China Stabilizes, IMF Monetization Nod, Thrift Paradox: 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 economic recovery stabilized in November, underpinned by solid global demand for exports and the stock market’s gain
• The IMF’s October acknowledgment of the case for temporary debt monetization in Asia marked yet another example of how the pandemic has upended economic orthodoxy
• Australia’s governments are curbing pay rises to try to save cash and avoid a political backlash, yet are risking entrenching the sort of disinflationary impulse that’s long hobbled Japan
• China’s President Xi Jinping broke his silence on Joe Biden’s election victory, sending the U.S. president-elect a message that he hopes to “manage differences” and focus on cooperation
• New Zealand’s central bank is pushing back after the finance minister asked it to do more to rein in rampant house prices, saying the government should be looking at changes to tax policy. Meantime, the nation’s post-Covid-19 economic recovery is kicking into gear, writes James McIntyre
• As Treasury secretary, Janet Yellen is almost certain to pursue tighter coordination with the Fed next year -- repairing recent frictions
• Fed officials discussed at their Nov. 4-5 meeting providing more guidance on their bond-buying strategy “fairly soon.” Meantime, a smorgasbord of U.S. economic data on the eve of Thanksgiving showed lingering signs of both strain and strength
• India’s key manufacturing exports may lose market share to a China-backed Asian trade bloc, from which Prime Minister Narendra Modi walked away last year to protect the interests of local farmers and industry
• The ECB’s main goal will be to keep credit flowing to the economy through the pandemic when it takes crucial decisions on supervision and monetary policy in the coming weeks, according to Vice President Luis de Guindos
• Chancellor Angela Merkel extended a partial lockdown for at least three weeks to just before Christmas in Germany
• The U.K. faces its worst slump in 300 years as Chancellor of the Exchequer Rishi Sunak is set to cut spending
• Among the parlor games played in a locked-down Geneva is some friendly wagering about whether South Korea’s Yoo Myung-hee will withdraw from the race to lead the WTO
• Australian-born James Wolfensohn, the onetime Salomon Brothers partner who was appointed by U.S. President Bill Clinton to head the World Bank and became one of its longest-serving leaders, has died. He was 86

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