China Absorbs Yuan, Dimon Scolds, Virus Hotspots’ Rates: Eco Day

(Bloomberg) -- Welcome to Thursday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• China’s ability to keep selling more of its goods abroad means officials will be in no rush to rein in their strongest yuan in more than two years, as HSBC Holdings Plc’s Paul Mackel says China’s currency should be included in the top tier of foreign-exchange
• Jamie Dimon said U.S. lawmakers are failing the country in their inability to compromise on fiscal stimulus. Yelena Shulyatyeva says the trajectory of U.S. economic growth in 2021 will be shaped by the impact of accelerating Covid-19 cases, the effectiveness of a vaccine, and the fading probability of meaningful fiscal stimulus
• Rate decisions by two Southeast Asian nations hardest hit by Covid are in focus, with forecasts barely tilting toward a hold in Indonesia, while the Philippines struggles to support a fragile recovery
• Pfizer Inc. said a final analysis of clinical-trial data showed its Covid-19 vaccine was 95% effective, paving the way for it to apply for the first U.S. regulatory authorization for a coronavirus shot
• Japan needs to set up a fund of up to 10 trillion yen ($96 billion) to invest in a green and digital transformation, while the biggest labor union said Covid-19 won’t stop it demanding pay increases
• American workers and businesses face a months-long survival test until Covid-19 vaccines become widely available as spending plunges
• The ECB’s inflation switch could bring doves and hawks under one roof, writes Maeva Cousin
• German Finance Minister Olaf Scholz defended the latest measures to tackle the coronavirus, while Sweden said the latest Covid flare-up means the economy will be weaker than thought in the period ahead
• Turkey’s new central bank governor gets an early chance to act boldly on his market-friendly messaging
• Joe Biden is moving closer to claiming the White House as states certify election results despite Donald Trump’s challenge to the vote

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