Banking

Bloomberg Goldman Sachs Group Inc recommends buying the Chinese yuan on a bet the US will roll back some of its additional tariffs on the Asian nation. The investment bank also likes the Indonesian rupiah due to its relatively high interest rates, and sees further gains in Thailand’s baht given the country’s persistent current-account surplus, Zach Pandl, co-head of global ...

Bloomberg The International Monetary Fund (IMF) called on Japan’s government and the Bank of Japan (BOJ) to cooperate more in support of the economy as it cut its 2019 growth forecast for the third time this year amid heightened global risks. Speaking at the conclusion of the fund’s annual mission to review Japan’s economy, IMF managing director Kristalina Georgieva essentially ...

Bloomberg Italy may be willing to compromise on its holdout against a German plan for further integration of the European Union’s banking system that includes setting limits on holdings of sovereign debt. Vincenzo Amendola, Italy’s minister for European Affairs, said in an interview in Rome that he is confident that a “good compromise” can be found in the next month. ...

Bloomberg After half a decade of negative interest rates, one of the biggest Nordic pension funds is wondering whether this is just the beginning. The head of investments at Finland’s Ilmarinen Mutual Pension Insurance Co says his industry is “just starting to see what kind of new challenges [negative rates] will cause.” That means “we are just taking the first ...

Bloomberg Landlocked Laos may be a net beneficiary of the trade tension between the US and China. Chinese foreign-direct investment has climbed since the trade war began as firms seek alternative manufacturing sites to avoid US tariffs, said Bank of the Lao PDR deputy governor Vathana Dalaloy. “We may gain more than we lose,” she said in an interview in ...

Bloomberg India’s rupee is the only emerging Asian currency to weaken this quarter and its losses may gather pace as a report this week is forecast to show economic growth slid to a six-year low. The rupee, which has slumped almost 5% from this year’s high in July, is also under selling pressure due to escalating levels of public debt ...

Bloomberg India’s surprise seizure of a troubled Indian shadow bank won’t end the woes of its lenders, faced with the risk of heavy writeoffs if Dewan Housing Finance Corp is declared a fraudulent account. That’s because the Reserve Bank of India (RBI) requires banks to provision fully for their entire exposure over four quarters if they decide a loan account ...

Bloomberg The International Monetary Fund’s (IMF) board plans to vote on Mexico’s request to renew its flexible credit line (FCC), possibly for less than the current $74 billion, before it expires next week. Mexico is interested in reducing the size now that there’s greater certainty around its trade relationship with the US, Alejandro Werner, the IMF’s Western Hemisphere director, said ...

Bloomberg The European Central Bank’s (ECB) chief economist Philip Lane said policies are “in good shape” for the baseline scenario of improving conditions over the next one or two years, but further rate cuts can’t be ruled out. “Under the most likely scenario, we think the current policies are in good shape,” he said in an interview broadcast on Italy’s ...

Bloomberg A former JPMorgan Chase & Co banker was convicted of conspiring with traders at other banks to rig bids and fix prices in currency markets — a victory for prosecutors in their campaign against collusion in foreign exchange. Akshay Aiyer was found guilty by a federal jury in New York that took less than four hours to reach a ...