Euro Strengthens After China Says Taken Steps to Help Europe
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The euro rose from near a two-week low against the dollar and yen after Chinese Vice Premier Wang Qishan said his nation had taken “concrete action” to help the European Union with its debt problems.
The single currency strengthened against 14 of its 16 major counterparts on speculation investments by China, which holds a record $2.65 trillion in foreign-exchange reserves, will ease Europe’s sovereign fiscal crisis and boost the allure of assets in the region. The yen reached a one-week high versus the dollar on speculation Japanese exporters bought the currency to bring home funds before the end of the year.