Hong Kong Exchange (HKEx) will offer after-hours trading in yuan futures starting from April 7, Reuters reported. According to HKEx CEO Charles Li, “Last week people saw that the renminbi is not a one-way street…RMB volatility is here stay.”
2013 was a year of anticipation and perhaps disappointment. For those hoping the 2012 election would have settled some of the dysfunction in Washington, that did not happen. In fact, we doubled down on fights already settled as if there were no new business. Equity markets impressed, but few saw it as anything other than the hand of the Fed. Mercifully, the Fed signaled the beginning of the end of QE3 by year-end.
With Janet Yellen confirmed as the new Fed chairman, gold is now focused on the different economic trajectories of the various major economies. The U.S. is strengthening while the U.K. is trying to cool off its hot housing market.
Joaquín Almunia, Commission Vice-President in charge of competition policy, said: “What is shocking about the LIBOR and EURIBOR scandals is not only the manipulation of benchmarks, which is being tackled by financial regulators worldwide, but also the collusion between banks
The gold and stock markets cheered on the words of Janet Yellen, the Fed chairman nominee. In her testimony on Wednesday, she said that the Fed should not withdraw the stimulus too soon in the face of a fragile recovery.