European Central Bank (ECB) President Christine Lagarde warned that a “mild recession” is possible but that it wouldn’t be sufficient in itself to stem soaring prices. Speaking a week after the ECB’s second straight 75 basis-point hike in borrowing costs, and as fears mount that the energy crisis will drag down output in the 19-nation euro zone, Lagarde said “we …

The People’s Bank of China’s (PBOC) Governor Yi Gang reaffirmed a pledge to make the yuan exchange rate more flexible, while vowing to improve the monetary policy. The central bank will keep the yuan basically stable at a reasonable equilibrium level, Yi reiterated in a meeting held to study the Communist Party’s twice-a-decade congress, according to a statement published by …

China is working on plans to scrap a system that penalises airlines for bringing virus cases into the country, according to people familiar with the matter, a sign authorities are looking for ways to ease the impact of the Covid Zero policy. The State Council, which oversees China’s bureaucracy, has asked government agencies including the civil aviation regulator to prepare …