April 19, 2024
United States:
Biden’s Hot Economy Stokes Currency Fears for the Rest of World
As Joe Biden this week hailed America’s booming economy as the strongest in the world during a reelection campaign tour of battleground-state Pennsylvania, global finance chiefs convening in Washington had a different message: cool it.
The push-back from central bank governors and finance ministers gathering for the International Monetary Fund-World Bank spring meetings highlight how the sting from a surging US economy — manifested through high interest rates and a strong dollar — is ricocheting around the world by forcing other currencies lower and complicating plans to bring down borrowing costs.
Europe:
ECB’s Kazaks Says It’s Too Soon to Declare Inflation Victory
It’s still too early to declare that euro-area inflation has been vanquished, even if the European Central Bank is on track to deliver a first interest-rate cut in June, Governing Council member Martins Kazaks said.
The risk of stickier-than-expected price growth — something the US is experiencing at the moment — “is part of the game,” the Latvian central-bank chief said in an interview in Washington, where he’s attending the International Monetary Fund and World Bank spring meetings.
Asia:
China Vows to Support Hong Kong IPOs to Bolster Hub Position
China’s securities regulator said it will encourage the nation’s companies to list in Hong Kong as it unveiled a package of measures to bolster the city’s position as an international financial hub.
The China Securities Regulatory Commission said Friday it will support initial public offerings by leading Chinese firms in Hong Kong, as well as loosen rules on stock trading links between the city and mainland exchanges, according to a statement.
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