Currency | featured news

North Korea revalued its national currency for the first time in decades in a bid to fight inflation and flush out the black market money trade, reports said Tuesday - a move that sent residents of the communist state scrambling to convert hoarded money into foreign currencies....

Shares rose ahead of the start of earnings season, and the value of the dollar skidded as investors fretted over a report that crude oil could one day be priced in other currencies.

China, Russia and Brazil will use this week's G8 summit in Italy to push their view that the world needs to start seeking a new global reserve currency as an alternative to the dollar, officials said on Tuesday.

U.S. Treasury Secretary Timothy Geithner on Monday reassured the Chinese government that its huge holdings of dollar assets are safe and reaffirmed his faith in a strong U.S. currency.

Leading and emerging nations will commit this week to pursuing responsible economic policies that do not hurt each other's prospects with protectionism or currency devaluations, according to a draft G20 statement.

A Chinese central banker denounced accusations by U.S. Treasury Secretary-designate Timothy Geithner that China was manipulating its yuan currency, calling them misleading and warning against "excuses" for protectionism.

The euro hit a seven-year low against the yen and weakened on the dollar, while the U.K. pound's downtrend continued.