China's central bank said on Thursday there was no reason for the yuan to fall further given the country's strong economic fundamentals, in a bid to reassure jittery global markets after it devalued the currency earlier in the week.
China's yuan hit a four-year low on Wednesday, falling for a second day after authorities devalued it in a move that sparked fears of a global currency war and accusations that Beijing was unfairly supporting its struggling exporters.
Life in Egypt is about to get harder for ordinary people who will bear the brunt of inflation caused by a decline in the value of their currency. As elections approach, President Mohamed Mursi's Muslim Brotherhood may pay a
The Egyptian pound fell to its weakest in almost eight years as concerns the government might devalue or place restrictions on currency movements prompted citizens to pile into dollars, forex traders said.
Egypt's politicians and central bankers are in the business of downplaying fears over a currency. New Islamist President Mohamed Mursi, however, hasn't left himself much room for manoeuvre after ruling out a widely anticipated devaluatio