Covid: Reserve Bank of Australia takes $30bn hit on bond purchases
2022-09-21
The Reserve Bank of Australia’s deputy governor says the loss will not effect its normal operations.Continue Reading
Bitcoin is unstoppable – as China proves
2022-09-21
Bitcoin has, once again, proved it is an unstoppable force in the global financial system – and what’s surprising is that it has done so in China. Blockchain analytics firm Chainalysis has released its 2022 Global Cryptocurrency Adoption Index detailing world usage of Bitcoin and other digital currencies. Emerging markets dominate the adoption index. The World Bank […]
The post Bitcoin is unstoppable – as China proves appeared first on Asia Times.
Asian markets drop as Fed hike looms, Putin’s announcement lifts dollar and oil
2022-09-21
Fed officials have for months stuck to the mantra that they will only ease up on their hawkish drive when inflation comes down and remains subdued. This has led many to warn that rates are unlikely to come down anytime soon, possibly as late as 2024, with a recession moreContinue Reading
ADB cuts ‘developing Asia’ growth forecast as China lockdowns bite
2022-09-21
China’s growth prediction for 2022 has been reduced to three or more. 3 per cent from 5 per cent, because Beijing pursues the zero-COVID strategy which has devastated the tour’s second-largest economy. Chinese authorities are under pressure in order to curb even the smallest virus outbreaks quickly, ahead of aContinue Reading
Race to hike rates guarantees global recession
2022-09-20
TOKYO — Punchbowls everywhere are becoming endangered species as central bankers scramble to yank them away with increasing urgency. Nowhere more so than here in Asia.
This metaphor is courtesy of William McChesney Martin, the US Federal Reserve’s longest-serving chairman who held the position from 1951 to 1970. He famously said a monetary authority’s role is that of a “chaperone who has ordered the punchbowl removed just when the party was really warming up.”
Since the 2008 Lehman Brothers crisis, the catchphrase markets most associate with central banks is “whatever it takes.” Mario Draghi, then-president of the European Central Bank, famously uttered these words in July 2012 amid debt-market turmoil on the continent. A year later, Bank of Japan Governor Haruhiko Kuroda would embrace a similar mantra.
Today, officials are racing to do what they can to tame inflation and keep up with current US Federal Reserve Governor Jerome Powell’s tightening cycle.
To continue reading, please log in to your AT+ Premium account. Not yet a member? Please signup for AT+ Premium monthly membership, AT+ Premium yearly membership, AT+ Premium yearly membership (educator), AT+ Premium yearly membership (student) or AT+ Premium Access membership.
The post Race to hike rates guarantees global recession appeared first on Asia Times.
Cryptoverse: After Merge, ether heads for a $20 billion Shanghai splurge
2022-09-20
(Reuters) – The Merge came, saw and conquered. Not that you’d guess from crypto prices. Read full storyContinue Reading
Are Western sanctions on Russia actually working?
2022-09-20
Following the Russian invasion of Ukraine on February 24, 2022, the United States, the European Union and other countries swiftly imposed a mix of wide-ranging diplomatic and economic sanctions. Russia was excluded from the Council of Europe and voted off the United Nations Human Rights Council. Russian diplomats were expelled by various Western countries. Travel […]
The post Are Western sanctions on Russia actually working? appeared first on Asia Times.
Japan storm: Nine million people told to evacuate as super typhoon Nanmadol hits
2022-09-19
Nanmadol is one of the worst typhoons ever to strike Japan, with flooding and landslides expected.Continue Reading
China set to keep lending benchmarks unchanged amid yuan pressure
2022-09-19
SHANGHAI IN CHINA: China is expected to keep lending benchmarks unrevised this week, a poll of market individuals showed, with specialists seen holding off monetary easing within the short-term to avoid a lot more depreciation pressure at the currency. Read full story Continue Reading
China’s mortgage boycott quietly regroups as construction idles
2022-09-19
BEIJING: Two months since many Chinese homeowners stopped repaying mortgage loans to protest stalled construction on their properties, a lack of progress in more sites today threatens to intensify the boycott, regardless of assurances from authorities. The particular mortgage protest became a rare act associated with public disobedience within China,Continue Reading