. "Under this framework, authorised dealers will match sellers and buyers of foreign exchange guided by a predetermined priority list as set from time to time by the Reserve Bank" the governor said in his monetary policy speech.
Treasurys rally as Wall Street worries about oil, recession
Treasury prices advanced Wednesday as investors unnerved by crude oil's record-breaking run pulled money out of the stock market and transferred it to the safety of government debt. Investors began to fear the impact of inflation on consumer spending and in turn the entire economy as crude approached $124 a barrel on the New York Mercantile Exchange. This lifted demand for Treasurys, sending yields tumbling in both short- and long-term maturities. "We're watching energy quotes very closely, they are kind of in their own world," said Jay Mueller, an economist with Strong Capital Management. "We continue to follow the lead of the equity market ... oil seems to be dominating everything." Oil prices have doubled over the past year, causing the price of gasoline and just about everything else in the economy to rise and weigh on cash-strapped consumers.
Zimbabwe: Profit Takers Put Brakes on Stock Market
Profit takers brought down the stock market yesterday as money market rates firmed significantly following the hike in accommodation rates last week. At the close of trades yesterday, the industrial index lost 9,43 percent to 115 437 357 122,80 points and the mining index fell 19,47 percent to fall below 100 billion points at 95 591 783 759,94 points. Bindura led the fallers with a $150 million loss to $300 million .
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