Banks, Trading | featured news

China loosens its currency controls in a move that may spur gains in the value of the yuan. From Monday, the yuan can fluctuate up to 1% in trading against the US dollar from a fixed price set by the central bank, the People's Bank of China said.

Banks would be barred from trading for their own profit instead of their clients under a rule being proposed by federal regulators.

Morgan Stanley's first-quarter profit dropped nearly 50 percent, hurt by a steep decline in bond trading revenue.

Lawmakers on Tuesday spared auto dealers from new scrutiny and neared agreement on trading limits for banks as they raced to complete the biggest overhaul of the financial rule book since the 1930s.