China Leapfrog, Fed Optimism and Board Shock, N.Z. Boom: Eco Day

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

• China’s surging economy is set to overtake 56 countries in the world’s per-capita income rankings, the IMF projects
• Fed Chair Jerome Powell said the recovery is likely to continue at a “solid” pace while noting the virus surge is a risk. Judy Shelton’s nomination to the Fed Board has been blocked in the Senate
• It’s just suffered its biggest economic slump since the Great Depression, its border is closed and unemployment is rising, but New Zealand’s housing market is booming
• President-elect Joe Biden said he would work to rebuild global institutions he said were damaged during Donald Trump’s presidency and that his message to world leaders is that “America is back”
• China gave one of its most detailed explanations yet for souring ties with Australia. Meantime, Treasurer Josh Frydenberg urged Australia’s financial regulators not to hinder the economic recovery
• Thailand is set to keep its key interest rates unchanged at a record low as the focus on reviving the economy shifts to fiscal policy
• France‘s second lockdown will push the economy back into a slump
• ECB chief Christine Lagarde doesn’t see news that a coronavirus vaccine is near as altering the plan to add monetary stimulus
• The U.K. and EU could strike a deal on their trading and security ties early next week as the two sides edge closer to agreement
• Fed Governor Lael Brainard, a reported candidate to become the first woman Treasury secretary under President-elect Joe Biden, called for greater diversity among economic decision makers in the U.S.
• China’s holdings of U.S. government debt fell for a fourth-straight month to the lowest level since February 2017
• U.S. household debt rose slightly in the third quarter, reaching the highest level ever
• U.K. Prime Minister Boris Johnson announced a 12 billion-pound ($15.9 billion) plan to boost green industries and tackle climate change, in a plan he says will create or support up to 250,000 jobs

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