U.S.-China Boom, ECB History Lesson, India Digital FX: Eco Day

Happy Friday, Asia. Here’s the latest news and analysis from Bloomberg Economics to take you through to the weekend:

  • China and the U.S. are shipping goods to each other at the briskest pace in years, making the world’s largest bilateral trade relationship look as if the protracted tariff war and pandemic never happened
  • Christine Lagarde said the ECB has learned from errors of past crises and won’t derail the current economic recovery by withdrawing emergency support too early. Bundesbank chief Jens Weidmann and Belgian Governor Pierre Wunsch opposed the new guidance
  • The Reserve Bank of India is considering a “phased introduction” of a central bank digital currency, Deputy Governor T. Rabi Sankar said
  • Fresh lockdowns and restrictions in Asia brought on by the faster-spreading delta coronavirus variant are making the region’s pursuit of travel bubbles look like an increasingly fruitless endeavor
  • It’s hoped that U.S. plans for a digital trade agreement covering Indo-Pacific economies may be a step toward rejoining a regional trade deal
  • Severe flooding in the city of Zhengzhou -- a major commerce hub in Henan province -- will cause mostly temporary disruptions, Bloomberg Economics says in this wrap of reactions and analysis
  • Indonesia left its benchmark rate unchanged and pledged to maintain a “pro-growth” policy into next year
  • The IMF is stepping up its support for low-income nations as they struggle with ongoing Covid-19 outbreaks that threaten global growth
  • When a nearly empty National Stadium in Tokyo lights up on Friday evening in Japan to mark the beginning of the delayed Summer Olympics, Covid-19’s scar on the event will be glaring

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