NEW YORK Alex Killorn Jersey , July 21 (Xinhua) -- The U.S. dollar traded lower against most major currencies on Friday as investors continued to ponder on European Central Bank (ECB)'s latest decision.
The ECB President Mario Draghi said on Thursday that "a very substantial degree of monetary accommodation" is still needed to support the euro area to move towards a sustained convergence of inflation rates to levels below, but close to two percent over the medium term."
The bank decided Thursday to keep key interest rates for the euro area at record lows.
Meanwhile, analysts said there appear to be growing concerns that Trump's pro-growth agenda, including tax reform, infrastructure spending and deregulation may take longer to pass than initially thought.
There are no major economic data due on Friday.
The dollar index Chris Kunitz Jersey , which measures the greenback against six major peers, was down 0.44 percent at 93.887 in late trading.
In late New York trading, the euro rose to 1.1678 dollars from 1.1625 dollars, and the British pound increased to 1.3001 dollars from 1.2976 U.S. dollars in the previous session. The Australian dollar edged down to 0.7921 U.S. dollar from 0.7961 U.S. dollar.
The U.S. dollar bought 111.07 Japanese yen, lower than 111.87 yen of the previous session. The U.S. dollar fell to 0.9440 Swiss franc from 0.9515 Swiss franc Tyler Johnson Jersey , and it edged down to 1.2534 Canadian dollars from 1.2568 Canadian dollars.
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by Xinhua writer Gao Wencheng
BEIJING, July 19 (Xinhua) -- China's efforts to rigorously reform and continue opening up of its financial sector will contribute to global efforts to contain risks, said analysts.
Against the backdrop of weak recovery from the financial crisis and policy uncertainties around the globe Anton Stralman Jersey , a series of conferences were held recently in China to soberly delve into existing risks and possible ways to fend them off.
Although U.S. Federal Reserve Chair Janet Yellen has recently suggested that we might not experience another financial crisis "in our lifetimes," it is still too early to declare victory.
There exists risks for the United States pursuing a clean-up of balance sheet. Efforts to shore up the banking sector in parts of Europe are still lagging behind.
Speaking of global financial risks, Bao Jianyun, a professor on world economy at the Renmin University of China, told Xinhua that "with the developed economies still on a slow-growth trend Mikhail Sergachev Lightning Jersey , western countries should strictly prevent their financial markets from systemic risks."
Appetite of top financial policymakers is shifting from crisis firefighting to domestic growth in some western countries. For instance, U.S. President Donald Trump's administration is proposing to roll back many of post-crisis financial regulations.
Ou Minggang, director of international finance research center at China Foreign Affairs University, said "the new president's new deregulation plan may benefit his country in short time but would add risks to international financial system."
The major risks facing Europe are the withdrawal of monetary stimulus by the European Central Bank and possible scenarios amid the Brexit.
Such uncertainties have resulted in "confidence risks," especially after protectionist moves by some countries to close their doors to overseas trade and investment Steven Stamkos Lightning Jersey , Bao warned.
CHINA'S PLEDGE FOR MORE OPENING UP
As the trend of protectionism spreads from developed countries to developing ones, Bao regarded China as the backbone of global financial stability, with its rising stature in global finance.
"China, a major emerging economy, now becomes the main push of globalization. China's financial openness and stability attach itself an indispensable role in global financial system Nikita Kucherov Lightning Jersey ," said Bao.
China is committed to improving its investment and market environment, accelerating opening up to the outside world and lower operating costs, according to a Monday meeting of China's Central Leading Group on Finance and Economic Affairs.
"With the internationalization of Chinese currency, the world's second largest economy will further open up its financial market to provide more public goods on global market, partly replacing prior functions of western powers Mikhail Sergachev Black Jersey ," Bao said.
China sees guarding against systemic financial risks as the eternal theme of financial work, announcing it will set up a committee under the State Council to oversee financial stability and development during the National Financial Work Conference that wrapped up on Saturday.
China is attaching great importance to financial stability and promoting financial work to enhance the country's competitiveness, said Bao, stressing that the financial stability has a strategic importance for the country.
Local governments are also guided to control debt growth, crack down upon financial irregularities and improve supervision on Internet finance at the conference.
"Such risk-elimination policies will definitely stabilize the Chinese and global financial systems in the context of financial interdependence between China and the world as a whole Steven Stamkos Black Jersey ," said Ou.
REAL ECONOMY SET IN PROMINENCE
China's National Financial Work Conference impressed analysts of its emphasis on pushing financial sectors to serve the real economy.
The conference stressed that serving the real economy is the duty and purpose of the f As a parent, it becomes yo.