Latest News:  


U.S. dollar strengthens on Fed tapering speculation


12:38, July 13, 2013

NEW YORK, July 12 (Xinhua) -- The U.S. dollar gained against other major currencies Friday as investors bet the Federal Reserve will cut monetary stimulus earlier than the European Central Bank.

Charles Plosser, president of the Philadelphia Fed Bank, suggested Friday that the Fed should begin tapering its bond- buying plan soon by the end of this year.

"That would be a healthy thing for the economy. We can do it gradually. We don't want to create another housing boom and we have to be careful of the unintended consequences of our policies, " Plosser said.

Minutes of the June 18-19 Federal Open Market Committee meeting released Wednesday showed that top officials of the central bank remained divided on when to taper off the massive bond purchases program.

Analysts believed that Fed may soon start to scale back stimulus program, while the European Central bank and Bank of Japan were more likely to continue to ease monetary policies.

In late New York trading, the euro lost to 1.3061 dollars from 1. 3104 dollars of the previous session and the British pound decreased to 1.5104 dollars from 1.5192 dollars. The Australian dollar dropped to 0.9059 dollars from 0.9176 dollars.

The dollar bought 99.38 Japanese yen, higher than 99.03 yen of the previous session. It edged up to 0.9467 Swiss francs from 0. 9463 Swiss francs and moved up to 1.0391 Canadian dollars from 1. 0374 Canadian dollars.

We Recommend:

How did Chinese solar industry go bankrupt?

Born to lead: 2nd gen of Chinese tycoons

Chinese graduates’ unconventional jobs

China's largest railway terminal officially opens

Dazzling gems shine at Beijing jewelry show

Boeing 787 Dreamliner to serve Beijing-Haikou route

New high-speed rail linking Nanjing, Ningbo opens

Jiaxing-Shaoxing Sea Bridge in E China

Chinese investors' happiness and sadness

Email|Print|Comments(Editor:WangXin、Wang Jinxue)

Leave your comment0 comments

  1. Name


Selections for you

  1. Snowden seeks political asylum in Russia

  2. China, Russia hold largest-ever joint naval drills

  3. Chinese female sailors

  4. Taiwan braces itself for arrival of Soulik

  5. Rising water level surges Hukou Waterfall

  6. Workers restore bridge's damage caused by flood

  7. Feng to direct CCTV Spring Festival Gala

  8. Items of Xinjiang Presents Design Competition

  9. Model poses at Changchun auto show

  10. 2013 China Int'l Boat Show kicks off

Most Popular


  1. Chinese economy not to take hard landing
  2. RMB becomes more market-oriented: official
  3. High hopes for high-tech export reform
  4. China's automobile organization slams car limits
  5. Shortage of teachers hurts kindergartens
  6. Building on past successes
  7. Inflow of 'hot money' tackled, expert says
  8. Caution urged in seeking experts from abroad
  9. China didn't cause German solar firms' bankruptcy
  10. China, U.S. discuss cyber security

What’s happening in China

China's Chongqing issues orange-coded alert of heat

  1. Typhoon Soulik approaching Taiwan
  2. China counts on multicultural talents
  3. Zoo crocodiles killed by visitors
  4. Books on dating become a hit 24 years later
  5. Counting the cost of living in Beijing