Market report: Asia Stocks, China Revalues Yuan
Asia stocks were mixed on Thursday. Japan was down, with the Nikkei falling 1.3 percent on growing worries about a slowing world economy.
Exporters such as Toyota fell as the yen rose versus the U.S. dollar. Toyota announced its plans to form a new alliance with Daihatsu Motor and Fuji Heavy Industries.
Other Asian indexes, meanwhile, rose...on hopes for healthy earnings.
Taiwan shares jumped to a near 3-week high. Taipei shares were boosted by big technology firms such as TSMC. Investors are hoping the chip sector will recover steadily from a weak first quarter.
In currency news, China's central bank has set the yuan at 6.992 against the U.S. dollar. It's the first time the currency has broken through the 7-yuan-per-dollar mark since it was unpegged from the dollar in 2005.
The yuan is not free-floating, however, and is still pegged to a "basket of currencies" determined by the central bank.
Author: NTDTV
Keywords: ntd ntdtv news economy finance asia stocks market report
Added: April 11, 2008
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