U.S. Economy Surges, China Debt Holdings, Japan on Yuan: Eco Day

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

  • The U.S. economy’s comeback is firing on all cylinders with jobs, retail spending and manufacturing exhibiting strong gains
  • China’s holdings of U.S. Treasuries rose in February to the highest since mid-2019 as yields climbed due to prospects of more stimulus
  • A senior BOJ official downplayed potential for China’s digital yuan to threaten the dollar’s position as the world’s main reserve currency
  • Add Goldman Sachs Group Inc. to the list of forecasters calling for oil demand to peak sooner rather than later
  • China’s GDP growth will probably soar to the fastest on record in 1Q, writes Chang Shu, estimating it expanded 20.1% year-on-year
  • Joe Biden’s strategy of bolstering labor unions to boost pay is running up against a half century of setbacks for organizing workers
  • Italy’s debt will exceed the country’s previous record amassed in the aftermath of World War I, laying bare the debilitating cost of the coronavirus pandemic on the euro-zone’s third-biggest economy
  • Foreign investment uncertainty in Australia jumped in 2020 amid increased global tensions and the politicization of decisions relating to the energy and resources industries, according to a new gauge
  • Ngozi Okonjo-Iweala promised that life at the WTO on her watch would not be business as usual. So far, she’s delivering
  • Biden’s effort to harness U.S. alliances in Asia to counter China will get a test run during his summit with Prime Minister Yoshihide Suga

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