SEOUL (Reuters) – South Korea’s central bank warned on Thursday that an early shift in its monetary policy stance could pile more pressure on the local currency, a risk that needs to be properly addressed. Highly uncertain inflation, accumulated financial imbalance, and credit risks related to the real estate market are among issues that required…
BEIJING (Reuters) -China’s biggest banks on Thursday said they have lowered interest rates on yuan deposits, in actions that could ease pressure on profit margins and reduce lending costs, providing some relief for the financial sector and wider economy. Industrial and Commercial Bank of China Ltd, Agricultural Bank of China Ltd, Bank of China Ltd…
(Reuters) -Standard Chartered is starting to lay off employees across Singapore, London, and Hong Kong hubs as part of an existing plan to cut costs by more than $1 billion through 2024, Bloomberg News reported on Wednesday. The British bank had previously said that it aims savings of $1.3 billion under a cost-efficiency program. The…
By Takaya Yamaguchi and Tetsushi Kajimoto TOKYO (Reuters) – Japan is committed to putting economic growth before fiscal reform, Prime Minister Fumio Kishida’s government said in its draft mid-year policy framework, while signalling an end to crisis-mode stimulus spending to return to one in “peacetime”. The draft plan, which was presented at Kishida’s top economic…
By Joe Cash BEIJING (Reuters) -China’s exports shrank much faster than expected in May while imports extended declines with a grim outlook for global demand, especially from developed markets, raising doubts about the fragile economic recovery. The world’s second-largest economy grew faster than expected in the first quarter thanks to robust services consumption and a…
TOKYO (Reuters) – Japan posted a current account surplus for the third month in April as the trade deficit narrowed and income gains from overseas investment grew, government data showed, easing worries about declines in the country’s balance of payments. The current account stood at 1.9 trillion yen ($13.58 billion) surplus in April, Ministry of…
By Jamie McGeever ORLANDO, Florida (Reuters) -If the Federal Reserve ‘skips’ raising interest rates next week only to tighten monetary policy again a month later, which is what some U.S. central bank officials are indicating and markets are pricing, it will be the shortest pause in the modern era. Since Alan Greenspan began his 19-year…
By Lucy Craymer WELLINGTON (Reuters) – New Zealand, long known for its staunch independence in foreign policy, sees like-minded partners as key to helping it navigate a more strategically challenging environment in the Asia Pacific region, its foreign minister said on Thursday. The comments came as tensions mount between the United States and China and…
By Indradip Ghosh and Shaloo Shrivastava BENGALURU (Reuters) – The dollar’s renewed strength against most major currencies will not fade away anytime soon, according to FX strategists polled by Reuters, who said it would take rate cuts from the Federal Reserve to weaken the currency substantially. The greenback has recouped all of its roughly 3%…
By Devayani Sathyan BENGALURU (Reuters) – The Reserve Bank of Australia (RBA) will hike its key interest rate once more by the end of September to 4.35% following a surprise hike on Tuesday and then hold policy for the rest of the year, according to economists in a snap Reuters poll. Having paused rate increases…
