Global stock markets are appreciating sharply today on news China is likely to end its currency peg with the US dollar.
The FTSE 100 is more than 55 points ahead at 5,306 as of shortly before midday, with mining stocks upbeat on the Chinese action. Elsewhere, the French Cac 40 has advanced 1.65% while the German Dax is up 1.44%.
It follows a buoyant Monday in Asia, with the Nikkei 225 advancing 2.43% and Hong Kong's Hang Seng is up 3.03% in late morning trade.
The Chinese central bank said in a statement on Saturday it would increase the flexibility of the exchange rate, which after nearly two years is set to lead to a gradual appreciation of the renminbi against the dollar.
US President Barack Obama, who has been a vocal critic of Chinese interest rate policy, welcomed the move.
"China's decision to increase the flexibility of its exchange rate is a constructive step that can help safeguard the recovery and contribute to a more balanced global economy," he says.
In London, Mining giants Rio Tinto, Vedanta Resources, Kazakhmys and Xstrata are all more than 4% higher. Troubled oil major BP lost the most, droppingmore than 12p, or 3.5%, to 344.9p.
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