China 

Beijing redoubles efforts to quell fears about state of the Chinese economy as bad news piles up

Beijing has stepped up efforts to reassure the public that the economic slowdown is under control, as the country deals with its slowest growth in decades amid an ongoing trade war with the US. The Chinese government organised two back-to-back press conferences in the last two days, with senior officials from six powerful ministries voicing confidence in the prospects of world’s second biggest economy and providing Beijing’s explanation on negative economic news such as the first year-on-year fall in car sales in nearly three decades and job market stress. Trade…

Read More
Home 

As if a weakening economy was not enough, election uncertainty piles further pressure on Philippine peso

After falling for six straight years, the Philippine peso is now facing an additional threat: a midterm election that may compound concerns about its economy. As the nation gears up for polls due in May, political uncertainties may pose an added source of pressure to those stemming from its long-running deficits. With risk appetite likely to remain fragile because of fears of a global slowdown, traders may drive the peso back below the 13-year low set in October. “The overarching downside risks will probably emanate from risk-off sentiment refocusing worries…

Read More
China 

China’s forex reserves hit 18-month low as trade war piles pressure on yuan

China’s foreign exchange reserves fell more than expected in October to a 18-month low, suggesting a gradual pickup in capital outflow pressure amid the trade war with the United States. The reserves fell US$33.93 billion in October to US$3.053 trillion, versus a decline of US$22.69 billion in September, central bank data showed on Wednesday. A Bloomberg survey of economists forecast a drop of US$28.53 billion to US$3.06 trillion. The modest depletion in the reserves comes as the yuan has lost 10 per cent of its value to the US dollar…

Read More