Overseas Headlines – October 27, 2023

October 27, 2023


United States:

Central Bank Still Weighing US Digital Dollar, Fed’s Barr Says

The Federal Reserve’s top bank watchdog said officials continue to study a potential digital dollar, and haven’t yet made a decision whether to recommend that the US central bank launch a virtual currency.

Barr reiterated Friday that the Fed wouldn’t move forward with a central bank digital currency, or CBDC, without the backing of Congress and the executive branch of the US government. He gave no timeline for a Fed decision on whether to recommend such a move.




Russia Hikes Interest Rates Despite World’s Biggest Currency Surge

Russia’s central bank raised interest rates far more than forecast, alarmed that inflationary risks are still on the rise even after a reimposition of capital controls took pressure off the ruble.

Among the three options considered on Friday, the choice of a 2 percentage point hike represented the largest increase that was on the table, Governor Elvira Nabiullina said in Moscow. Policymakers lifted the benchmark for a fourth straight time, bringing it to 15% from 13%.




China Industrial Profits Rise Again as Growth Stabilizes

China’s industrial companies saw profits rise in September for a second straight month, in a further sign that policy support is helping the manufacturing sector recover.

Industrial profits increased 11.9% from a year earlier, according to data published by the National Bureau of Statistics on Friday. That comes after a 17.2% surge in August, which was the first expansion in more than a year.




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