World's Finance Chiefs Gather, China Cuts Reserve Ratio: Eco Day
(Bloomberg) -- Welcome to Monday, Asia. Here’s the latest news from Bloomberg Economics:
- As global finance chiefs prepare to meet this week in Bali for the annual IMF and World Bank meetings, they do so without the firepower of 2008 and with the era of coordination looking like an anomaly
- China’s central bank cut the amount of cash lenders must hold as reserves for the fourth time this year, as policy makers seek to shore up the faltering domestic economy
- Meanwhile, China’s foreign-currency holdings fell in September amid heightened trade tensions with the U.S.
- The U.K.’s painful pay squeeze in the aftermath of the financial crisis helped save 800,000 jobs, according to new research
- Malaysia intensified its efforts to rein in spending by reducing the cost of an almost $14-billion mass-rapid transit project
- Why the current run-up in U.S. Treasury yields and the dollar poses a major stress test for a global financial system that has become even more dependent on the American currency
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