Bloomberg An unstoppable ascent in the renminbi is signalling Beijing’s growing ease with gradually freeing up one of the world’s most tightly-managed currencies. Since the renminbi hit a six-year high on a trade-weighted basis on November 17, the People’s Bank of China (PBOC) has set the currency’s daily reference rate at only mildly weaker-than-expected levels. The central bank also has …

Bloomberg A gauge of short-term funding costs in the euro area tumbled to a record low amid a cash glut that has exacerbated the hunt for collateral before the year-end. Three-month Euribor — a benchmark based on the average rate that large banks in the region can theoretically borrow from one another — falls by 1.1 basis points, the most …

Bloomberg Argentina’s central bank tightened access to hard currency further, the latest attempt by the crisis-prone country to contain dwindling reserves amid the growing devaluation expectations. The central bank published one rule change affecting banks and another affecting consumers, as it tries to preserve its store of dollars to help defend the value of the peso. The measures follow midterm …

Bloomberg Nordea Bank Abp is urging its employees in Denmark to bring a Covid-19 certificate when working at the office. The biggest Nordic bank isn’t currently checking whether employees have a Covid-19 passport, but said staff are “expected to act responsibly” and follow hygiene protocols. The purpose is to limit the spread of the virus, a Nordea spokesman said in …

Bloomberg Bank of Korea (BOK) Governor Lee Ju-yeol said interest rates are still accommodative after two hikes since August, suggesting further tightening is in the pipeline as inflation risks mount in the recovering economy. The board considered the price pressures building in the economy and financial imbalances when it decided to raise rates by 25 basis points to 1%, Lee …

Bloomberg The explosive growth in sustainability-linked loans has exposed a number of shortcomings that need to be resolved in order to avoid greenwashing, according to the global head of sustainable finance at Danske Bank. As things stand now, there are “clear risks,” Samu Slotte, who’s based in Danske’s Helsinki office, said in an interview. “There is room for improvement.” Among …

Bloomberg New Zealand’s central bank will be closely watching inflation expectations to determine whether it needs to raise interest rates at a faster pace, Assistant Governor Christian Hawkesby said. “Inflation expectations are going to be absolutely key for us,” Hawkesby said in an interview with Bloomberg Television in Wellington. “There are things that could make us go faster, and I …

Bloomberg Stocks in Europe rebounded and US equity futures rose along with Treasury yields as a semblance of calm returned to global markets while investors reconsidered their worst-case scenarios for the omicron coronavirus strain. The Stoxx Europe 600 index jumped more than 1%, recovering some of their worst drop in more than a year, with travel and energy stocks leading …

Bloomberg The fate of global markets now depends at least in part on laboratories around the world probing the omicron Covid-19 strain, potentially leaving investors with weeks of uncertainty in the wait for answers. The variant detected in Africa is described as highly worrying and international travel bans are proliferating. Scientists are analysing whether it can evade inoculations and the …

Bloomberg Black Friday deals ranked among the least generous in years as more US consumers headed back to stores on one of the busiest shopping days of the year. Retailers appear to have the “lowest level of clearance goods in five years or more,” Oliver Chen, an analyst at Cowen & Co, said in a report. According to Salesforce.com Inc, …