Weak Dollar Fuels China's Buying Spree Of U.S. Firms
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SHANGHAI -- From his posh office in a coastal city in eastern China, millionaire Zhou Jiaru oversees more than 100 workers at an auto parts refurbishing factory he purchased in a struggling manufacturing town on the other side of the world.
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(130 sec.) Foreign investors are taking advantage of a weaker dollar by buying a record amount of U.S. stocks.
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Foreign exchange markets felt the impact of China's growing economic muscle this week when a report claiming the country's central bank had sold US Treasuries helped push the euro to all-time highs, underscoring market sensitivity about a possible yuan revaluation.
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China has been cutting dollar assets in its foreign exchange reserves to avoid losses stemming from the weakening of the US currency, the China Business News said on Friday.
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Asian shares retreated on Wednesday,  tracking losses in U.S. stocks, and pressured by a weak dollar  which sat close to a record low struck against the euro late on  Tuesday.
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NEW YORK : The dollar swung lower after a disappointing report from the Philadelphia Federal Reserve that prompted fears of weaker US industrial activity than economists had been expecting.
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The dollar finished lower versus major  currencies on Tuesday after weaker-than-expected U.S. consumer  confidence and regional manufacturing reports opened the door  to some profit-taking.
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The dollar fell to new lows on Friday on rumours that China may shift some of its currency reserves away from the greenback, highlighting the extent of dollar-related jitters in financial markets.
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U.S. stock index futures pointed to a weaker market open on Friday after China's central bank made a surprise announcement that it will increase bank's reserve requirements, potentially sending U.S. materials and industrial shares lower.
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Chinese companies are starting to pursue North American and European electronics and consumer brands as their government pushes them to build global sales forces for their low-cost products.
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The dollar is likely to drop on concern that international investors are scaling back purchases of US assets, according to a Bloomberg survey of currency traders and strategists.
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The dollar weakened against major  currencies on Wednesday after a below-consensus snapshot of  regional U.S. business activity  kept the currency under  selling pressure.
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The decline of the dollar over the past few weeks may cast a worrying shadow over the U.S. economy, but it could boost results for some corporations.
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Big Asian companies are increasingly interested in investing in China, India and Vietnam while their appetite for investments in the U.S. is starting to fade.
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The dollar hit a six-month low against  the yen and drifted near recent eight-month lows versus the  euro on Friday as investors considered the effect of China's  interest rate hike on currencies and the U.S economic outlook.
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Fears of further dollar weakness sent shares in Asian exporters sharply lower on Monday, after a meeting of the Group of 20 rich and developing nations said nothing to arrest its fall.
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The dollar weakened on Wednesday on  dealers' renewed concern about the ability of the United States  to finance its trade and current account deficits, causing a  recent rebound in the currency to fizzle out.