Asian Currencies Gain, Led by Rupee, on Global Easing Optimism - Bloomberg
Asian currencies strengthened, led by
India’s rupee, on speculation central banks in the world’s biggest economies will ease monetary policies to spur growth. The rupee advanced for a fourth day, its longest winning streak in five months, and the Bloomberg-JPMorgan Asia Dollar Index was headed for its highest close in seven weeks. The
European Central Bank will cut its
benchmark interest rate at a July 5 meeting, according to 51 of 62 forecasts in a Bloomberg survey. Speculation the Federal Reserve will act was boosted by data yesterday that showed U.S. manufacturing shrank for the first time since July 2009.
China should cut banks’ reserve- requirement ratios, the state-run China Securities Journal said today in a front-page commentary.
SANTO DOMINGO, Dominican Republic – One of the world's largest gold mining operations is about to open in the Dominican Republic, where the industry has a toxic legacy of pollution that stained rivers a searing red and failed to lift the fortunes of this largely poor country. Abandoned 13 years ago by state-owned Rosario Dominicana, the Pueblo Viejo mine left behind an environmental mess and a cluster of depressed mountain towns. Now, a joint venture by the world's two biggest gold companies, both of them Canadian, is launching a much larger operation at the site within weeks. Officials promise it will be radically different from the previous one, and will be managed to prevent environmental damage, in addition to underwriting the cleanup of past contamination and providing billions of dollars for the country, especially in the mining region in the forested mountains north of the capital.
