US markets opened strongly today as global stock markets thrive on news China is likely to end its currency peg with the dollar.
The Dow Jones has opened 1.32% ahead to 10588.95, led by aluminium producer Alcoa, 3.87% up. The broader S&P 500 climbed 1.19%, while the tech-heavy Nasdaq advanced 1.22%
In London, the FTSE 100 is 0.93% higher in mid-afternoon trading, with mining stocks upbeat on the Chinese action. In addition, the French CAC 40 and German Dax are 1.45% and 1.16% ahead respectively.
It follows a buoyant Monday in Asia, with the Nikkei 225 advancing 2.43% and Hong Kong's Hang Seng up 3.08%.
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 and Xstrata are all more than 5% higher. Troubled oil major BP remains the leader of the losses, falling BP 3.57%.
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