July 17, 2023
United States:
G-20 Latest: US Wants Principles in Zambia Debt Deal for Others
Group of 20 finance ministers and central bank governors begin two days of meetings Monday, with participants set to discuss items including reform of multilateral development banks, debt relief for stressed developing nations and sustainable finance.
The gathering in Gandhinagar, capital of Indian Prime Minister Narendra Modi’s home state of Gujarat, is also serving as a setting for a raft of bilateral meetings. Treasury Secretary Janet Yellen on Monday engaged with her Indian counterpart, Nirmala Sitharaman — part of a broader push by the US to strengthen ties with the nation.
Europe:
ECB to Bring Rates to 4% Peak in September, Economists Say
The European Central Bank will boost borrowing costs to a peak of 4% in September, according to a survey of economists who’re becoming more hawkish as inflation proves to be stubborn.
Such an outcome would mean two more quarter-point moves — starting with one on July 27, as the ECB has widely telegraphed. The analysts polled by Bloomberg had previously predicted that the deposit rate would reach a maximum of 3.75%.
Asia:
Chinese Province Eases Rules to Promote Common Prosperity
China’s eastern province of Zhejiang will remove restrictions on household registrations in most areas except for the capital city of Hangzhou in a move to foster income equality and spur economic growth.
China’s household registration system, known as hukou, restricts people from accessing government services outside the area where they are registered. Location of registration is generally determined by parents’ legal residence at time of birth.
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