Overseas Headlines – November 30, 2020

United States:

Yellen to Forge U.S. Economic Comeback as Biden’s Treasury Pick

“President-elect Joe Biden will take a significant step this week toward addressing the damage to the U.S. economy inflicted by the coronavirus pandemic, as he names an economic team led by his choice for Treasury secretary, former Federal Reserve Chair Janet Yellen. In Yellen, Biden will have a battle-tested policy maker who can draw on her nearly two decades at the Fed to help rebuild an economy in dire need of government cash and confidence. Biden has called for trillions of dollars in new stimulus to aid the small and mid-size businesses that are the nation’s jobs engine.”



BOE Splits Between Insiders and Outsiders Over Subzero Rates

“The Bank of England is seeing old fault lines open up as officials lock horns on whether to take interest rates below zero for the first time. That’s what the math on the nine-member Monetary Policy Committee is starting to look like, as the so-called “internals” on the panel with full-time operational roles at the central bank show the greatest signs of resistance to the measure. The minority of part-time “external” officials tend to be more open to subzero policy.”



China Should Further Open Up Finance Sector, PBOC Official Says

“China’s finance sector should open up further to support the “dual circulation” economic strategy and mitigate risks in the industry, a central bank official said. More liberalization in the financial sector would provide extra support to the real economy, according to Liu Guiping, vice governor of the People’s Bank of China. He was speaking at a forum on Saturday organized by the China Finance Society.”



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