Currency is a method of payment which can be used to purchase goods and services. Each country has its own currency – if it wants to trade with another country, exchange rates have to be considered. Monetary policies are set by the central bank or the finance ministry.
World Snapshots: Many countries use the same name for their currencies – Australia, Canada, Hongkong and the United States. In contrast, several european countries have chosen to use the same currency, the Euro, to become more competitive and create a single trading zone. Currency convertibility is important for trade and investing. World economies and financial markets are increasingly connected - latest currency news reports give a snapshot of how economies are coping in these times.
Let’s take a look at some of the latest currency news headlines for an idea on what is happening across the world.
Other countries making latest currency news headlines are Turkey, Russia and Canada. Their currencies are getting stronger as they are able to keep trade deficits low. Canadian government bonds are a much sought after investment. The Ruble is on a rebound against the dollar as crude oil prices are raising and Russia is a major player in the oil market. The Turkish lira and bonds strengthened when Turkey divested itself of $750 million dollars in auctions.
The Chinese Renminbi has made steady gains and one of the better performing currencies in the world. It is not a fully convertible currency yet, just like the Indian Rupee. Some countries have expressed concern over this, but China is coming out and making its mark as a player on the world stage.