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☆ U.S. calls Pan Gongsheng China's c.bank 'head', suggesting unannounced promotion
▼ + stars: | 2023-07-09 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

Treasury Secretary Janet Yellen referred to PBOC Deputy Governor Pan Gongsheng, whom she meet during a series of meetings with top Chinese officials, as the head of the central bank during a press conference ending her visit to Beijing on Sunday. The Treasury Department was already referring to Pan as central bank head after Yellen met him on Friday. Pan, 60, has been deputy governor since 2012 and is China's top foreign exchange regulator. Governor Yi has been widely expected to retire since being left off the ruling Communist Party's Central Committee during the party's once-in-five-years congress in October. Reporting by Andrea Shalal in Beijing; Additional reporting by Reuters Beijing newsroom; Writing by John Geddie; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Pan Gongsheng, Yi, Yellen, Premier Li Qiang, Pan, Andrea Shalal, John Geddie, William Mallard Organizations: United, People's Bank of China, Sunday, Communist Party, Pan, Treasury, Premier, Information Office, Cambridge, Harvard, Communist Party's, Reuters, Thomson Locations: BEIJING, United States, Chinese, Beijing, China's, China, Reuters Beijing

☆ A top Russian banker says the dollar's dominance is ending — but China's yuan is gaining prominence
▼ + stars: | 2023-06-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The CEO of Russia's VTB Bank said the US dollar's dominance is ending, but the yuan could be on the rise. His comments come as VTB, Russia's second-largest bank by assets, is discussing settling trade transactions using the yuan with countries outside China. The debate is fanned by fears that Washington is weaponizing the US dollar-denominated global financial system against Russia over the Ukraine war. VTB posted a loss of $7.7 billion in 2022 due to Western sanctions against Russia. But the bank expects to post record profits in 2023 after acquiring a rival Russian bank, Reuters reported in April.

Persons: —, Andrei Kostin, Kostin, Russia's, Washington, VTB Organizations: Russia's VTB Bank, Reuters, Service, US, Russia Locations: Reuters Beijing, China, Russian, Russia, Ukraine, Washington

☆ The Year in Pictures 2022
▼ + stars: | 2022-12-19 | by ( The New York Times | ) www.nytimes.com time to read: +57 min

Every year, starting in early fall, photo editors at The New York Times begin sifting through the year’s work in an effort to pick out the most startling, most moving, most memorable pictures. But 2022 undoubtedly belongs to the war in Ukraine, a conflict now settling into a worryingly predictable rhythm. Erin Schaff/The New York Times “When you’re standing on the ground, you can’t visualize the scope of the destruction. Jim Huylebroek for The New York Times Kyiv, Ukraine, Feb. 25. We see the same images over and over, and it’s really hard to make anything different.” Kyiv, Ukraine, Feb 26.

☆ Morning Bid: Why payrolls might not matter to markets
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +4 min

It's payrolls Friday, yet the most keenly awaited U.S. economic data point may not hold much sway over markets that are already behaving as if the U.S. tightening cycle is over. If it holds at current levels, this would mark one of the biggest weekly drops in the last two years . One line of argument goes that to justify the move seen in government bond markets, the Fed needs to be more or less done in December. So, where does this all leave the November non-farm payrolls report out at 1330 GMT? In the light of that data, markets may be anticipating a lower number later on.

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