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REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsWASHINGTON, Oct 23 (Reuters) - Officials from the United States and China on Monday held a two-hour long virtual meeting to discuss domestic and global macroeconomic developments, the U.S. Treasury Department said, calling the meeting "productive and substantive". U.S. and Chinese officials also raised "areas of concern," statements from the two sides said, without elaborating. The meeting was led by senior officials from the U.S. Treasury Department and China's finance ministry. The EWG was launched last month following U.S. Treasury Secretary Janet Yellen's trip to Beijing in July. China's top diplomat will travel to the United States later this week to meet Blinken.

Persons: Dado Ruvic, Joe Biden, Xi Jinping, Janet Yellen's, Antony Blinken, Gina Raimondo, Blinken, Han Zheng, Jake Sullivan, Wang Yi, Kanishka Singh, Liz Lee, Ethan Wang, Christian Schmollinger Organizations: REUTERS, Rights, U.S . Treasury Department, Economic, Treasury Department, Treasury, U.S . National, Thomson Locations: United States, China, Taiwan, San Francisco, People's Republic of China, U.S, Beijing, Yellen, New York, Malta, China's, Washington

☆ China names Lan Foan as new finance minister amid stimulus push
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Oct 24 (Reuters) - China has appointed Lan Foan, a technocrat with little central government experience, as the new finance minister, state media said on Tuesday, as the government ramps up fiscal stimulus in a bid to revive the economy. Lan, 61, who was named the Communist Party chief at the finance ministry last month, has succeeded Liu Kun who had been finance minister since 2018. Previously, Lan was the party chief of the northern Chinese Shanxi province. He transferred to Shanxi in 2021, as the province's vice party chief, before becoming the party chief in December 2022. Liu, China's finance minister since 2018, has surpassed the official retirement age of 65 for minister-level officials.

Persons: Lan Foan, Liu Kun, Lan, Liu, Kevin Yao, Alison Williams Organizations: Communist Party, Hubei University of Finance, Economics, Thomson Locations: BEIJING, China, Shanxi, Beijing, Guangdong

The cost to Israel's economy of its war with Hamas militants will be unlike anything it has experienced in decades. "This is not a hit for contractors or industrialists alone," said Raul Sarugo, president of the Israel Builders' Association. Israel was blindsided on Oct. 7 by Hamas gunmen from Gaza who rampaged through border towns in the deadliest attack on civilians in its history. The conflict has also halted the movement of thousands of Palestinian labourers from Gaza to Israel and curtailed the flow from the occupied West Bank. The Economy Ministry created a war room and put out a call for help.

Persons: Raul Sarugo, Israel, Netanel Shraga, Barak Klein, ThetaRay, Erel Margalit, Dror Bin, We've, Bin, Leo Leiderman, Amir Yaron, Yaron, Steven Scheer, Ari Rabinovich, Toby Chopra Organizations: Hamas, Israel Builders ' Association, West Bank, Columbia, HIGH, TECH, Factories, Israel Innovation Authority, Ministry, Bank Hapoalim, Israeli Finance Ministry, Reuters, of Israel, Thomson Locations: Israel, Gaza, Israel's, Iran, Lebanese

☆ China Jan-Sept fiscal revenue growth slows amid shaky recovery
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

Men work at the construction site of an apartment building in Beijing, China, July 29, 2023. REUTERS/Thomas Peter/File photo Acquire Licensing RightsBEIJING, Oct 24 (Reuters) - China's fiscal revenue grew 8.9% in the first nine months, decelerating from a 10% gain in January-August, official data showed, as its economic recovery remained on shaky ground. Fiscal revenue hit 16.67 trillion yuan ($2.28 trillion)during January-September, while fiscal expenditure rose 3.9% to 19.79 trillion yuan, data from the finance ministry showed on Tuesday. In September alone, fiscal revenue fell 1.3% year-on-year, compared with a 4.6% fall in August, according to Reuters calculations based on the ministry's data. According to the National Bureau of Statistics, China could achieve its full-year growth target of around 5% if fourth quarter gross domestic product (GDP) growth is above 4.4%.

Persons: Thomas Peter, JP Morgan, Nomura, Qiaoyi Li, Ellen Zhang, Ryan Woo, Bernadette Baum Organizations: REUTERS, Rights, National Bureau of Statistics, Reuters, Thomson Locations: Beijing, China, Rights BEIJING

☆ China-US Economic Working Group holds first meeting
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: 1 min

United States and Chinese flags are set up before a meeting between U.S. Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng at the Diaoyutai State Guesthouse in Beijing, China, Saturday, July 8, 2023. Mark Schiefelbein/Pool via REUTERS/File Photo/File Photo Acquire Licensing RightsBEIJING, Oct 24 (Reuters) - The China-U.S. Economic Working Group held its first meeting via video link on Tuesday, the Chinese finance ministry said. The two sides had "in-depth, candid and constructive" discussion on the macroeconomic situation and policies, and bilateral economic relations and cooperation, the ministry said. China also expressed its concerns, and both sides will maintain communication, it said. Reporting by Liz Lee and Ethan Wang; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Mark Schiefelbein, Liz Lee, Ethan Wang, Christopher Cushing Organizations: Treasury, Rights, Economic, Group, Thomson Locations: United States, Diaoyutai, Beijing, China, Rights BEIJING, U.S

☆ India's fiscal position remains solid, headline inflation to stay within target - ministry
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

A labourer carries a sack at a wholesale market in the old quarters of Delhi, India, June 7, 2023. REUTERS/Anushree Fadnavis/File photo Acquire Licensing RightsNEW DELHI, Oct 23 (Reuters) - India's fiscal position remains solid with steady revenue growth, and headline inflation is likely to remain within the target band, the government said on Monday. "Rationalisation of revenue expenditure has enabled the front-loading of capital expenditure while keeping the market borrowing programme tied to the budgeted target," the report said. Headline inflation was also likely to remain within the target band, the report said, due to the downward trajectory observed in core inflation. While sluggish global demand is affecting India's trade, this is projected to recover in the second half, said the report adding that India's forex reserve position is "comfortable" and external account "robust".

Persons: Anushree, Downside, Nikunj Ohri, Shilpa Jamkhandikar, Christopher Cushing, Mike Harrison Organizations: REUTERS, Reuters, Thomson Locations: Delhi, India, DELHI

☆ Atos shares plunge as nationalisation calls threaten planned Kretinsky deal
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsPARIS, Oct 23 (Reuters) - Atos (ATOS.PA) shares plunged on Monday after calls from opposition lawmakers for the nationalisation of the ailing IT firm on national security grounds raised doubts about a planned deal involving Czech billionaire Daniel Kretinsky. Asked by Reuters if the government was considering nationalisation, or could support an amendment to do so, a finance ministry source replied "no". Lawmakers from Les Republicains said the deal threatened to allow French supercomputers, made by Atos and used for virtual nuclear tests, to fall into foreign hands. Others, including Brun, have said critical Atos components were also used in combat systems used by France's navy and air force. Atos had also won a contract to process data for the Paris 2024 Olympic Games.

Persons: Atos, Sarah Meyssonnier, Daniel Kretinsky, Olivier Marleix, Socialist Philippe Brun, Philippe Brun, Jean, Pierre Mustier, Les Republicains, Brun, Leigh Thomas, Mathieu Rosemain, Tassilo Hummel, David Holmes Organizations: REUTERS, Rights, Les Republicans, Socialist, Atos, Reuters, supercomputing, Paris, National Assembly, Thomson Locations: Paris, France

CNN —Polls have closed in Argentina’s presidential elections, with the leading candidates highlighting sharp contrasts between the country’s political center and its margins amid a severe economic crisis. Inflation in Argentina has soared to 138%, Reuters reports, piling pressure on ordinary people trying to manage the cost of living. Bullrich holds up her marked ballot before putting it into the ballot box during primary elections in Buenos Aires, Argentina, Sunday, Oct. 22, 2023. Massa speaks to the press after voting at the polling station in Tigre, Buenos Aires, during the presidential election on October 22, 2023. Milei greets supporters before voting during general elections in Buenos Aires, Argentina, Sunday, Oct. 22, 2023.

Persons: Javier Milei, Patricia Bullrich, Sergio Massa, “, ” Laura Celiz, Alberto Fernández, ”, Bullrich, Gustavo Garello, Fabiana Cantilo, Massa, Emiliano Lasalvia, Cristina Fernandez de Kirchner, Milei, Rodrigo Abd, Milei’s Organizations: CNN, YouTube, Getty, International Monetary Fund, Milei Locations: Argentina, Buenos Aires, Tigre, AFP

☆ Mexico's lower house OKs major tax cut for indebted state-run Pemex
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

The logo of Petroleos Mexicanos (Pemex) is pictured at the company's headquarters in Mexico City, Mexico July 26, 2023. Pemex's profit sharing rate (DUC), which is effectively a tax paid to the government, has been gradually lowered during President Andres Manuel Lopez Obrador's administration from a high of 65%. The bill's original draft, sent by the finance ministry, pitched a reduction to 35%, though ruling lawmakers voted for a larger cut. Pemex is the most heavily indebted oil company in the world, facing some $110.5 billion in debt and hefty amortizations in 2024. Lopez Obrador said last week that he wanted to further reduce Pemex's tax burden.

Persons: Raquel Cunha, Andres Manuel Lopez Obrador's, Lopez Obrador, Ana Isabel Martinez, Kylie Madry, Jonathan Oatis Organizations: REUTERS, MEXICO CITY, Thomson Locations: Mexico City, Mexico, MEXICO

☆ S&P upgrades Greece to investment grade for first time since 2010 crisis
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

Oct 20 (Reuters) - S&P Global is the first among the “big three” rating agencies to upgrade Greece to investment grade since the country’s debt crisis in 2010. The other two agencies, Fitch and Moody's, rate the country one notch below investment grade. DBRS Morningstar upgraded Greece's rating to investment grade BBB (low) last month. Greece expects economic output to rise 3% in 2024 following a 2.3% expansion this year more than twice the eurozone average. It’s trading as investment grade anyway,” Rabobank senior rates strategist Lyn Graham-Taylor told Reuters.

Persons: Fitch, DBRS Morningstar, Lyn Graham, Taylor, Akshita, Harry Robertson, Shailesh Kuber, Marguerita Choy Organizations: Global, BBB, Reuters, Greece's, Rabobank, Thomson Locations: Greece, Bengaluru, Lefteris, Athens

But Russia's Accounts Chamber, which oversees budget execution, warned on Monday there were risks the Urals price would fall below $60 in 2024-2026. Russia's forecast sees economic growth of 2.3% in 2024, well above estimates of 1.1% from the International Monetary Fund and 0.5%-1.5% from the Bank of Russia. CHANGING TUNEAt Russia's flagship economic forum in St Petersburg in June, Siluanov said increasing expenditure was difficult, as budget spending had already increased by 1-1/2 times from 2019 to 2022. Now, even as the government outlines plans for spending to jump to 36.7 trillion roubles in 2024, he is more relaxed. Renaissance Capital's Donets and Melaschenko said Russia could create temporary taxes, permanently increase rates of VAT, or adjust Russia's budget rule to permit more spending of energy revenues.

Persons: Evgenia, Anton Tabakh, Vladimir Putin, Anton Siluanov, Denis Popov, Yevgeny Suvorov, Suvorov, Sofya Donets, Andrei Melaschenko, Dmitry Polevoy, Siluanov, Melaschenko, Alexei Sazanov, Sazanov, Konstantin Sonin, It's, Sumanta Sen, Mark Trevelyan, Alexander Marrow, Catherine Evans Organizations: U.S ., Russian, REUTERS, Washington, Finance, International Monetary Fund, Bank of Russia, Capital, Reuters Graphics Russia, University of Chicago, Thomson Locations: Moscow, Russia, Ukraine, West, St Petersburg

☆ Beijing takes 'golden share' in a Tencent subsidiary, records show
▼ + stars: | 2023-10-19 | by ( Josh Ye | ) www.reuters.com time to read: +3 min

A man rides an electric bike past the Tencent headquarters in Nanshan district of Shenzhen, Guangdong province, China September 2, 2022. Tencent, the world's largest video game company and the operator of the WeChat messaging platform, declined to comment. Shenzhen Yayue Technology, whose business involves information technology and internet services, was previously 100% owned by a Tencent subsidiary before the stake change took place on Wednesday, according to Qichacha. The Financial Times first reported Beijing's plan to acquire a golden share in a Tencent subsidiary earlier this year. In the case of ByteDance, the Chinese government took a board seat in Beijing ByteDance Technology with its 1% stake.

Persons: David Kirton, Ma, Josh Ye, Brenda Goh Organizations: REUTERS, Tencent Holdings, HK, Shenzhen Yayue Technology, Oc, China Internet Investment Fund, Alibaba, Reuters, Financial Times, Beijing ByteDance Technology, Thomson Locations: Nanshan district, Shenzhen, Guangdong province, China, HONG KONG, Shenzhen Yayue, TikTok, Beijing

Japan's vice minister of finance for international affairs, Masato Kanda, poses for a photograph during an interview with Reuters at the Finance Ministry in Tokyo, Japan January 31, 2022. Masato Kanda, vice finance minister for international affairs at Japan's Ministry of Finance (MOF), also said that if excessive moves occurred in the currency market, the government would take steps such as raising interest rates or intervening in the market. "We will firmly take appropriate steps when necessary," Kanda told reporters during an ad hoc news conference. Various factors determine currency rates and long-term interest rates are "only one factor", Kanda said. "Relatively speaking, global funds are still flowing into the dollar, yen and Swiss franc and pound, with many people describing the moves as 'textbook-style' moves," he said, referring to safe-haven flows.

Persons: Masato Kanda, Issei Kato, Kanda, Tetsushi, Toby Chopra, Mark Potter Organizations: Reuters, Finance Ministry, REUTERS, Rights, Swiss, Japan's Ministry of Finance, International Monetary Fund, Hamas, Thomson Locations: Tokyo, Japan, Israel, Palestinian

Reuters reported in July that Indian refiners began using yuan to pay for some oil from Russian sellers, while continuing to use dollars and dirhams to settle most of their Russian oil purchases. Indian refiners buy most of their Russian oil from traders, while making some direct purchases from Russian entities. State-run Indian Oil Corp (IOC.NS), the country's top refiner, has used yuan and other currencies to pay for Russian oil, Reuters reported previously. Private Indian refiners have continued to pay in yuan and other currencies for Russian oil imports, sources said, with most Indian purchases of Russian oil paid in dirham. Indian Oil, BPCL and HPCL and the country's oil and finance ministries did not immediately respond to Reuters' requests for comments.

Persons: Tatiana Meel, Nidhi Verma, Tony Munroe, Simon Cameron, Moore Organizations: REUTERS, European Union, Reuters, Gazprom Neft, Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, DELHI, India, Moscow, Ukraine, United States, dirhams, Gazprom, dirham, Hong Kong, China

☆ Pakistan cuts petrol and diesel prices
▼ + stars: | 2023-10-15 | by ( ) www.reuters.com time to read: 1 min

A worker holds a fuel nozzle to fills fuel in a car, after the government announced the increase of petrol and diesel prices, at petrol station in Karachi, Pakistan September 16, 2023. REUTERS/Akhtar Soomro/File photo Acquire Licensing RightsOct 15 (Reuters) - Pakistan on Monday cut the prices of petrol and diesel owing to the decreasing trend of petroleum prices in the international market, the finance ministry said in a statement. The price of petrol would drop by 40 Pakistani rupees ($0.144) to 283.38 rupees a litre effective October 16. High-speed diesel cost would drop by 15 rupees to 303.18 rupees a litre. ($1 = 277.2000 Pakistani rupees)Reporting by Mrinmay Dey in Bengaluru; Editing by Andrew CawthorneOur Standards: The Thomson Reuters Trust Principles.

Persons: Akhtar Soomro, Mrinmay Dey, Andrew Cawthorne Organizations: REUTERS, Thomson Locations: Karachi, Pakistan, Bengaluru

Zambia will pay about $750 million in the next decade compared to almost $6 billion that was due to official creditors before the debt restructuring. "The next step is to secure a comparable agreement with our private creditors," Zambia's finance minister, Situmbeko Musokotwane, said. Zambia is committed to remaining in arrears to its commercial external creditors, the ministry said, until it secures a debt deal with comparable terms to the official creditor agreement. It is unclear how long the signing of the agreements between Zambia and each bilateral creditor is going to take. On Thursday, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Zambia had signed the MoU with official creditors, which was later walked back by Zambia's finance minister and the IMF.

Persons: Situmbeko Musokotwane, Susana Vera, Musokotwane, Kristalina Georgieva, Rachel Savage, Jorgelina, Giles Elgood Organizations: Zambia's, IMF, World Bank, REUTERS, Rights, Paris Club, OCC, Monetary Fund, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, Zambia, China, France, Africa, Rosario

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCOPENHAGEN, Oct 13 (Reuters) - U.S. private equity firm Apollo Global Management (APO.N) is seeking to join the consortium that Scandinavian airline SAS (SAS.ST) last week picked to take it through bankruptcy proceedings, according to a source familiar with the matter. Long-struggling SAS, ravaged by the pandemic and pressured by low-cost rivals, sought bankruptcy protection last year. SAS announced last week that Air France-KLM (AIRF.PA) and U.S. investment firm Castlelake would become new major shareholders alongside the Danish state. Total investments by new shareholders, which also include Danish investment firm Lind Invest, in the reorganized SAS would amount to 12.9 billion Swedish crowns ($1.18 billion). SAS, Castlelake, Air France-KLM and Apollo all declined to comment.

Persons: Andrew Kelly, Lind, Tim Hepher, Greg Roumeliotis, Josie Kao Organizations: Airlines, SAS, Copenhagen, REUTERS, Rights, Apollo Global Management, Scandinavian, Air France, KLM, U.S ., Lind Invest, Castlelake, Apollo, Thomson Locations: Copenhagen, Denmark, Rights COPENHAGEN, Danish, U.S, Air

☆ Ruble gains as Russia reintroduces capital controls
▼ + stars: | 2023-10-12 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

At the time, Russia ordered exporters to swap 80% of their foreign currency revenues for rubles, rather than hold onto US dollars or euros. The government also banned residents from making bank transfers outside Russia, and Russian brokers from selling securities held by foreigners. Russia’s defense spending has ballooned since its invasion of Ukraine last year. That’s compared with a surplus of 203 billion rubles ($2 billion) during the same period in 2022. In August, the central bank implemented an emergency hike to its main interest rate in a bid to buttress the tanking ruble.

Persons: ” Russia’s, Andrei Belousov, — Organizations: London CNN —, Reuters Locations: London CNN — Russia, Ukraine, Moscow, Russia, Russia’s, Russian

☆ IMF says Sri Lanka debt talks ongoing, unaware of specific deals
▼ + stars: | 2023-10-11 | by ( Jorgelina Do Rosario | Thomson Reuters | Jorgelina Do Rosario Is Emerging Markets Correspondent At Reuters Based In London | ) www.reuters.com time to read: +3 min

A general view of the main business district as rain clouds gather above in Colombo, Sri Lanka, November 17, 2020. Peter Breuer told Reuters on the sidelines of the World Bank IMF annual meetings in Marrakech that talks between Sri Lanka and all its creditors were ongoing. "We will need to assess the entire package of agreements in its totality to assess consistency with IMF debt targets," Breuer said. Sri Lanka, mired in its worst economic crisis in 70 years, is in debt restructuring talks with a range of creditors, including China, its largest single creditor. Sri Lanka owed Exim $4.1 billion, or 11% of it foreign currency debt, at the end of 2022.

Persons: Dinuka, Peter Breuer, Breuer, Ranjith Siyambalapitiya, Jamie Fallon, Rosario, Libby George, Karin Strohecker, John Stonestreet, Nick Macfie Organizations: REUTERS, Rights, Monetary Fund, Sri, Reuters, World Bank IMF, Export, Import Bank of, Paris Club, Tellimer Research, Thomson Locations: Colombo, Sri Lanka, Rights MARRAKECH, China, Marrakech, Import Bank of China, Japan, India, France

☆ Ukraine receives $1.15 bln grant from US under World Bank program
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +1 min

Olivier Matthys/Pool via REUTERS Acquire Licensing RightsKYIV, Oct 11 (Reuters) - Ukraine received a $1.15 billion grant from the United States on Wednesday as part of the PEACE in Ukraine program, the Ukrainian finance ministry said. The PEACE (Public Expenditures for Administrative Capacity Endurance) in Ukraine project has been the World Bank's flagship financing instrument for Kyiv during Russia's war on Ukraine. "In 2023, Ukraine has already received $10.9 billion in direct budget support from the United States in the form of grants," the finance ministry said. The project aims to compensate state budget expenditures in the social and humanitarian spheres, and is not intended for security or defence, the ministry said. The U.S. government has this year allocated $10.9 billion to finance Ukraine's state budget, it said.

Persons: Defense Lloyd Austin III, Volodymyr Zelenskiy, Olivier Matthys, Serhiy Marchenko, Yuliia Dysa, Timothy Organizations: Defense, Ukraine Defense Contact, NATO Defense, REUTERS Acquire, Rights, Timothy Heritage, Thomson Locations: Ukraine, Brussels, Belgium, United States, Ukrainian, U.S

☆ UK finance professionals urged to sign diversity code
▼ + stars: | 2023-10-10 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

The CFA Institute has 200,000 members globally, with about 12,000 in Britain. Signatories to the code will provide a confidential, annual progress report to the CFA Institute, which will report industry-wide figures once a critical mass of signatories is reached. It comes on top of initiatives such as the Women in Finance charter backed by the finance ministry, which are well established and supported, although progress has been uneven. "The regulator sets the mandatory baseline, we can look to aspirational goals," said Sarah Maynard, global senior head, external diversity, equity and inclusion, at the CFA Institute. Given the global nature of finance, the CFA is also looking at how the code can help join up different national initiatives.

Persons: Toby Melville, Sarah Maynard, Maynard, Huw Jones, Mark Potter Organizations: REUTERS, Companies CFA, CFA Institute, CFA, Women, Finance, Britain's, Authority, Bank of England, Thomson Locations: London, Britain, U.S, United States, Canada

REUTERS/Maxim Shemetov/Illustration Acquire Licensing RightsOct 9 (Reuters) - The rouble rebounded after slumping to a more than 18-month low against the dollar on Monday in a volatile session, still hampered by reduced foreign currency supply but eventually latching on to higher oil prices to gain ground. By 1500 GMT, the rouble was 0.7% stronger against the dollar at 99.75 , recovering from hitting 102.3450 earlier, its weakest point since March 23, 2022. The Russian currency tumbled to a record low 121.5275 in the weeks after Moscow's February 2022 invasion of Ukraine. The rouble had gained 0.5% to trade at 105.24 versus the euro and firmed 0.6% against the yuan to 13.64 . The rouble-based MOEX Russian index (.IMOEX) was 0.9% higher at 3,172.2 points, earlier reaching a near one-month high.

Persons: Maxim Shemetov, rouble, Alexei Antonov, Alexander Marrow, Angus MacSwan, Mark Potter, Gareth Jones Organizations: REUTERS, Bank of Russia, Reuters, Brent, Thomson Locations: Moscow, Russia, Ukraine

A view shows a Russian one rouble coin in front of a screen in this illustration picture taken August 22, 2023. By 1125 GMT, the rouble was 1.8% weaker against the dollar at 102.18 , its weakest point since March 23, 2022. The Russian currency tumbled to a record low 121.5275 in the weeks after Moscow's February 2022 invasion of Ukraine. The rouble had lost 1.9% to trade at 107.76 versus the euro and shed 2.1% against the yuan to 14.01 . The rouble-based MOEX Russian index (.IMOEX) was 1.3% higher at 3,184.6 points, a near one-month high.

Persons: Maxim Shemetov, rouble, Alexei Antonov, Alexander Marrow, Angus MacSwan, Mark Potter Organizations: REUTERS, Bank of Russia, Reuters, Brent, Thomson Locations: Russian, Israel, Gaza, Ukraine

Ukrainian 500 hryvnia banknotes and a U.S. 100 dollar banknote are seen in this picture illustration taken in Kiev, Ukraine, October 31, 2016. But concerns that international backing for Ukraine may be waning and few indications that the conflict is close to abating have brought fresh momentum into debt talks, the sources said. Most of Ukraine's bilateral lenders have suspended repayment obligations until 2027 - and some analysts had expected Ukraine might ask its bondholders for a matching extension. FROM DEBT REWORK TO FRESH FUNDSAs part of a debt restructuring, Ukraine would issue new bonds to existing holders once losses on existing debt had been agreed upon. In addition to issuing bonds as part of the debt restructuring, Ukraine also told investors it is weighing options to raise fresh additional financing, the sources said.

Persons: Valentyn, Yuri Butsa, Butsa, Brady, Karin Strohecker, Olena, Philippa Fletcher Organizations: REUTERS, Kyiv, International Monetary Fund, Bank, Monetary Fund, Fund, U.S, Thomson Locations: U.S, Kiev, Ukraine, Israel, Gaza, Marrakech, Rosario, London, Kyiv

☆ Japan likely won't intervene to reverse yen downtrend, ex-top currency diplomat says
▼ + stars: | 2023-10-08 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

There is no set rule or shared agreement among G7 advanced nations on what kind of currency moves are defined as "excess volatility" that justify intervention, Shinohara said. "But usually, when you talk about excess volatility you have in mind a timeframe of several days or weeks," rather than several months, he said in an interview on Friday. The remarks contrast with those of incumbent top currency diplomat Masato Kanda, who said on Wednesday that steady yen falls over a protracted period could also warrant intervention. G7 and G20 major economies have a shared understanding that currency moves ought to reflect economic fundamentals, and that excess volatility was undesirable. In Japan, the finance ministry has jurisdiction over currency policy and decides whether and when to intervene.

Persons: Kim Kyung, Naoyuki Shinohara, Shinohara, Masato Kanda, Leika Kihara, Kim Coghill Organizations: National Printing Bureau, Bank of Japan, REUTERS, Reuters, International Monetary Fund, Thomson Locations: Tokyo, Japan, TOKYO, Asia

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