Summers Versus Yellen, China FX, Full Employment 2022: Eco Day

Welcome to Monday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the week.

  • In making the case for a mammoth $1.9 trillion economic relief package, President Joe Biden and his acolytes had maintained that economists across the board agreed on it. Well, so much for that
  • China’s foreign-currency holdings declined in January after reaching a four-year high the previous month
  • Treasury Secretary Janet Yellen said the U.S. can return to full employment in 2022 if it enacts a robust enough stimulus package
  • Lunar New Year is usually a bonanza for Chinese airlines criss-crossing the country fully loaded with passengers. Not this year
  • German Finance Minister Olaf Scholz boosted efforts to return Social Democrats to the chancellery with a fiscally expansive platform
  • ECB chief Christine Lagarde predicted the euro-area recovery will pick up in the summer
  • Money is edging toward its biggest reinvention in centuries as central banks embrace the creation of digital currencies. Bitcoin topped $40,000 in a rally that helped its market value scale a new peak
  • The New Zealand dollar may be fast closing in on an almost three-year high -- unless the central bank can douse talk of a tapering
  • Taiwan penalized Deutsche Bank AG and three other foreign lenders after a probe into speculation on the surging local currency last year
  • Scientists probing the origins of the coronavirus are wrapping up a lengthy investigation in China and have found “important clues”

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