August 31, 2016 Canada to apply for AIIB membership Canada has decided to apply for membership of the Asian Infrastructure Investment Bank (AIIB), Canadian Finance Minister Bill Morneau announced at a press conference in Beijing Wednesday. If Canada joins the AIIB, it will be the first North American member of the multilateral bank. Canada's membership will contribute significantly to the bank's development, AIIB president Jin Liqun told the press conference, noting that all countries interested in the AIIB were welcome to apply for membership.
August 31, 2016 BIS, FSB and IMF publish elements of effective macroprudential policies The International Monetary Fund (IMF), Financial Stability Board (FSB) and Bank for International Settlements (BIS) released today a new publication on Elements of effective macroprudential policies. The document, which responds to a G20 request, takes stock of the international experience since the financial crisis in developing and implementing macroprudential policies and will be presented to the G20 Leaders' Summit in Hangzhou. *CLICK HERE FOR FULL REPORT
Snip "Another unusual aspect of this week’s issue is that it took place in mainland China, meaning investors must use yuan to buy and sell the bond. Coupon payments, too, will be made in yuan. Earlier this year, Chinese officials announced measures that gave foreigners more access to the world’s third-biggest bond market, although restrictions have been lifted slowly and investors remain cautious"
August 31, 2016 World Bank Bond Issue Gives China Chance to Promote Yuan Three-year bond is denominated in so-called special drawing rights and will pay an annual yield of 0.49% The World Bank sold a bond backed by the International Monetary Fund’s own currency-reserve basket in mainland China, the first such issuance in roughly three decades. The three-year bond, denominated in so-called special drawing rights—a synthetic currency based on the U.S. dollar and three other major currencies, and soon also China’s yuan—will pay an annual yield of 0.49%, according to the deal’s term sheet. The bank is eventually looking to raise an amount equivalent to $2.8 billion: On Wednesday, it issued the first tranche, valued at around $700 million. *CLICK HERE FOR FULL ARTICLE
August 30, 2016 Saudi Arabia Burns Through Foreign Reserves As Oil Prices Tank The Saudis are also running budget deficits attributed to the prolonged oil price down turn. Saudi investors monitor stocks at the newly opened exchange market department at the National Commercial Bank (NCB) in Riyadh on November 12, 2014. The Saudi stock market rebounded last week as markets in the rest of the region fell. However, the real problem for Saudi Arabia is the more than two year free-fall in global oil prices and a massive loss of revenue.
Wednesday, August 31, 2016 Balsamic Moon Phase: release, dream Moon in Leo/Virgo 11:23 am ET/3:23 pm UT Aspect of the Aeon Sophia (Wisdom): Bhairavi, Goddess Who Fortifies the Heart Aspect of the Aeon Thelete (Will): Kathe, God of the South Skill: immerse in the present moment while simultaneously seeing signs of the future True Alignments: different in the light of a new day, within reach, strongly grounded, prescience and premonitions, mysteries, ancient knowledge, creativity, producing, respect, novel ideas, pacing oneself, lasting achievements, sharing feelings, important conversations Catalysts for Change: refusing solace, lost, ignoring other's or one's own needs, ungrounded, sudden changes (these are for the best), denial of the truth, fear of failure, holding on tightly to the past at the expense of the present and future, super-competitive, only taking and never giving, premature, suppressing expression, sacrificing individuality or not expressing/recognizing uniqueness, transferring or projecting negative feelings onto others *CLICK HERE FOR FULL REPORT
2016/8/28 World Bank issuing SDR debt The World Bank plans to issue bonds denominated in the IMF's Special Drawing Rights (SDRs) this week in China, Bloomberg reported on August 23. The notes will be priced on Wednesday, it said, citing anonymous sources.
Treasury Secretary Lew on what to expect at the G20 summit
From the first G20 leaders’ summit in 2008 to this year’s G20 meeting in Hangzhou, China, the U.S. has engaged deeply with the world’s major economies, playing a leading role in crisis and post-crisis global economic management. Top agenda issues have included global governance in times of economic crisis, promoting inclusive global growth, securing commitments to avoid the targeting of exchange rates for competitive purposes, strengthening financial regulation, combating terrorist financing, mobilizing funding for sustainable infrastructure, promoting financial inclusion, and tackling ‘global public goods’ issues – from climate change mitigation and adaptation to ending poverty and reducing inequality.
Implementation of Basel standards - A report to G20 Leaders on implementation of the Basel III regulatory reforms Full, timely and consistent implementation of Basel III remains fundamental to building a resilient financial system, maintaining public confidence in regulatory ratios and providing a level playing field for internationally active banks. This report updates G20 Leaders on progress and challenges in the implementation of the Basel III regulatory reforms since November 2015, when the Basel Committee last reported to the G20. The report summarises the steps taken by Basel Committee member jurisdictions to adopt the Basel III standards, banks' progress in bolstering their capital and liquidity positions, the consistency of implementation in jurisdictions assessed since the Committee's last report and the Committee's implementation work plan. CLICK HERE FOR PDF
August 30, 2016 G20 Summit to deal with rising anti-globalization sentiment The G20 Summit is to take place amid weak economic recovery and the lowest rate of global trade growth in three decades. China would like to see G20 leaders resist protectionism and instead, seek economic growth through innovation and reform. CCTV's reporter spoke to some of China’s brightest business leaders to hear their proposals to G20 leaders.
August 30, 2016 China, Saudi Arabia ink cooperation deals China and Saudi Arabia on Tuesday signed 17 cooperative agreements after the first meeting of a high-level steering committee for coordinating bilateral cooperation. Chinese Vice Premier Zhang Gaoli and Saudi Arabia's Deputy Crown Prince Mohammed bin Salman co-chaired the meeting in Beijing. The documents covered politics, energy, finance, investment, housing, water resources, quality inspection, science, technology and culture.