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11-12-2009, 07:50 PM #1
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World Tries to Buck Up Dollar
NOVEMBER 12, 2009
World Tries to Buck Up Dollar
Thailand, Korea, Russia Seen Buying U.S. Currency; Pressure on China to Boost Yuan
BY JOANNA SLATER, WILLIAM MALLARD AND BOB DAVIS
Governments around the world stepped up efforts to stem the U.S. dollar's slide, as officials grow increasingly concerned about the impact of the weak greenback on their nascent economic recoveries.
Thailand, South Korea, Russia and the Philippines have been snapping up dollars this week in order to hold down the value of their currencies, traders said Wednesday, as the U.S. currency wallowed near 15-month lows.
In Latin America, Brazil's finance minister said the country's currency remained too strong, sparking speculation that the government would intensify recent efforts to curb the real's ascent.
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