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☆ Turkey’s Central Bank Chief Steps Down Amid Long Inflation Battle
▼ + stars: | 2024-02-03 | by ( Ben Hubbard | More About Ben Hubbard | ) www.nytimes.com time to read: 1 min

President Recep Tayyip Erdogan of Turkey appointed a new central bank governor early Saturday, hours after the abrupt resignation of his previous appointee, who said she was stepping down because of “a major reputation assassination campaign.”The departing central bank chief, Hafize Gaye Erkan, was the fifth in five years, and the first woman to hold the post. The bank’s deputy governor, Fatih Karahan, was swiftly promoted to take her place. The surprise change-up came about eight months into a shift in Turkey’s economic program aimed at taming a yearslong cost-of-living crisis that has been painful for many Turks. Annual inflation as of last month was about 65 percent. In an apparent effort to reassure investors, senior officials said that Ms. Erkan’s departure did not signal a change in policy.

Persons: Recep Tayyip Erdogan, ”, Hafize Gaye Erkan, Fatih Karahan, Erkan’s Locations: Turkey

☆ China stock market: Calm returns after wild week but big challenges remain
▼ + stars: | 2024-01-26 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —It’s been a rollercoaster week for stocks trading in mainland China and Hong Kong. “For a sustained rally in China stocks, we think China will need to address the core of these concerns (predominantly property sector issues and US-China tensions),” the analysts added. In the 7 days to January 24, exchange-traded funds (ETFs) tracking Chinese stocks recorded large inflows of $12.6 billion, according to a Citi survey of global fund managers. Still, investors have been fleeing Chinese stocks over a much longer period because they are worried about the country’s economic prospects. The country is facing the prospect of a vicious cycle whereby lower demand leads to lower investment, lower production and lower income, thus causing even lower demand.

Persons: Hong Kong CNN — It’s, Hong, — haven’t, ” Nomura, “, Li Qiang, ”, Li Yunze, Pan Gongsheng, Florence Lo, HSI, Raymond Yeung, ” Yeung Organizations: Hong Kong CNN, Shanghai Shenzhen, ”, Shanghai Financial Exchange, Bloomberg, State, Supervision, Administration Commission, Administration of Financial, Reuters, People’s Bank of China, Citi, Enodo Economics, HSBC, Greater China, ANZ Research Locations: China, Hong Kong, Shanghai, United States, Beijing, Davos, Switzerland, Greater

ANKARA, Turkey (AP) — Turkey’s central bank raised its key interest rate by another 2.5 percentage points on Thursday, pressing ahead with a series of hikes aimed at combating inflation that reached nearly 65% in December. Erdogan is a longtime proponent of an unorthodox policy of cutting interest rates to fight inflation, which runs contrary to mainstream economic thinking. The European Central Bank is expected to keep its record-high benchmark rate steady at its meeting Thursday, following a rapid series of hikes over more than a year. Hafize Gaye Erkan, a former U.S.-based bank executive, took over as central bank governor in June, becoming the first woman to hold that position in Turkey. Previously, Erdogan had fired central governments who reportedly resisted his push to cut interest rates.

Persons: Recep Tayyip Erdogan, Erdogan, Merrill Lynch, Mehmet Simsek, Hafize Gaye Erkan, Erkan, ” Organizations: European Central Bank, Turkish Locations: ANKARA, Turkey, Ukraine, U.S

☆ The Russian government and its central bank are publicly disagreeing on how to handle the economy
▼ + stars: | 2024-01-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

On the same day, Russia's central bank said the impact of the measures is moderate, and they shouldn't be extended. AdvertisementRussian officials are publicly arguing about capital controls, highlighting disagreement in the country's elite class about how to handle its sanctions-stressed economy. AdvertisementIt's not the first time Russian government officials and the country's central bank have aired their disagreements in public. Elvira Nabiullina, Russia's central bank governor and Putin's top technocrat for the economy, pushed back against the criticism, saying the ruble's slide was due to changing trade flows in and out of Russia amid sanctions. Advertisement"Blaming the central bank is like a drunkard's search — looking for the guilty where the light is," she said at the time.

Persons: Putin, —, Vladimir Putin, Andrei Belousov, Elvira Nabiullina Organizations: Service, Telegram Locations: Russia, Russia's, Russian

☆ China is ramping up stimulus to boost market confidence — but is it enough?
▼ + stars: | 2024-01-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Starting Feb. 5, the People's Bank of China will allow banks to hold smaller cash reserves, central bank governor Pan Gongsheng said at a press conference, his first in the role. Cutting the reserve requirement ratio (RRR) by 50 basis points is set to release 1 trillion yuan ($139.8 billion) in long-term capital, the central bank said. A 2 trillion yuan boost? Chinese Premier Li Qiang on Monday called for much stronger measures to boost market stability and confidence, according to an official readout. Chinese authorities in October already announced the issuance of 1 trillion yuan in government bonds, alongside a rare increase in the deficit.

Persons: Gongsheng, Pan Gongsheng, Tao Wang, Ting Lu, a, Lu, Wang, Stocks, Winnie Wu, That's, Li Qiang, Pan, Philip Yin, David Chao, Pan's Organizations: People's Bank of China, State Administration of Foreign Exchange, Financial, Getty, Visual China, People's Bank of, UBS Investment Bank, Wednesday, National Financial Regulatory Administration, UBS, Bank of America's, Bloomberg, PBOC, Citi, U.S, Asia Pacific, CNBC Locations: BEIJING, CHINA, Beijing, China, People's Bank of China, Asia, Hong Kong, capitulating, Japan, Invesco

☆ Thai economy in 'crisis' prime minister says, pledges more stimulus
▼ + stars: | 2024-01-24 | by ( ) www.cnbc.com time to read: +1 min

Thailand's Prime Minister Srettha Thavisin attends a session of the ASEAN-Japan Commemorative Summit Meeting at the Hotel Okura Tokyo in Tokyo on December 17, 2023. (Photo by Kazuhiro NOGI / POOL / AFP) (Photo by KAZUHIRO NOGI/POOL/AFP via Getty Images)Thai Prime Minister Srettha Thavisin said on Wednesday he believes the country's economy is in crisis, adding the government would roll out stimulus measures in addition to handouts to boost growth. "I confirm that the economy is not doing well and is in crisis," he told reporters, adding it was fine if the central bank disagreed with him. Srettha's comments come after the central bank governor told Reuters on Tuesday that government stimulus measures would not fix structural issues plaguing Southeast Asia's second-biggest economy. The government this week slashed 2024's growth projections to 2.8% from an earlier forecast of 3.2% on weaker exports and foreign tourist arrivals.

Persons: Srettha Thavisin, Kazuhiro, KAZUHIRO Organizations: Thailand's, ASEAN, Japan, Getty Images, Thai, Reuters Locations: Tokyo

☆ Israel's ban on Palestinian workers is causing supply shocks to its economy: central bank governor
▼ + stars: | 2024-01-18 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

"And it's primarily in the construction industry where ... a third of that industry is Palestinians from the West Bank, and now they're not coming in to work." "It's also affecting agriculture, where they are in, and there are other foreign workers," Yaron said. watch nowThe ban on most of these workers returning to their employment in Israel has dramatically hurt the economy of the West Bank. In late December, Israel's finance ministry warned that the ban on Palestinian workers could cost Israel's economy billions of shekels per month. Fifty percent of the sites are closed and there is an impact on Israel's economy and the housing market."

Persons: Amir Yaron, Kobi Wolf, CNBC's Dan Murphy, Yaron, Raul Sargo Organizations: Bank of Israel, Bloomberg, Getty, Economic, West Bank, Israel, Times, Israel Builders Association Locations: Jerusalem, Israel, Davos, Gaza, Times of Israel, Thailand

☆ As others try to quash rate cut talk, European Central Bank's Centeno flags inflation progress
▼ + stars: | 2024-01-16 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Euro zone inflation is moving in the right direction, Portugal's central bank governor Mario Centeno said Tuesday, despite his peers on the European Central Bank Governing Council striking a more hawkish tone in recent days. "We target medium term inflation, we don't target February inflation, and the trajectory is very positive right now," Centeno told CNBC at the World Economic Forum in Davos, Switzerland. "I don't say that overshooting is a possibility, but we don't need to do more than is needed to bring inflation in the medium term to 2%. Since the end of 2022, all our forecasts to 2025 show a very well-anchored forecast for inflation in the medium term." Services inflation is falling faster than it went up and is on a particularly positive course, according to Centeno.

Persons: Mario Centeno, Centeno, Robert Holzmann, Holzmann, We've Organizations: European Central Bank Governing Council, CNBC, Economic, ECB Locations: Davos, Switzerland, Austrian

☆ CNBC Daily Open: Down to Davos
▼ + stars: | 2024-01-16 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Asia markets fell, led lower by declines in Hong Kong stocks, as Japan shares cooled off from their record-breaking rally. Georgieva told CNBC on the sidelines of Davos that the world's second-largest economy is facing both short-term and long-term challenges. [PRO] Morgan Stanley picks 'alpha' stocksAlpha stocks are those that can beat the benchmark index, and Morgan Stanley picked its favorite plays in Asia.

Persons: Martin Luther King Day, Goldman Sachs, Morgan Stanley, Robert Holzmann, it's, Mario Centeno, Georgieva Organizations: CNBC, ECB, European Central Bank, Economic, International Monetary Fund, Alpha Locations: Asia, Hong Kong, Japan, Davos, Switzerland, China, Pacific

☆ ECB hawk Holzmann sees possibility of no rate cuts this year
▼ + stars: | 2024-01-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailECB hawk Holzmann sees possibility of no rate cuts this yearAustrian central bank governor, Robert Holzmann, discusses the interest rate outlook, risks to the European Central Bank's inflation forecast, and why he would "definitely bet" on no rate cut in the spring.

Persons: Robert Holzmann Organizations: ECB Locations: Austrian

☆ Possible there will be no rate cuts this year, European Central Bank member says
▼ + stars: | 2024-01-15 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The European Central Bank may defy market expectations and hold off on starting interest rate cuts during the whole of 2024, the institution's Governing Council member Robert Holzmann said Monday. Asked about those who call for the first rate cut to take place as soon as April, Austria's central bank governor told CNBC, "I'm afraid, leaving Davos, those people will be deeply disappointed." Speaking to CNBC's Steve Sedgwick at the World Economic Forum in Davos, Switzerland, he added, "I cannot imagine that we'll talk about cuts yet, because we should not talk about it. "Unless we see a clear decline towards 2%, we won't be able to make any announcement at all when we're going to cut," Holzmann said. Correction: This story has been updated to reflect the name of CNBC anchor Steve Sedgwick.

Persons: Robert Holzmann, Steve Sedgwick, Holzmann, Yemen's Organizations: European Central Bank, CNBC, Economic, InTouch Capital Locations: Austria's, Davos, Switzerland, Israel

☆ China's Nov services activity accelerates on boost from new orders - Caixin PMI
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

The findings present a mixed picture of the vast services sector as an official survey last week showed the sector unexpectedly contracted for the first time since December last year, prompting calls for more stimulus measures. "Both services supply and demand expanded, as the market continued to heal," said Wang Zhe, economist at Caixin Insight Group. Analysts say the different survey sizes and composition of surveyed companies might explain the discrepancy between the Caixin and official PMI readings. Caixin/S&P's composite PMI, which includes both manufacturing and services activity, grew to 51.6 from 50.0 in October, marking the strongest reading since August. According to the Caixin services survey, employment fell for the first time since the start of 2023 as some firms maintained a cautious approach to hiring.

Persons: Wang Zhe, Wang, Louise Loo, spender, Loo, Ellen Zhang, Ryan Woo, Shri Navaratnam Organizations: P Global, Caixin Insight, PMI, Oxford, Thomson Locations: BEIJING, October's, China

☆ Saudi Arabia offers tax breaks for companies moving regional HQs to Riyadh
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

Saudi Minister of Finance Mohammed Bin Abdullah Al-Jadaan attends the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Bali, Indonesia, 15 July 2022. The programme has so far attracted 200 foreign companies, Saudi Investment minister Khaled Al-Falih was quoted as saying. "The new tax exemptions granted on regional headquarters activities will give .... international companies in the kingdom more clarity of vision and stability," Saudi Finance Minister Mohammed Al-Jadaan said, according to SPA. Foreign companies have scrambled to meet the Saudi condition to relocate their regional headquarters after the kingdom said in October the deadline will be enforced. Foreign firms have for years used neighbouring United Arab Emirates as a springboard for their regional operations, including for Saudi Arabia.

Persons: Finance Mohammed Bin Abdullah Al, Jadaan, Jan, Prince Mohammed bin Salman, Khaled Al, Falih, Mohammed Al, ” Jadaan, Aziz El, Bill Berkrot Organizations: Finance, Ministers, Central Bank Governors, Rights, United, United Arab Emirates, International, Saudi Investment, Saudi Finance, Games, , Thomson Locations: Saudi, Nusa Dua, Bali, Indonesia, Rights RIYADH, Saudi Arabia, United Arab, United Arab Emirates

☆ Yellen Heads to Mexico to Boost Cooperation on Fentanyl, Supply Chains
▼ + stars: | 2023-12-04 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +1 min

WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen will travel to Mexico City this week to promote cooperation with Mexican counterparts on combating illicit finance and the trafficking of fentanyl, along with strengthening Mexico's role in U.S. supply chains, Treasury officials said on Monday. Yellen's Dec. 5-7 trip will include meetings with Mexican President Andres Manuel Lopez Obrador, and the country's central bank governor and finance minister, among others, Treasury said in a statement. The trip follows Treasury's announcement on Monday of a counter-fentanyl "strike force" that will bring together the department's resources, including the Office of Terrorism and Financial Intelligence and the Internal Revenue Service's Criminal Investigation unit, to disrupt illicit drug trafficking. U.S. President Joe Biden and Chinese President Xi Jinping last month agreed to deepen cooperation to stem the flow of fentanyl precursor chemicals, which are often mixed by Mexican drug gangs before distribution in the U.S.(Reporting by David Lawder in Washington; Editing by Matthew Lewis)

Persons: Janet Yellen, Yellen's, Andres Manuel Lopez Obrador, Joe Biden, Xi Jinping, David Lawder, Matthew Lewis Organizations: WASHINGTON, . Treasury, Mexican, Terrorism, Financial Intelligence Locations: Mexico City, U.S, Washington

It will see suspended payments repaid from 2027 to 2029 after a grace period from 2025 to 2026, the Paris Club said in a statement, noting that the deal was reached on Nov. 23. If Ethiopia does not get an IMF staff-level agreement by March 31, the official creditor committee "reserves the right to declare the suspension null and void", the Paris Club said. The Paris Club said 10 of its members were on Ethiopia's official creditor committee, which is co-chaired by France and non-Paris Club member China. Other non-Paris Club committee members are India, Kuwait, Poland, Saudi Arabia and Turkey. "We welcome the recent announcement of an interim standstill agreement with official creditors," the IMF spokesperson added.

Persons: Tellimer, Patrick Curran, Rachel Savage, Rodrigo Campos, Alex Richardson, Toby Chopra, Kirsten Donovan Organizations: International Monetary Fund, Paris Club, French Treasury, Ethiopian, IMF, Club, OCC, China, Thomson Locations: JOHANNESBURG, China, Addis Ababa, Tigray, Ethiopia, France, India, Kuwait, Poland, Saudi Arabia, Turkey

☆ Nigeria naira hits record low near unofficial market rate
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: 1 min

ABUJA, Dec 1 (Reuters) - Nigeria's naira dropped to a record low against the dollar on Friday on the official market, close to the rate at which it trades on the unofficial parallel market. The currency of Africa's biggest economy fell as low as 1,160 naira to the dollar, LSEG data showed, before recovering to around 800 naira. The naira's official exchange rate has been drifting towards the parallel market level as the central bank is yet to clear outstanding foreign-currency amounts owed in forward deals. Last week, central bank Governor Olayemi Cardoso said he would allow market forces to determine exchange rates while setting clear, transparent and harmonised rules governing market operations. The currency sold at around 1,165 naira on the parallel market on Friday.

Persons: naira, Olayemi Cardoso, Chijioke Ohuocha, Alex Richardson Organizations: Thomson Locations: ABUJA

The official purchasing managers' index (PMI) fell to 49.4 in November from 49.5 in October, staying below the 50-point level demarcating contraction from expansion, data from the National Bureau of Statistics showed on Thursday. The new orders sub index contracted for a second consecutive month, while the new export orders component extended its decline for a ninth month. "Today's PMI reading will further raise expectations towards policy support," said Zhou Hao, economist at Guotai Junan International. "Fiscal policy will be under the spotlight and take centre stage over the coming year and will be closely monitored by the market." Factory PMI has contracted for seven out of the past eight months - rising above the 50-point mark only in September.

Persons: Goldman Sachs, Zhou Hao, Joe Cash, Kim Coghill, Jacqueline Wong Organizations: cnsphoto, REUTERS, National Bureau, Statistics, Standard Chartered, PMI, Guotai, Thomson Locations: Zunyi, Guizhou province, China, BEIJING

☆ IMF says Sri Lanka debt deal could help board clear first bailout review
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. The deal comes about a month after Sri Lanka's agreement with the Export-Import Bank of China covering about $4.2 billion of outstanding debt, while clearing the IMF review could trigger a second tranche of about $334 million in funds. "These understandings pave the way for the IMF Executive Board to consider completion of the first review of Sri Lanka's four-year Extended Fund Facility Arrangement," Peter Breuer, IMF's mission chief for Sri Lanka, said in a statement. "We look forward to the Executive Board taking up this review by mid-December and the continuation of our productive collaboration with Sri Lanka in the period ahead." Sri Lanka plunged into its worst financial crisis in seven decades last year after its foreign exchange reserves dwindled to record lows.

Persons: Yuri Gripas, Lanka's, Peter Breuer, IMF's, Nandalal Weerasinghe, Uditha Jayasinghe, Sudipto Ganguly, Clarence Fernandez, Steohen Coates Organizations: Monetary Fund, REUTERS, Rights, International Monetary Fund, Sri, Export, Import Bank of, IMF, Asian Development Bank, World Bank, Thomson Locations: Washington , U.S, Import Bank of China, Sri Lanka's, Sri Lanka

☆ Argentina's Milei taps ex-central banker Caputo to fix economy in crisis
▼ + stars: | 2023-11-29 | by ( Jorgelina Do Rosario | Thomson Reuters | Jorgelina Do Rosario Is Emerging Markets Correspondent At Reuters Based In London | ) www.reuters.com time to read: +2 min

Former governor of Argentina's central bank, Luis Caputo, speaks alongside Economy Minister Nicolas Dujovne during a news conference in Buenos Aires, Argentina May 4, 2018. REUTERS/Marcos Brindicci/File Photo Acquire Licensing RightsBUENOS AIRES, Nov 29 (Reuters) - Argentina President-elect Javier Milei will appoint Luis Caputo as his economy minister, he said in a radio interview on Wednesday in Buenos Aires, after a two-day trip to the United States. "The minister of economy will be Luis Caputo," Milei told Radio La Red, although his office has yet to officially confirm the nomination. This will not be the first time for Caputo, a former Wall Street banker, as a government official. The economist was later appointed as central bank governor in 2018.

Persons: Luis Caputo, Nicolas Dujovne, Marcos Brindicci, Javier Milei, Caputo, Milei, elect's, Mauricio Macri's, Jorgelina, Adam Jourdan, Bernadette Baum, Mark Porter Organizations: REUTERS, Radio La, Monetary Fund, Wall Street, IMF, Thomson Locations: Argentina's, Buenos Aires, Argentina, BUENOS AIRES, United States, dollarizing Argentina, Milei, Washington, Rosario

Robotic arms assemble cars in the production line for Leapmotor's electric vehicles at a factory in Jinhua, Zhejiang province, China, April 26, 2023. China Daily via REUTERS/File Photo Acquire Licensing RightsBEIJING, Nov 29 (Reuters) - China's manufacturing activity likely contracted for a second consecutive month in November, a Reuters poll showed on Wednesday, keeping alive calls for further stimulus measures as factory owners struggle for orders both at home and abroad. A flurry of policy support measures has had only a modest effect, raising pressure on authorities to roll out more stimulus. The private Caixin factory survey will be issued on Friday, and analysts expect its reading to edge up to 49.8 from 49.5 in October. Reporting by Joe Cash; Polling by Susobhan Sarkar and Devayani Sathyan in Bangalore; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Cash, Susobhan Sarkar, Devayani, Kim Coghill Organizations: REUTERS, Rights, PMI, Thomson Locations: Jinhua, Zhejiang province, China, Rights BEIJING, Japan, Bangalore

MOSCOW, Nov 29 (Reuters) - Russia's industrial output growth slowed in October as the unemployment rate dropped to a record low 2.9%, federal statistics showed on Wednesday, with deepening labour shortages showing signs of cooling Moscow's military production capacity. Analysts say wages are growing faster than productivity and the central bank has warned of the impact it has on inflation. Industrial output rose 5.3% year-on-year in October, down from a 5.6% rise in September and driven once again by military production. Rosstat said industrial output had grown since March at a monthly rate of more than 5% compared with the corresponding months of 2022. But when discounting seasonal factors, industrial production dropped 0.4% in October, Rosstat said.

Persons: Maxim Oreshkin, Vladimir Putin, Central Bank Governor Elvira Nabiullina, Rosstat, Alexander Marrow, Darya, Alex Richardson, Alexandra Hudson Organizations: Kremlin, Reuters, VW, Central Bank Governor, Alexandra Hudson Our, Thomson Locations: MOSCOW, Russia, Volkswagen's, Moscow, Ukraine, Putin's Russia

☆ Sri Lanka reaches debt restructuring deal with creditor nations - government source
▼ + stars: | 2023-11-29 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

"Sri Lanka has been informed of an agreement," the source, who did not want to be identified, said. The Sri Lanka president's office and the finance ministry did not immediately respond to requests for comment. Japan co-chairs the official creditor committee, together with France and India. China is Sri Lanka's largest bilateral creditor and is an observer in the group, steering clear of joining the group as a formal member. The ADB's funds are part of a $350 million special policy-based loan that was approved in May to support Sri Lanka.

Persons: Nandalal Weerasinghe, Takafumi Kadono, Sudipto Ganguly, Jacqueline Wong, Kim Coghill Organizations: Reuters, Export, Import Bank of China, International Monetary Fund, Asian Development Bank, World Bank, ADB, Thomson Locations: COLOMBO, Sri Lanka, Japan, France, India, China, Sri Lanka's, Colombo, Sri

☆ New Zealand's central bank defends Maori language use
▼ + stars: | 2023-11-29 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

[1/3] Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr is pictured during an interview at the bank in Wellington, New Zealand, April 16, 2019. REUTERS/Charlotte Greenfield/File Photo Acquire Licensing RightsWELLINGTON, Nov 29 (Reuters) - New Zealand’s central bank chief defended its use of the Maori language in official communications on Wednesday, as the country’s new centre-right government looks to roll back the use of the Indigenous language in the public sector. Central bank governor Adrian Orr said at a media conference following the bank’s monetary policy meeting that it was proud of its Maori name "Te Putea Matua" and would continue to use it in addition to the Reserve Bank of New Zealand (RBNZ). Over the past few years, the RBNZ has undergone an overhaul that puts the country's Maori heritage and language at the centre of its operations. The government has not released specific details on the policies and it is unclear whether they would directly impact the central bank.

Persons: Adrian Orr, Charlotte Greenfield, Orr, Christopher Luxon's, Luxon, Lucy Craymer, Sam Holmes Organizations: Bank of New Zealand, REUTERS, Rights, Reserve Bank of New Zealand, Labour, New Zealand, prudential, Thomson Locations: Wellington , New Zealand, Central, Te Ao

Local governments plan to use the proceeds of the latest bond sales to purchase equity or convertible bonds from smaller banks, most of them state-owned, effectively recapitalising them, according to the deal prospectuses. DEEPER IN DEBTThe intensified efforts to support smaller banks also come amid growing worries about the impact of ballooning local government debt on the economy. While policymakers are highly concerned over rising debt levels, Beijing has little option but to support smaller banks to contain spillover risks, analysts said. It was not immediately clear if the central authorities had given any guidance to the local governments on recapitalising smaller banks, and who were the buyers of these special-purpose bonds. "Local governments are a likely the first line of defense whenever regional banks become stressed," they said.

Persons: Kim Kyung, Gavekal, Zhang Xiaoxi, Pan Gongsheng, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Kim Coghill Organizations: People's Bank of China, REUTERS, Rights, China Electronic Local Government Bond, Authorities, National Financial Regulatory Administration, International Monetary Fund, Beijing, Thomson Locations: Beijing, Rights BEIJING, China, Henan, China's, Liaoning, Yunnan, Inner Mongolia

☆ China economy: PBOC governor says focus will be on ‘high-quality, sustainable’ growth
▼ + stars: | 2023-11-28 | by ( Laura He | ) edition.cnn.com time to read: +4 min

“High-quality, sustainable growth is far more important.”The country is moving away from manufacturing and real estate, its traditional drivers of growth, towards a newer economic model driven by consumption and services, he added. “I’m confident China will enjoy healthy and sustainable growth in 2024 and beyond.”His remarks come at a time when China is battling a protracted recession in its vast real estate sector. But the country’s real estate sector is still struggling with sluggish sales and falling home prices. “China’s real estate market is experiencing some adjustments,” he said. The regulators have also introduced a raft of measures to stabilise the real estate industry, including reducing mortgage rates for home buyers.

Persons: Pan Gongsheng, “, Pan, “ I’m, ”, Stringer Organizations: Hong Kong CNN, People’s Bank of, “, Getty Locations: Hong Kong, “ China, People’s Bank of China, China, “, Fuyang, China's, Anhui, AFP, Wuhan, Hubei

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