Peoples Bank

China's currency,  the yuan, hit a post-revaluation high  against the U.S. dollar Monday after the People's Bank of China set the yuan's reference rate for trading against the dollar at its highest level since the central bank began publishing the daily fix in 1994, The Wall Street Journal reports. The yuan can rise or fall 0.5% each day from the reference or mid-point.

Meanwhile, the U.S. stepped up pressure on China to let the yuan rise further, with Treasury Secretary Timothy Geithner saying in an interview with The Wall Street Journal that while China signaled in June it was going to let the exchange rate better reflect market forces, "they've done very, very little, they've let it move very, very little in the interim."

The People's Bank set the mid-point at 6.7509 on Monday, Reuters reported, up from Friday's 6.7625, guiding spot yuan to trade at 6.7616 at midday on Monday after touching a post-revaluation high of 6.7568, up from Friday's close of 6.7692. The yuan, also called the renminbi, is now up 0.96% since China eliminated the two-year peg to the dollar.

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Some traders see the People's Bank of China's move as a gesture of goodwill, coming as it does days before U.S. lawmakers meet to address the issue of China's currency policy and consider a more punitive response to what many see as its unfair currency manipulation. Others see it as a precursor for a new period of yuan appreciation, although without other supports such as export strength and rising inflation, the trend may not be sustainable.

However, such supports may already be in place: China's industrial production rose 13.9% in August from a year before, Bloomberg reported, the most in three months, and retail sales and lending figures topped economists' estimates. Imports also accelerated, another sign that Chinese growth is picking up after a second-quarter moderation.

Such evidence of strengthening domestic spending in China undermines the case for Beijing to resist a faster pace of currency appreciation days, economists say.

See full article from DailyFinance: http://srph.it/9qm4Eo

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Chevy Chase Bank

MCLEAN, Va., Sep 13, 2010 (BUSINESS WIRE) -- Capital One Financial Corporation /quotes/comstock/13*!cof/quotes/nls/cof (COF 39.94, +1.05, +2.70%) today announced the rebranding of Chevy Chase Bank to Capital One Bank. The McLean-based company is the ninth-largest bank in the country based on deposits. Locally, the bank is the fifth-largest by deposits, offering the largest network of branches and ATMs of any bank in the Washington, D.C. area. Capital One employs more than 4,000 people in the region.

"We are very excited to introduce the Capital One Bank name to the Washington, D.C. region, especially because this area has been our company's headquarters for many years," said Capital One Bank Mid-Atlantic Regional President James Jackson. "A great deal of work has been done to ensure that the transition is a seamless and positive change for our customers. Everything that made Chevy Chase Bank a great bank and a great business partner will remain the same, but leveraging Capital One's national platform enables us to enhance and expand our product offerings and makes us an even better company."

Customer Enhancements

In addition to changing the name on the signs at all Chevy Chase Bank branches, ATMs, corporate offices and customer touch points across the Mid-Atlantic region, Capital One Bank has added several servicing enhancements for Bank customers:

-- Bank customers can expect to reach a customer service representative 24-hours a day, seven days a week. Customers can also take advantage of new products and services, including rewards checking, mobile banking, and the ability to open accounts online. Capital One Bank also offers broader geographic coverage, with locations in New York, New Jersey, Louisiana and Texas in addition to those in the Mid-Atlantic region.

-- Former Chevy Chase Bank customers now have greater access to financial services products with Capital One Bank. Products offered by Capital One, including credit cards and auto loans, are now available at local branches. In addition, current Capital One customers now can service existing accounts at Capital One Bank branches.

-- Business customers will continue to enjoy the same level of service and commitment. In addition, service enhancements designed to help meet the specific needs of each business include small-business specialists at some branch locations, expanded treasury and cash management capabilities.

Investing for Good in Our Home Town

"As a local business, Capital One is already deeply involved in this community, and the acquisition of Chevy Chase Bank made this connection even stronger. While the signs on the door are changing, one thing that certainly won't change is our commitment to the local community," added Jackson. "Capital One Bank has 1,000 branches across the Mid-Atlantic, New York, New Jersey, Louisiana and Texas, with talented teams that are incredibly connected to the needs of their communities. We are proud of our associates, who last year volunteered more than 35,000 hours of service in D.C., Maryland and Virginia. We are equally proud to make the communities in our hometown a better place to live and work."

Capital One invests in efforts to advance economic development, affordable housing, financial literacy and education with the goal of helping individuals, families, and small business owners achieve their financial goals and realize their dreams.

Last year, Capital One provided more than $95 million in specialized financing for high-quality, affordable rental housing for families and individuals in Maryland, Virginia and Washington D.C. This year, the company has already closed an additional $142 million in new affordable housing investments and loans in the area.

In October, Capital One, in partnership with Junior Achievement and Fairfax County Public Schools, will open a new state-of-the-art financial literacy center on the campus of Frost Middle School in Fairfax. The facility will provide thousands of middle school students from Fairfax County and the greater Washington, D.C. region hands-on experience in budgeting, saving and smart spending.

About Capital One

Capital One Financial Corporation (http://www.capitalone.com/) is a financial holding company whose subsidiaries, which include Capital One, N.A. and Capital One Bank (USA), N. A., had $117.3 billion in deposits and $197.5 billion in total assets outstanding as of June 30, 2010. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Capital One, N.A. has approximately 1,000 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia, and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

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