foreign currency news stories on Newser

Canada's New $100 Bill Made of Plastic

Evann Gastaldo — Wed, 16 Nov 2011 15:30:05 CST

Starting this week, you can pay with plastic in Canada—without incurring any credit card debt. The Bank of Canada put a new $100 bill made out of polymer into circulation, the Globe and Mail reports, and banks stopped issuing the old paper notes Monday afternoon. Polymer $50 bills are...

Senate Warns China of Sanctions Over Currency

Tue, 11 Oct 2011 16:00:00 CDT

The Senate voted today to threaten China with higher tariffs on Chinese products made cheap through an artificially undervalued currency, which lawmakers blame for destroying American jobs. The House of Representatives, though, is unlikely to take up the bill, which some American businesses warn could trigger a trade war. The...

China Sets Yuan Rate at New High

Matt Cantor — Mon, 26 Sep 2011 12:54:15 CDT

China has set the guiding rate for the yuan at its highest yet, despite investors worldwide pushing the currency downward, the Wall Street Journal reports. The move points to China’s central bank’s resolve not to let global economic concerns foil its long upward push for the yuan, a shift which...

'Guidelines,' No Specifics, at G20

Matt Cantor — Fri, 12 Nov 2010 10:07:37 CST

G20 leaders have agreed to curb “persistently large imbalances” in saving and spending and set “indicative guidelines” against trade imbalances, but more specific decisions on how to identify and fix said imbalances were left until next year, reports the New York Times . The finance minsters are to agree on these...

House Votes to Sanction China Over Currency

Thu, 30 Sep 2010 05:50:00 CDT

The House has approved legislation that would allow the US to seek trade sanctions against China and other nations for manipulating their currency to gain trade advantages. The 348-79 vote yesterday sends the measure to the Senate, where its prospects are unclear. Senate supporters hope to get a vote on...

China Ditching Dollar for Own 'Redback'

Jason Farago — Mon, 03 Aug 2009 05:46:02 CDT

China is speeding up efforts to encourage the use of its currency in international trading, with analysts predicting that the Chinese renminbi will become one of the three top currencies by 2012, reports the Times of London. In recent months Beijing has inked currency-swap deals with central banks from Korea...

Swine Flu Sends Travel Stocks Falling

Jason Farago — Mon, 27 Apr 2009 06:39:01 CDT

Stocks declined worldwide today, with travel companies leading losses as investors gave their first reaction to the outbreak of swine flu. Airlines took a pummeling—Lufthansa fell more than 12%, British Airways 8.7%—and tour operators like Carnival also suffered sharp drops. But pharmaceutical companies did well: drugmaker Roche,...

'Viking Bankers' Pillaged Iceland

Katherine Thompson — Thu, 05 Mar 2009 02:48:25 CST

The bankers who ruined Iceland’s economy possessed the mentality of its fishermen—daring, aggressive, and devoted to the “lucky catch," Michael Lewis writes in Vanity Fair. It's no surprise—after all, they were the sons of fishermen whose massive profits helped modernize Iceland in the 1970s. But speculating on foreign...

Russia's Credit Rating Lowered

Kevin Spak — Tue, 09 Dec 2008 13:59:13 CST

The plummeting ruble might just bankrupt Russia, the Financial Times reports. Standard and Poor’s has dropped the G8 member’s credit rating from BBB+ to the lowly BBB, warning that the country may have to spend all $200 billion in its sovereign wealth funds to recapitalize the banking system and cover...