China’s Hint on Euro Drives Stocks, Dollar Down – Neil Irwin

From Washington Post:

The value of the dollar fell sharply Wednesday, as did the stock market, after the Chinese government signaled that it may slow its purchases of U.S. assets. The Dow Jones industrial average plummeted 361 points, or 2.6 percent, as the dollar fell to an all-time low relative to the euro and was sharply lower against other currencies. The fall in stocks reflected worries that the dollar would continue to slide, which would make the dollar-based earnings of U.S. companies less valuable relative to foreign investments.

Top Chinese officials suggested at a conference Wednesday that they would direct more of their future reserves into European assets ” that the euro, not just the dollar, would increasingly be a currency of choice. [Full Text]

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