Euro rises on surprise China move.

Wednesday, 30 November 2011 03:37

Europe’s stocks and the currency recovered early losses on Wednesday after China surprised with cut in banks’ reserve requirements ratios to spur bank loans.

Euro jumped 0.33 percent against the dollar, trading at 1.3318.

The last time the central bank cut the reserve ratio was in December 2008, also avoiding struggle of economic growth due to financial crisis.