Dollars, francs, euros pounds, yen - a little sweetener added by central banks Wednesday
BERN, SWITZERLAND – The Swiss National Bank (SNB) WEdnesday 30 November joined with other major central banks for a series of “coordinated actions to enhance their capacity to provide liquidity support to the global financial system.
The purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity,” the SNB says in a statement issued during the afternoon.
Stock markets in the US rose on the news that came about the time markets in New York opened.
The news was a bright spark in a gloomy UK, where some 2 million workers are striking today and in Brussels, where finance ministers are holding urgent sovereign debt crisis talks.
“The euro and European shares surged on the news, which came after euro zone finance ministers agreed to ramp up the firepower of their bailout fund but acknowledged they may have to turn to the International Monetary Fund for more help,” Reuters reports.
Specifically, the central bank measures taken include:
- making it cheaper for banks to buy dollars starting 5 December: “lower the pricing on the existing temporary US dollar liquidity swap arrangements by 50 basis points so that the new rate will be the US dollar overnight index swap (OIS) rate plus 50 basis points”
- as a contingency measure: the central banks “have also agreed to establish temporary bilateral liquidity swap arrangements, so that liquidity can be provided in each jurisdiction, in any of their currencies should market conditions so warrant”, noting that for now only the dollar needs liquidity, among non-domestic currencies
- The SNB will establish a temporary network of reciprocal swap lines in cooperation with other central banks: “This action will allow the SNB to provide Swiss francs to these central banks when required, as well as enabling the SNB to provide liquidity, should it be needed, in Canadian dollars, British pounds, Japanese yen, and euros (in addition to the existing operations in US dollars). The SNB continues to closely monitor the developments in global money markets.”
The other central banks have taken some additional actions. The European Central Bank notes that “In addition, the initial margin for three-month US dollar operations will be reduced from currently 20% to 12% and weekly updates of the EUR/USD exchange rate will be introduced in order to carry out margin calls. Those changes will be effective as of the operations to be conducted on 7 December 2011.”
Swiss franc weakens slightly but not enough for the SNB
ZURICH, SWITZERLAND – The Swiss franc weakened in trading Monday, to $.90 after earlier trading at $.88. It was also weaker against the euro, at 1.24, but with the day’s low at 1.22.
Philipp Hildebrand, Swiss National Bank chairman, told Swiss German papers over the weekend that the bank will continue to push the franc down, seeing it as still very over-valued.
Monday’s news that the consumer price index had dipped slightly, but for the first time in two years, will put further pressure on the central bank to get the franc down to avoid recession.
NYON, SWITZERLAND – Pharmaceutical company Novartis is closing its site in Nyon as part of a restructuration that will involve eliminating 1,100 jobs in Switzerland.
The company is cutting a total of 2,000 jobs, with most of the rest in the US. The Nyon site employs 320 persons and 770 jobs will also go in Basel, the company’s head office. The company included general information about the restructuring in its third quarter results, published Tuesday 25 October:
“Novartis is announcing today additional cost reduction activity, which will be executed over
three to five years. Elements of the activity to include: reallocation of production within the
Novartis network resulting in closure of two sites in Switzerland and one in Italy; restructuring
the development organization largely in Switzerland and the US and relocating some research
activities from Switzerland to the US.”
Novartis results show sales up 12 percent in constant currencies, from $12.6 to $14.8 million and operating income up 15 percent, from $2.6m to $3m. Net sales grew by 20 percent with the weakness of the US dollar “with a 5 percent benefit arising from the weak US dollar against most currencies,” the company noted, while “The weakness of the US dollar, combined with the strong Swiss franc, resulted in a negative currency impact of 8 percentage points” on operating income.
Choppy waters for Swiss but particularly French shares 12 September
ZURICH, SWITZERLAND – Worries over the sovereign debt and financial sector woes in the euro zone hit world stocks Friday 9 September, and the slide continued Monday, with European stock markets down by 2.5 to 4.1 percent in the morning. The SMI, Swiss index of star shares, suffered less than most, down 2.3 percent.
Asian markets, too, were down, but the damage was contained with China and Singapore taking holidays.
The euro fell to a six-month low of $1.35 before rising again, but it hit a 10-year low against the yen.
The reasons are varied, from rumours that proved untrue that Greece would default over the weekend to UK to stories circulating that French banks will be downgraded by Moody’s. Le Temps reports that French bank shares fell by 10 percent Monday.
The Financial Times summarizes a long list of investors’ concerns saying it is “a difficult batch of headline risks for traders to navigate, especially given that beneath the surface of all the eurozone kerfuffle lurks the concerns about an already slowing global economy.”
Citigroup has pared 45 percent from earnings estimates for US banks, in part because of the fall in global equities, reports Bloomberg. The FTSE world index has slipped nearly 20 percent since May.
The Swiss franc was just above the limit set by the Swiss National Bank against the euro, at 1.2058 Monday early morning.
Coop's web site and ads over the weekend said "Enough is enough", asking consumers to back the supermarket chain in its refusal to work with brands the company says are taking advantge of recent exchange rates
ZURICH, SWITZERLAND – The Swiss franc was traded Monday in ranges of $1.2505-1.2867 and €.8734-.9025, according to Reuters, with the franc weakening early in the day after last week’s climb, thanks largely to the Swiss National Bank’s insistence that it will intervene if the safe haven impact on the franc’s position does not end.
But by day’s end the dollar had lost ground and the rate was $1.2751 and euro investors were wary, ending the European trading day at €.8791.
The Wall Street Journal reports that the dollar’s gentle slide Monday was due to a combination of a report that manufacturing in the New York region contracted more than expected, the Treasury Department saying that “foreign investors bought a net $3.7 billion of long-term US assets in June, down sharply from May as private foreign investors sold a record amount of Treasury bonds in the month” and “a report from the National Association of Home Builders/Wells Fargo showing confidence remained stuck at very low levels this month. The data were in line with expectations and shrugged off by equity markets.”
Reuters notes that “risk appetite” was up Monday.
Investors are looking for positive European news Tuesday from France and Germany as well as the euro region, which will post its second quarter GDP (gross domestic product) data.
Swiss supermarkets put pressure on brands
Swiss retailers who have bemoaned the Swiss franc include the large supermarkets, two of which have announced they will sell some of their more expensive brands for 50 percent to get rid of stock, then stop carrying certain brands whose manufacturers refused their demands for lower prices. Coop and Denner have both published statements about their tactics.
GENEVA, SWITZERLAND – The new US ambassador to China, Gary Locke, told reporters at his first press conference in Beijing Sunday 14 August that the US is committed to “getting our fiscal house in order”, in response to Chinese criticism in recent days of what official media have called the American “addiction to borrowing”. China reportedly held $1.16 trillion in US debt, government securities, at the end of May, more than any other country. The criticism followed the downgrading of US credit by rating agency Moodie’s earlier this month.
Locke is a third-generation Chinese-American, whose family emigrated from Hong Kong, with roots in southern Guangdong province. He became the first US state governor of Chinese descent in 1996, re-elected to the post in 2000. He has most recently served as US secretary of commerce. He speaks fluent Cantonese.
He and his wife and three children arrived in Beijing 11 August.
Links to other sites: Economic Times of India, New York Times, Politico, Xinhua
A rocky ride for the Swiss franc this week
ZURICH, SWITZERLAND – The Swiss franc lost 4 percent Thursday against major currencies, in the wake of remarks by central bankers that it could be pegged to the euro, according to Daily Markets. Reuters at 16:30 Swiss time shows the franc trading at euro 1.0872, compared to 1.03 a day earlier at market closing. It was trading at $.7625 and £1.2344.
The resistance of the Swiss franc, which has toyed with euro parity this week, to going lower is prompting Swiss National Bank (SNB) officials to publicly mention the possibility of a temporary pegging of the Swiss franc and the euro. Such a move would be designed to stabilize prices, SNB board members Thomas Jordan and Jean-Pierre Danthine have told Swiss newspapers Tages-Anzeiger and Le Temps in the past two days, possibly preparing the public to accept such a move.
Jordan points out, however, that such a move could be only temporary, as it runs counter to the SNB’s mission.
GENEVA, SWITZERLAND – The spread of London’s riots to more parts of the city and to other cities is the headline news Tuesday 9 August, not just in the UK but in most English-speaking countries, overtaking news of stock markets diving and the continuing fall of the dollar and the euro in currency markets. London’s Met Police are reported to be delivering people who are arrested to jails outside the city because it’s own are filled.
Stock markets:Carlos Slim, the world’s richest man, is calculated by Bloomberg to have lost $6.7 billion in the past week as markets dived amidst gloomy debt and credit rating news in the US and Europe. Wall Street fell more than 6 percent in trading Monday, the first day of trading post-Moody’s credit downgrading, and Asian markets continued their downward spiral Tuesday before easing, with the Swiss franc holding strong ($1.32 and euro.93) in what Reuters describes as “a global rout triggered by fears that political leaders are failing to tackle debt crises in Europe and the United States.” Bloomberg notes that Asian markets responded positively to talk of the US Federal Reserve intervening.
Links to other sites: BBC, Bloomberg, The Globe & Mail, Guardian, Irish Times, Sydney Morning Herald
A Chinese TV travel programme film crew shoots preparations for the 1 August national holiday celebrations at a chalet in Valais
Chinese most rapidly growing group of visitors
ZURICH, SWITZERLAND – The Swiss franc has been soaring, but tourists continue to visit Switzerland, the country’s latest tourism figures show.
The first six months of 2011 show a very slight slippage, down 0.2 percent compared to the same period in 2010, with foreign visitors’ overnight stays down 6.9 percent.
The numbers show some surprises, however.
The 7.6 percent drop in the number of overnight stays by Germans, Switzerland’s largest group of tourists, is blamed on the weakness of the euro, but overnight stays by US visitors were up 3.6 percent to more than 700,000 overnight stays despite the increasingly weak dollar.
Germany remains by far the biggest tourism client, with 2.75 million overnight stays from January to end-June, with the UK in second place with 923,000.
Swiss raclette cheese explained, 1 August 2011, to Chinese TV crew
But the number of Chinese tourists (minus Hong Kong) is growing more rapidly than any other group: 221,218 overnights during the first six months of the year, a 39 percent increase. And of the increase of 61,000 overnights, more than 20,000 were in the month of June alone.
China is now the 10th largest source of tourists, close on the heels of India 270,238 overnights during the same period.
China and India are the only non-European countries in the top 10 besides the US.
Virtually all tourism regions in Switzerland saw a slight increase in the first six months of the year, with Graubuenden and Valais as exceptions, but both are big ski destinations and the lack of snow in the latter part of the winter may have had an impact.
Tourism office officials said earlier this year that it generally takes a few months for the impact of exchange rates to show in the figures, since holiday travel is generally booked ahead.
GENEVA, SWITZERLAND – The price of gold, like the Swiss franc, continues its meteoric rise, reaching the record price of $1,600 an ounce as worries grow about the US debt ceiling negotiations and sovereign debt in several European countries.
One-ounce gold US eagle coins are selling like hotcakes in New Orleans, reports USA Today. By Tuesday morning gold was hovering just below Monday’s record high, reports Reuters, as the dollar and euro remain weak.
Swiss franc reaches record highs against euro, dollar
ZURICH, SWITZERLAND – The Swiss franc was being exchanged in Asia for $.81 and €1.14 shortly before midnight, TSR reports. Thursday’s exchange rates as listed by Reuters showed the franc trading at $.81 and €1.16 at 14:00 Swiss time Thursday.
The Swiss currency was trading at new highs against the dollar and the euro, as concerns grow over the US debt ceiling, rising debt costs for Italy and the downgrading of Irish sovereign debt.
Dollar looses strenght vs the Swiss franc
Zurich, Switzerland (GenevaLunch) – The dollar soared briefly on foreign exchange markets Monday 2 May, following the announcement of the death of Osama bin Laden, but by early Tuesday it had slipped and the Swiss franc had reached a historic new high against the US currency.
The dollar was trading at CHF0.8619 before 08:00, Swiss news agency awp reports, with the Financial Times showing a rate of CHF1.00/$1.16 by mid-morning Tuesday.
The euro rose slightly against the Swiss franc, reports the Financial Times in an analysis of yesterday’s market movements.
A bright spot in world news, at least for investors, is that stock markets have risen strongly on reports of results from technology companies. The Dow Jones rose 187 points, up 1.5% , 20 April and Nasdaq was up 2%. The Dow Jones ended Wednesday at its highest level since June 2008
Intel and Apple were leaders in the surge, with Apple “coming in way ahead of expectations”, according to the BBC, more than doubling its profits in the first three months of 2011.
The dollar fell to a three-year low against a basket of currencies, with the little expectation the Federal Reserve will raise interest rates in the near future, notes Reuters.
Dollar weakens against the Swiss franc
The Swiss franc reached another historic high against the US dollar in trading Tuesday, 15 March, as the dollar slipped below CHF0.92.
The Japanese yen also traded close to historic highs as Japanese firms appear to be bringing finance back to Japan to help firms deal with the problems caused by the massive earthquake and tsunami.
The Swiss franc benefited from its traditional role as a safe have in times of uncertainty and from the sound economic performance of the Swiss economy.
Switzerland has low inflation, a current account surplus, a balanced budget and comparatively low national debt.
The Swiss National Bank announces its interest rate policy Thursday 17 March and analysts are expecting rates to be kept near zero.
The UN’s world-food price index rose to 231 in January, a 3.4 percent increase over December and a record highest level since the Food and Agriculture Organization (FAO) began tracking prices. This is the seventh consecutive monthly record-breaking rise, showing a continuing trend that is particularly worrisome for poorer countries that must import much of their food and poor households where a large percentage of the family budget goes to food.
The January increases are due mainly to rising corn and wheat prices worldwide, which nevertheless fall short of a high for cereals in 2008, while meat prices remained stable and rice prices decreased slightlty, a seasonal factor because of harvests in some countries in recent weeks.
US Federal Reserve Chairman Ben Bernanke told journalists at a press conference in Washington Thursday 3 February that the increases are due to rapid growth in developing countries and not to the Fed’s currency management policies.
Links to other sites: Al Jazeera, Mail & Guardian, S Africa, MSNBC, Telegraph, UK
Swiss current account surplus rises to CHF21b, while franc reaches record against euro
Q3 2010 Swiss Balance of Payments: SNB
Zurich, Switzerland (GenevaLunch) – Switzerland finds itself, as 2010 draws to a close, in the unusual position of having a growing current account surplus that stands at CHF21 billion for the third quarter while the Swiss franc reaches a record against both the euro and the dollar.
The current account shows an increase of CHF6 billion in receipts from direct investments outside the country, but trade in goods and services contracted by CHF1b, leaving the current account surplus at CHF5b higher. The Swiss franc’s rise would normally be expected to put a stronger dent in the balance of trade.
Safe haven franc hits record highs against dollar, euro
The Wall Street Journal reports Thursday early afternoon that “the euro fell below 1.24 Swiss francs for the first time, while the dollar and the pound both printed new record lows against the safe-haven currency of 0.9371 francs and 1.4550 francs, respectively.”
The exchange rates are generally somewhat exaggerated at year-end by light trading, which emphasizes movements, and this year the overall weakness of the dollar is a special factor, but during 2010 the franc has appreciated 9 percent against the dollar and 18 percent against the euro.
Strong trade with Asia, Latin America; watch and machining industries recovering
Swiss exports, November 2010, by industry, compared to November 2009 (source: Swiss Federal Statistics Office)
(video, Hublot watchmaking) Bern, Switzerland (GenevaLunch) – Swiss foreign trade improved in November 2010 compared to November 2009, with exports of CHF17.5 billion up 7.4 percent and imports of CHF15.6b up 11.3 percent, both in real terms, adjusted for inflation.
The trade balance, with a surplus of CHF1.9b, was 5 percent lower than in the same period a year earlier. The trade balance in October was more than 13 percent down from a year earlier, and in September 8 percent, indicating a closing gap as Swiss foreign trade rebounds from the global economic crisis.
Euro at record low against franc Monday
The news comes as the euro Monday 20 December reached an all-time low against the Swiss franc, dipping to CHF1.2636 at one point, report Dow Jones and Le Temps. The dollar was at CHF0.96 in trading Tuesday (Reuters chart, dollar/franc since October 2010).
For 2010 as a whole, rounded figures show that Swiss exports have risen 7 percent and imports 8 percent. The trade balance of CHF18.76 at the end of November was down 1.2 percent compared to 2009, for the year to date.
Watchmakers at Hublot in Nyon, part of a sought-after highly skilled group
The watch industry was the main driver in November, with a 30 percent increase in exports, well up from a year earlier. Metal-working, machining and electronic industries also showed good growth, but the clothing industry continued to perform weakly, with exports lower than a year earlier.
Le Temps reports 21 December that while the watch industry is hiring again, and more than 700 jobs are currently advertised in the Jura region which is the heartland of the Swiss watch industry, some of the companies are still struggling to recover.
International business, exchange rates
Swiss franc goes a little further
Geneva, Switzerland (GenevaLunch) – The Swiss franc rose again on early trading, Friday 17 December. It traded at new records against the pound, with sterling falling below CHF 1.50. The euro was also at a record low, just over CHF1.27. The Swiss franc is also trading well above the dollar, which only gets a shade under CHF 0.96.
The soaring Swiss franc is partly a result of fears about other economies, with the United States budget deficit looking like it will rise; continued fears about the future of Ireland, Greece and Spain; and political instability in Britain. It is good news for those who are paid in Swiss francs and are planning their winter vacations and shopping trips, but bad news for companies trying to export from Switzerland.
Links to other sites: fx.com,Financial Times
Zurich, Switzerland (GenevaLunch) - The Swiss franc rose again against the US dollar, the euro and the British pound, 3 December 2010. The dollar slipped back under the franc in the wake of pessimistic figures on employment, while the euro fell amid a background of fears over the credibility of bailout packages for Greece, Ireland, Portugal and Spain. The dollar ended the week at about CHF 0.973, the euro at CHF 1.305 and sterling at CHF 1.536. The historically high rates for the Swiss franc show the traditional role of the Swiss franc as a haven in times of uncertainty. They also help keep down Swiss inflation and interest rates but are making it hard for Swiss manufacturers and the tourist industry to compete.
Gold also rose above $1,400 in the wake of uncertainty and substantial buying from China.
First three quarters 2010 show CHF8.46b loss due to foreign currency holdings
UBS bailout fund “positive”
A fistful of dollars isn't what it was a year ago, same for euros
Zurich, Switzerland (GenevaLunch) – The Swiss National Bank (SNB) has posted a loss of CHF8.46 billion for the first nine months of 2010, due largely to its foreign currency holdings. Exchange rate losses totalled CHF21.2b during the first three quarters, with the euro trading 10.3 percent lower than at end-2009 and the US dollar falling 5.4 percent in the same period.
A year earlier the SNB showed a CHF6.89b profit for the same period.
The loss is before allocation to provisions for currency reserves, which the SNB is required to set up to maintain currency reserves at a level needed for monetary policy.
Dollar loses strength vs the Swiss franc
(GenevaLunch) – The US dollar has sunk to a record low against the Swiss franc on the prospect that the US Federal Reserve will ease monetary policies (more money-printing). The dollar also fell to a 15-year low against the Japanese yen while the Australian dollar surged to a 27-year high against the US dollar.
On 7 October the dollar fell as low as 0.9555 franc on EBS.
The continued rise of the Swiss franc could have a damping effect on the performance of the Swiss economy as cited in June by the federal government’s Expert Group on Economic Forecasts: “Within the context of the present exchange rate, future export growth is likely to be slightly decelerated but not stalled.”
It defines a damping effect as an exchange-rate-related decline in price competitiveness.
According to the group, “the greatest economic risk for Switzerland is still likely to be a suddenly excessive appreciation of the franc in relation to the euro (flight to the franc as a safe haven).”
The US currency has fallen to its lowest level against major currencies, and gold hit a new record amid worries that the US Federal Reserve may intervene again to avoid a recession. The dollar touched 1.30 per Euro, and parity against the Swiss franc in late trading 14 September.
The dollar rose against the Japanese Yen as the Bank of Japan intervened in currency markets to stem its rise. It has risen 14 percent this year against the dollar. The dollar initially fell against the Japanese Yen, as traders felt that the Japanese government would do little to stem the Yen’s rise. It was trading at 82.95 per dollar, its highest since 1995, after Naoto Kan was elected leader of the ruling Democratic Party of Japan.
Gold traded at $1,269 per troy ounce late Tuesday, 14 September.
Links to other sites: AFP, Bloomberg, Romandie News,
The Euro has dropped below $1.27 in early trading 9 September after a German member of the European Central Bank, Juergen Stark, told the German government of the ECB’s concerns over German savings banks and the Landesbanken, saying some of them may need more capital. Germany’s public banks were not subjected to the ECB’s “stress tests” in July. German government bond prices rose as investors sought safer assets. The euro was at 128.97 to the Swiss franc at noon 9 September.
Links to other sites: Bloomberg, BusinessWeek
Zurich, Switzerland (GenevaLunch) - The Swiss franc is at near parity with the US dollar following stronger than expected GDP results. The euro, which in the past week has sunk to record lows against the franc, was boosted by remarks by European Central Bank President Jean-Claude Trichet to the effect he does not expect a double-dip recession. Bloomberg reported Thursday 2 September that “the currency climbed 0.5 percent to $1.0111 as of 10:50 in Zurich. It appreciated 0.4 percent to 1.2964 per euro, after strengthening to a record high of 1.2852 on August 31.”
Links to other sites: Bloomberg, Financial Times (31 August), XE exchange rate site
American tourists should be back, even if euro spenders are down
Lucerne and its Four Cantons lake is a favourite with US tourists
Bern, Switzerland (GenevaLunch) - The latest tourism forecast for the Swiss government by BakBasel shows overnight stays expected to drop slightly during the May-October summer season, down 0.7 percent, mainly due to the weak euro and unemployment in Europe. But American tourists are expected to return after a 2009 summer where they were scarce on the ground. The latest figures for the winter season that has just ended show what Bern describes as a surprising increase, up 0.2 percent.
The tourism industry will remain in something of a slump in 2011, but should see growth again, 17 percent, in 2012.
Swiss franc rises against dollar, euro
Zurich, Switzerland (GenevaLunch) – The Swiss National Bank Thursday 6 May has reportedly called a halt to the purchase of euros it has appeared to be making for some days. The SNB had been intervening to keep the euro above CHF1.43, possibly because of a 0.9 percent increase in the consumer price index in April, according to analysts questioned by the Financial Times and Reuters. The euro fell by 2 percent in just minutes earlier Thursday to CHF1.41, its weakest point against the franc since the euro was created.
The euro fell to a 14-month low against the US dollar, to $1.2736 on news that the European Central Bank would not offer “new measures to ease the Greek crisis”, Reuters reports.
Core inflation figures and better-than-expected retail sales in February are behind a strong rise in the Canadian dollar, popularly known as the loonie, and it is now nearly at parity with the US dollar, reports the Globe & Mail in Canada.
Good or bad news, depending on which you are spending, buying: Swiss franc, dollar rates
Zurich, Switzerland (GenevaLunch) – The US dollar has slipped below parity with the Swiss franc for only the second time. The dollar fell below the franc 14 March 2008.
The Swiss franc, which has climbed in the past two days, was at 1.0030 against the dollar ($0.9993/CHF1 ) at 17:00 in Zurich Wednesday 25 November, but it dipped slightly to below parity at 18:00. Bloomberg attributes the change largely to the strength of the franc: “The franc has gained 1.6 percent against the dollar and 0.3 percent versus the euro in the past month as some investors bet that signs the economy is recovering may prompt the central bank to stop selling the currency.”
The US Federal Reserve Wednesday released minutes from its 4 November meeting, indicating that it was not overly concerned by the dollar’s fall.
Links to other sites: Bloomberg, FE.com, TheStreet.com, US Federal Reserve
Zurich, Switzerland (GenevaLunch) – The US dollar continued its slide in world currency markets, pushing the price of gold higher. It reached near parity with the Swiss franc, at 1.0048, in trading Monday 16 November, and was virtually at 1.50 euros: 1.4960. Gold rose to $1,132.95 although it later slipped slightly.
Links to other sites: Bloomberg, Financial Times
US President Barack Obama has arrived in Beijing, China after visiting Shanghai where he met with students and called for greater Internet freedom for the Chinese. Obama said in a town-hall style meeting with students that he believes the free flow of information strengthens societies. Obama will try to calm Chinese fears about Washington’s response to the global economic crisis. China is the world’s biggest owner of US Treasury bonds. Chinese leaders have said they fear that the US will try to devalue its way out of the massive obligations it has assumed to save the banking industry and to stimulate a faltering economy.
The government’s head of banking regulation, Liu Mingkang, Monday 16 November criticized the US Federal Reserve’s loose monetary policy, saying it is having a “massive impact on global asset prices.” He said a weak dollar and low interest rates were endangering the economic recovery, especially in emerging econmies.
The US continues to call on China to revalue its currency, which it says is making Chinese exports cheaper and undermining other countries’ efforts to stimulate their economies. Economist, Financial Times, Reuters
