Forex News and Rumors for September 26th, 2008 – Afternoon Update

Chinese Banks Move to Limit FX Transactions with U.S. and European Financial Companies

Citing concerns over continued tightening of the global credit markets, Chinese banks are scaling back interactions with international firms in the interbank market.

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Asian Currencies Fall Over Uncertainty with U.S. Bank Rescue Plan

As talks continue in Washington, Asian currencies continue to fall over fears that a recession in the U.S. will reduce demand for exports.

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Actual Growth in Second Quarter Down From Original Estimate

The U.S. Commerce Department lowered second quarter Gross Domestic Product (GDP) numbers to 2.8% from its initial 3.3% estimate a few weeks ago.

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Buffett Urges Congress to Pass Bail-Out Plan

America’s top investor lobbied Congress to pass the bill to provide funds to take billions of dollars of toxic sub prime debt off the balance sheets of the nation’s financial institutions. Citing that Congress must “do the right thing”, Warren Buffet urges to act now and “let historians decide [later] who to blame”.

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