Connect with us

Economics

Fitch downgrades China’s local currency rating

Fitch Rating downgraded China’s long-term local-currency rating to ‘A+’ from ‘AA-‘ on Tuesday, citing several “underlying structural weakness” in the country’s economy, including rapid credit expansion from both banks and non-bank institutions.

World Bank

Published

on

Financial Markets…The yen appreciated today from nearly four-year lows versus the dollar, gaining 0.5% to 98.90, as the sell-off in the Japanese currency halted after a three-day slump of 6.4%. The yen has tumbled 22% in the past six months as the government pledged to increase monetary stimulus to boost the economy.

Fitch Rating downgraded China’s long-term local-currency rating to ‘A+’ from ‘AA-‘ on Tuesday, citing several “underlying structural weakness” in the country’s economy, including rapid credit expansion from both banks and non-bank institutions. But the rating agency kept the country’s foreign-currency rating unchanged at ‘A+.’

Developing-country stocks advanced for the first time in six days, with the benchmark MSCI index rising 0.5% from the lowest level since the end of November, as slower-than-expected inflation in China reduced pressures on the government to tighten monetary policy.

Yuan-banknotes640x360

Fitch Rating downgraded China’s long-term local-currency rating to ‘A+’ from ‘AA-‘ on Tuesday, citing several “underlying structural weakness” in the country’s economy

High-income EconomiesGreece’s headline CPI index fell 0.2% (y/y) in March, the first annual decline recorded since May 1968, and reversing a 0.1% increase in February. Separately, industrial output dropped 3.9% (y/y) in February, after a rise of 4.2% in January. The economy is currently in its sixth year of recession.

Italy’s bank lending to the private sector fell for the seventh month in a row in February, down 1.3% (m/m) after easing 1.6% in the prior month.

The OECD warned in a report on Tuesday that Slovenia faces a “severe” banking crisis driven by excessive risk taking and weak corporate governance of state-owned banks.

UK industrial output rose by 1.2% (3m/3m saar) over the three months to February compared to a -4.0% drop in January supported by a recovery in manufacturing. Separately, the UK’s trade deficit widened in February led by declining non-EU exports and rising domestic demand for imports.

German exports shipments fell 1.5% (m/m sa) in February after rising 1.3% in January reflecting weak demand from within the Euro Area. However, the rate of decline has improved, with exports falling 3.2% (3m/3m saar) in the three months to February compared to a drop of 8.4% in January. German imports however fell at a slightly faster pace in February of 8.5% (3m/3m saar) compared to -8.2% in January.

Developing EconomiesEast Asia and Pacific: China’s inflation eased sharply in March after climbing to a ten-month high in February, as seasonal increases in food prices receded. The consumer price index rose 2.1 % (y/y), slower than the 3.2% rise in February. The producer price index fell 1.9 % (y/y) in March versus a 1.6% fall in February.

Latin America and the Caribbean:
Mexico’s consumer price inflation increased to its highest level in five months in March to 4.25% (y/y) from 3.55 % in February led by rising fuel and fresh produce prices. Inflation is currently above the central bank’s target of 3% plus-or-minus one percentage point.

Middle East and North Africa: Syria’s exports fell by an unprecedented 97.4% in 2012 to just $185 million, from $7.21 billion registered in 2011. In 2010 exports were valued at $11.35 billion. Imports also fell sharply by 78.4% in 2012, dropping to a value of just $3.58 billion from $16.57 billion a year earlier according to state run media.

View original here:
Prospects Daily: Fitch downgrades China’s local currency rating, Greece in deflation, China inflation slows

The World Bank's mission is to end extreme poverty and promote shared prosperity

Economics

The Future of Asia: greener but with a public and private debt hangover

The COVID-19 pandemic has been a perfect storm, destroying jobs, worsening poverty and inequality, and creating a public and private debt problem—especially for countries and firms already in fragile financial health beforehand

Avatar

Published

on

The Sydney Opera resumed live performances and the city of Melbourne recently hosted the Australian Open tennis tournament with fans (mostly) in attendance.

Loading...
(more…)

Continue Reading

Economics

50:50 campaign may not get immediate extension

National News Bureau of Thailand

Published

on

logomain

Loading...

BANGKOK (NNT) – The government’s 50:50 co-pay campaign expiring on 31st March may not be getting an immediate campaign extension. The Minister of Finance says campaign evaluation is needed to improve future campaigns.

The Minister of Finance Arkhom Termpittayapaisith today announced the government may not be able to reach a conclusion on the extension of the 50:50 co-pay campaign in time for the current 31st March campaign end date, as evaluations are needed to better improve the campaign.

Originally introduced last year, the 50:50 campaign is a financial aid campaign for people impacted by the COVID-19 pandemic, in which the government subsidizes up to half the price of purchases at participating stores, with a daily cap on the subsidy amount of 150 baht, and a 3,500 baht per person subsidy limit over the entire campaign.

The campaign has already been extended once, with the current end date set for 31st March.

The Finance Minister said that payout campaigns for the general public are still valid in this period, allowing time for the 50:50 campaign to be assessed, and to address reports of fraud at some participating stores.

The Fiscal Police Office Director General and the Ministry of Finance Spokesperson Kulaya Tantitemit, said today that a bigger quota could be offered in Phase 3 of the 50:50 campaign beyond the 15 million people enrolled in the first two phases, while existing participants will need to confirm their identity if they want to participate in Phase 3, without the need to fill out the registration form.

Mrs Kulaya said the campaign will still be funded by emergency loan credit allocated for pandemic compensation, which still has about 200 billion baht available as of today.

Source link

Continue Reading

Economics

Customs Department Considers Measures to Help SMEs

National News Bureau of Thailand

Published

on

logomain

BANGKOK (NNT) – The Customs Department is seeking ways to reduce the impact of the exemption on import tax and value-added tax (VAT) for imported goods worth up to 1,500 baht, as such measures are hurting small and medium-sized enterprises (SMEs).

Loading...
(more…)

Continue Reading

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,957 other subscribers

Latest

Trending