Overseas Headlines – September 5, 2022

 September 5, 2022


United States:

Charting the Global Economy: Unemployment Rate in US Climbs

The US jobless rate rose for the first time since the start of the year, inflation in Europe hit a fresh record high and China’s retail activity showed signs of stagnating because of the government’s Covid Zero policy.



Europe Still Guzzling Russian Oil With Ban Just Months Away

With just three months to go until a full European ban on seaborne imports of Russian oil enters into force, the continent remains very dependent on Moscow for supply.

Flows to European Union countries have recovered to about 1 million barrels a day since early August. That’s up from levels seen in late July, but down sharply from peaks in April and June.



China Cuts Forex Reserve Ratio in Bid to Support Tumbling Yuan

China reduced the amount of foreign-exchange deposits banks need to set aside as reserves for the second time this year to boost the yuan after the currency hit a two-year low.

Financial institutions will need to hold 6% of their foreign-currency deposits in reserves starting from Sept. 15, the People’s Bank of China said in a statement on Monday — lower than the current level of 8%. The move is expected to increase the supply of foreign currencies, thereby making it more appealing for traders to buy the yuan.




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