Weekly Global Financial News (June 07 – July 14)

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China agrees to reduce FX intervention ‘as conditions permit’, By Reuters, Published: Jul 10
http://reut.rs/W17mWF
U.S. and Chinese leaders have reached an agreement that China will significantly reduce its intervention in the currency market when conditions are ripe. The value of the Yuan has long been the issue between two countries as U.S. accuses China for deliberately holding down its currency to boost its exports, which China denies.

Riding on Modinomics hopes, India’s indebted companies rush to lock in funds, By Reuters, Published: Jul 7
http://reut.rs/1wjDNKJ
Many India’s companies are expected to raise capitals through share sales to pay off their debts. These indebted companies were squeezed due to sluggish economy but emboldened by a surge in the stock market and an anticipated economic recovery was observed after Narendra Modi was elected as prime minister

China’s yuan global ambition faces payments hurdle, By Reuters, Published: Jul 8
http://reut.rs/1m8UZwE
China quest to turn its yuan into a full-fledged global currency faces challenge as the planned roll-out of a worldwide payments is unlikely to be made because of policy snags and technology difficulties.

China eases M&A rules for listed firms By Reuters, Published: Jul 11
http://reut.rs/1rjR1a1
China is making it easier for listed firms to buy, sell or swap their assets by amending the merger and acquisition rules, its attempt to cut red tapes and encourage mergers.

Portuguese Bank Reveals Exposure After Missed Payment Shakes Markets, By Bloomberg, Published: Jul 12
http://bloom.bg/1jxcsEG
Banco Espirito Santo SA sought to reassure investors by revealing its exposure to related companies after a missed payment on short-term debt by a Portuguese financial company jolted global markets. After the update on the lender’s solvency, European stocks and Portuguese bonds rebounded.

China says broad consensus reached on new BRICS bank, By Reuters, Published: Jul 14
http://reut.rs/1r9rDWP
The five BRICS nations have reached a extensive consensus on establishing $100 development bank. The decision symbolically shows the growing power of emerging economies in the global financial architecture, mostly led by International Monetary Fund and the World Bank.

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