The sterling advanced on Wednesday after the Bank of England May monetary policy meeting minutes showed all nine committee members voted to lift UK interest rates a quarter percentage to 5.50%.
This marked the first time this year that the committee members unanimously voted to increase rates. Besides, the minutes revealed that some members even suggested an unprecedented 50 basis point increase in the meeting. The MPC minutes surprised the market that had expected an 8-1 vote. The sterling rose sharply from 1.9750 to 1.9880 versus the dollar.
China Vice Premier Wu Yi and US Treasury Secretary Paulson ended two-day meeting in Washington today. They both stressed the need for closer cooperation and Paulson called for more foreign exchange reform from China.
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