Threadneedle has launched a commodities fund for David Donora, the head of the group's commodities desk.

L&G Investment Management's Nick Brack has joined Charlemagne Capital as the head of UK mutual fund sales.

China has set the renminbi-dollar exchange rate at its highest level in five years, after announcing it would make its currency more flexible.

Last week China's central bank announced it would introduce flexibility in the exchange rate of the renminbi, removing its peg to the dollar and allowing the currency to appreciate.

Swip's head of multi-manager Mark Harries has moved his portfolios towards absolute return bond funds as investors become jittery on some parts of the fixed income market.

The impact of the emergency Budget on equity markets has been obscured by the crisis in the eurozone.

The US Congress is finally close to completing the largest policy reform of the financial sector since the 1930s.

BP has spent $2.35bn (£1.5bn) so far cleaning up the oil slick in the Gulf of Mexico, and has paid out $126m in compensation.

Eurozone growth slowed for the second month in a row in June, according to the Purchasing Managers Index (PMI).

Chancellor George Osborne has clamped down on the UK banking sector with a new tax on profits.