ShoppingMarket Report - Asia Falls on China Concerns
2010-06-23 10:43
In today’s market report… Asian stocks slid as an unexpected fall in U.S. home sales added to worries about the fragile state of the global economic recovery, while optimism over China's promise to make the yuan more flexible faded further.
Global markets had jumped earlier in the week as China's plans for currency reforms raised hopes of more purchases of foreign goods, but the realization soon set in that any appreciation would be slow.
On Wednesday the Chinese central bank set the yuan's mid-point even lower, indicating again that currency flexibility was two-way.
Meanwhile, senior sources say that the Agricultural Bank of China will price the Hong Kong part of its likely record $23 billion IPO at no less than $2.80 HK Dollars a share.
Founded in 1951, Agbank is the last of China's four big state banks to go public, and will be the world's largest ever IPO.
Global markets had jumped earlier in the week as China's plans for currency reforms raised hopes of more purchases of foreign goods, but the realization soon set in that any appreciation would be slow.
On Wednesday the Chinese central bank set the yuan's mid-point even lower, indicating again that currency flexibility was two-way.
Meanwhile, senior sources say that the Agricultural Bank of China will price the Hong Kong part of its likely record $23 billion IPO at no less than $2.80 HK Dollars a share.
Founded in 1951, Agbank is the last of China's four big state banks to go public, and will be the world's largest ever IPO.
