Reserve Currency News
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Pacific Investment Management Co., home to the world’s biggest fixed-income fund, is shying away from risky assets as it sees a growing disconnect between the performances of financial markets and the global economy.
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The euro is under pressure as sovereign-wealth funds and central banks move reserves back into dollars or diversify into other currencies, Samarjit Shankar, a Boston-based managing director for the foreign-exchange group at Bank of New York Mellon Corp., said at a round-table with reporters in Tokyo.
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Most U.S. stocks rose, led by financial shares, as the Standard & Poor’s 500 Index extended its rally past 1,600. The euro fell as European Central Bank President Mario Draghi said policy will remain accommodative and the ECB will act again to boost growth if needed.
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History has been kind to Bretton Woods, the international economic conference that took place in the mountains of New Hampshire in the summer of 1944.
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Yuan forwards headed for the biggest monthly advance since January 2012 on expectations China will allow appreciation to pick up as the currency becomes more widely used for trade and investment globally.
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Central banks bought the most gold since 1964 last year just before the collapse in prices into a bear market underscored investors’ weakening faith in the world’s traditional store of value.
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Britain lost its top credit grade at Fitch Ratings, which cited a weaker economic and fiscal outlook as it became the second company to cut the country’s rating within two months.
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Prime Minister Vladimir Putin said Russia is succeeding in its effort to turn the ruble into a regional reserve currency as other former Soviet republics adopt it for trade.
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French Finance Minister Christine Lagarde said a world with a single reserve currency is vulnerable to economic crises, underlining the need for more global policy coordination in the face of trade imbalances.
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Russia’s ruble is becoming a regional reserve currency, Bank Rossii First Deputy Chairman Alexei Ulyukayev said.
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