Dollar dumped on China economy jitters

AFP, TOKYO: Currency traders dumped the dollar yesterday on the back of a global equities rout, as fears about China and the global economy hammered sentiment and sent investors fleeing into safer investments.
The greenback dropped to 121.19 yen from 122.06 in New York on Friday and sharply down from above 124 yen on Thursday in Asia.
The euro rose to $1.1451 from $1.1386, while it weakened to 138.77 yen from 138.97 yen in US trade.
Jitters over China and the global economy saw traders move into the yen -- a safe haven in times of turmoil and uncertainty -- as stocks markets around the world plunge. Shanghai shares yesterday tumbled more than eight per cent in the morning, while Tokyo's benchmark stock index dropped 3.21 per cent by the break.
Investor fears have spiked on concerns the world's second-biggest economy is slowing more than previously thought after China's central bank devalued the yuan in a shock move seen as a bid to boost sagging exports.
On Friday, China reported weak manufacturing data, fuelling concerns among investors over the clouding outlook for the world economy.

Dollar dumped on China economy jitters

AFP, TOKYO: Currency traders dumped the dollar yesterday on the back of a global equities rout, as fears about China and the global economy hammered sentiment and sent investors fleeing into safer investments. The greenback dropped to 121.19 yen from 122.06 in New York on Friday and sharply down from above 124 yen on Thursday in Asia. The euro rose to $1.1451 from $1.1386, while it weakened to 138.77 yen from 138.97 yen in US trade. Jitters over China and the global economy saw traders move into the yen -- a safe haven in times of turmoil and uncertainty -- as stocks markets around the world plunge. Shanghai shares yesterday tumbled more than eight per cent in the morning, while Tokyos benchmark stock index dropped 3.21 per cent by the break. Investor fears have spiked on concerns the worlds second-biggest economy is slowing more than previously thought after Chinas central bank devalued the yuan in a shock move seen as a bid to boost sagging exports. On Friday, China reported weak manufacturing data, fuelling concerns among investors over the clouding outlook for the world economy.