NEW YORK, Nov. 10 (Xinhua) -- The U.S. dollar was mixed against major
currencies on Monday as China's massive economic stimulus boosted confidence in
financial markets while recession worries still dominated foreign exchange
China said Sunday it will loosen credit conditions, cut taxes and embark on
a massive infrastructure spending program in a wide-ranging effort to offset
adverse global economic conditions by boosting domestic demand.
The stimulus package estimated at 4 trillion yuan (about 570 billion U.S.
dollars) will be spent over the next two years to finance programs in 10 major
areas, such as low-income housing, rural infrastructure and public utility.
The plan sent major stock markets in Asia and Europe higher on Monday. Wall
Street opened higher, also helped by news that the U.S. government is providing
another 40-billion-dollar financial assistance to insurance giant American
International Group Inc. (AIG).
But worries over a global recession took over in late trading. The euro and
the pound gave back gains as risk appetite in foreign exchange market faded.
Analysts said the dollar and the yen would remain strong as economic outlook
The euro bought 1.2764 dollars in late New York trading compared with
1.2746 dollars it did late Friday. The pound fell to1.5602 dollars from 1.701
The dollar rose to 1.1789 Swiss francs from 1.1774 Swiss francs, and fell
to 97.88 Japanese yen from 98.11 Japanese yen. It rose to1.1934 Canadian dollars
from 1.1878 Canadian dollars.