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Morning briefing: Chinese yuan strengthens to 1993 levels

greenland3.jpg

The harbor of Ilulissat in Greenland, 120 miles north of the Arctic Circle.

(Photo Credit: Doug Struck/The Washington Post)

1. The yuan strengthened for the ninth consecutive day Tuesday--breaking through the 6.7 per U.S. dollar mark for the first time since 1993--a day after President Obama criticized China for using its currency to gain a trade advantage.

2. Chinese authorities have fined Japanese Toyota Motors for giving bribes to car dealers at a time when hostilities between the two countries are growing. Toyota denies the charges.

3. Ireland, Spain and Greece pulled off solid bond auctions.

4. Cairn Energy PLC discovered traces of oil and gas in a second well off the coast of Greenland.

By Ariana Eunjung Cha  | September 21, 2010; 9:17 AM ET
Categories:  *Morning briefing  
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