Euro falls amid worries over Spain (2)

12:43, May 25, 2010      

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Spain's economy needs far-reaching and comprehensive reforms, the International Monetary Fund (IMF) said on Monday. The fund forecasts a weak and fragile recovery for Spain, citing severe challenges including a dysfunctional labor market, the deflating property bubble, a large fiscal deficit, heavy private sector and external indebtedness, anemic productivity growth, weak competitiveness, and a banking sector with pockets of weakness.

Chinese President Hu Jintao reiterated on Monday that China will continue to steadily advance the reform of the formation mechanism of the RMB exchange rate under the principle of independent decision-making, controllability and gradual progress.

U.S. Treasury Secretary Timothy Geithner said he welcomed comments by Chinese leaders that reflect Beijing's recognition of the importance of reforming the yuan exchange rate. Allowing the exchange rate to reflect market forces is important, Geithner said. Currency trading showed little reaction to his comments.

The euro bought 1.2378 dollars in late New York trading compared with 1.2570 dollars it bought late Friday. The pound fell to 1.4430 dollars from 1.4482 dollars.

The dollar rose slightly to 1.0599 Canadian dollars from 1.0592 Canadian dollars, and rose to 1.1587 Swiss francs from 1.1490 Swiss francs. It rose to 90.37 Japanese yen from 89.98 Japanese yen.Source:Xinhua
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(Editor:黄蓓蓓)

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