China intends to establish Shanghai as the global centre for yuan trading, clearing and pricing over the next three years as part of broader plans to make the commercial hub an international financial centre by 2020.
NEW YORK (Reuters) - Fitch downgraded the sovereign credit ratings of Belgium, Cyprus, Italy, Slovenia and Spain on Friday, indicating there was a 1-in-2 chance of further cuts in the next two years.
DAVOS, Switzerland-European Central Bank President Mario Draghi told the World Economic Forum on Friday that the ECB's actions in December had averted financial disaster, and cited evidence of improvement in euro-zone markets in recent weeks.
DAVOS, Switzerland - U.S. Treasury Secretary Timothy Geithner hinted Friday that the Obama administration could support an increase in resources for the International Monetary Fund to fight the euro crisis, and also sounded a note of cautious optimism on the U.S. economy.
Japan first annual trade deficit in more than 30 years calls into question how much longer the country can rely on exports to help finance a huge public debt without having to turn to fickle foreign investors.
The global economy faces a depression-era collapse in demand if Europe doesn't quickly act to dramatically boost the size of its debt-crisis firewall, implement pro-growth policies and further integrate the euro zone, the head of the International Monetary Fund warned Monday.
Iran warned Saudi Arabia against delivering additional oil to world markets to compensate for a drop in Iranian oil exports if they are hit by sanctions, as the U.S. continued to have mixed success in convincing Iran's major oil customers to reduce their purchases of Iranian oil.
Russian Credit Outlook Cut to Stable at Fitch on Political Risks
Jan. 16 (Bloomberg) -- Russia's credit rating outlook was lowered to stable from positive at Fitch Ratings as political uncertainty spurs capital flight and threatens plans to wean the economy off its dependence on energy exports.
Mariano Rajoy, Spain's newly elected prime minister, selected a well-known former deputy finance minister and investment banker to spearhead his government's efforts to pull the euro zone's fourth-largest economy out of its worst crisis in decades.
The Federal Reserve proposed on Tuesday new capital and liquidity rules for the largest banks that would roll out in two phases and not likely go further than international standards.
