| Nasdaq follows Cisco's lead
Cisco's strong earnings gave a boost to the technology sector Wednesday, pushing the Nasdaq composite closer to a six-year high. However, the Dow gave up attempts at another record-breaking close after an early advance petered out. The Nasdaq (up 19.01 to 2,490.50, Charts) composite added 0.8 percent, moving closer to a six-year high set last month. .
Rolls-Royce tops forecasts despite rising costs
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Yuan bonds a monumental step for HK, says banker
HONG KONG, Feb 9 (Reuters) - The launch of yuan-denominated bonds in Hong Kong, expected in the second quarter, is a monumental step in Hong Kong's aim to become an offshore trading centre for China's currency, the head of Bank of China (Hong Kong) Ltd , said on Friday. Beijing last month gave the green light for Chinese financial institutions to issue bonds denominated in the Chinese currency, also known as the renminbi, in Hong Kong. He Guangbei, chief executive of Bank of China (Hong Kong), said bond issues would create a market for yuan products and trigger development of more products to accommodate investors. "I believe this represents a monumental step in Hong Kong's development as a primary renminbi offshore centre," He told a business lunch. China is seen wanting to use the territory as a test case for liberalising capital controls.
Cutting the currency Gordian knot
True professionals can make a difficult task look easy, but this is not the case for currency traders. Over the past two years, the performance of six widely-followed indices for currency-only money managers - the Barclay Currency Traders Index, the BTOP FX Index, the Center for International Securities and Derivatives Markets assetweighted index, the CISDM equal-weighted index, the Parker FX Index and the AFX index - has been either negative or insignificantly positive, with the exception of the CISDM equal-weighted index over 24 months (up 7.82 per cent). However, professional traders can make life unnecessarily difficult for themselves by getting lost in all of the interlocking factors, including macroeconomic fundamentals, geopolitics and each country's yield curve, that affect the $2trn-a-day global currency market.
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