EMerging Equity
Capital Flight
IMF Urges Nigeria To Devalue Currency As Its Economy Crumbles
The IMF is urging Nigeria’s Central Bank to devalue its local currency, the naira, and to remove curbs on access to foreign exchange as part of a package of aggressive economic policies in order to counter the impact of low oil prices, according to a statement released on Wednesday. Nigeria, Africa’s largest economy and largest crude producer, an OPEC member state, … Continue reading
China Explores Its Monetary Easing Toolkit
By Kangning Chen The People’s Bank of China (PBoC) has flooded China’s financial system with record amounts of cash this past week to pre-empt the annual liquidity crunch ahead of the Lunar New Year in early February. The central bank is cautiously refraining from cutting interest rates or the reserve requirement ratio (RRR), as it … Continue reading
China Will Likely Have To Impose Capital Controls: Societe Generale
China — the world’s largest holder of foreign exchange reserves (forex reserves) — will likely need to impose capital controls as its forex stockpile will not be sufficient to defend its currency, the yuan, Societe Generale (SocGen) says, Bloomberg reports. According to SocGen’s Jason Daw, if 65 million Chinese residents — approximately 5 percent of its population — each withdrew the maximum allowed $50,000 this would erase around $3.3 trillion … Continue reading
Capital Controls Are Coming: ‘The Carnage Always Comes By Surprise, Often On An Ordinary Saturday Morning’
By Nick Giambruno The carnage always comes by surprise, often on an otherwise ordinary Saturday morning… The government declares a surprise bank holiday. It shuts all the banks. It imposes capital controls to stop citizens from taking their money out of the country. Cash-sniffing dogs, which make drug-sniffing dogs look friendly, show up at airports. … Continue reading
China: Canary In The Global Economy Coalmine?
By Jack Rasmus What’s happening in China? Is it becoming the locus of the next financial crisis? Some well positioned capitalists are beginning to suggest so, including no less than that guru of global hedge fund and financial speculators, George Soros. The Bank of Central Banks, the Bank of International Settlements (BIS) in Geneva, is saying … Continue reading
Russia In “Full-Blown Crisis,” Comparable To 2009 Crisis, Ex-Finance Minister Says
Russia’s former Finance Minister Alexei Kudrin, a long-time ally of President Vladimir Putin, says the Russian economy is in a “full-blown crisis” — comparable to the 2009 crisis — and warns that the nation will endure a longer recession than is forecasted by the government. Kudrin, during an address on Wednesday to the Federation Council upper house … Continue reading
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