Global stocks soar as China signals end to currency peg

The FTSE 100 is more than 55 points ahead at 5,306 as of shortly before midday, with mining stocks upbeat on the Chinese action. Elsewhere, the French Cac 40 has advanced 1.65% while the German Dax is up 1.44%. It follows a buoyant Monday in Asia, with the Nikkei 225 advancing 2.43% and Hong Kong's Hang Seng is up 3.03% in late morning trade. The Chinese central bank said in a statement on Saturday it would increase the flexibility of the exchange rate, which after nearly two years is set to lead to a gradual appreciation of the renminbi against the dollar. US President Barack Obam...