Forex News

The Bank Indonesia increased the interest rates today for its third meeting in a row to efficiently fight the accelerating inflation caused by the growing food and oil prices.

The Chinese yuan rose to the highest rate against the U.S. dollar since the scrapping of the peg in 2005 as the investors expected China to quicken yuan gains in order to cut the inflation growth.

The Central Bank of Chile will be buying the U.S. dollars in 2008 in order to stimulate the economy by the weaker national currency.

The Chinese yuan rose to the highest rate against the U.S. dollar since the end of the yuan’s peg to dollar in 2005 as the government is believed to start fighting the domestic inflation rate more devotedly.

The Chinese yuan rose to its new highest rate against the U.S. dollar since the end of a currency’s peg to the dollar in 2005.

Today was the fifth straight day when the Chinese yuan grew against the U.S. dollar and other major Forex currencies after the People’s Bank of China introduced its new anti-inflation policy.

The Central Bank of the Russian Federation will probably stop intervening into the national currency market in order to strengthen the ruble against the U.S. dollar and hold down the growing inflation.

The European Central Bank council member and the governor of the Bank of Italy, Mario Draghi said yesterday that the monetary policy should be tightened in case the inflation in Eurozone will start to cross the target borders.

Central Bank of Chile decided yesterday to raise the main national lending rate from 6.00% to 6.25% in order to reduce the threat level of the rising inflation, which has now reached its highest level in almost ten years.

Chile’s Consumer Price Index increased unexpectedly last month by more than analysts forecasted, increasing the odds that the Central Bank of Chile will raise the refinancing interest rate on the next week’s meeting to fight the record breaking high inflation.