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As Chinese banks are set for a rigorous quarterly inspection of their books by the country’s major financial institution, the ructions in money markets as well as an explosion in inter-bank borrowing demonstrate how addicted they’re to risky methods of funding.
For the first time since it was launched the previous year, the Macro Prudential Assessment or MPA for short, will include off-balance sheet wealth management products for the purpose of giving authorities a better sense of potential risks to the country’s financial system.
Apparently, wealth management products, often linked to shadow banking, have demonstrated unbelievable surge for the last years even as the Chinese government tries to contain risks from a quick build-up in debt.
Banks, which fail the inspection, are expected to face stiff penalties, although the results aren’t publicly unveiled. The PBOC is going to conduct the MPA at the end of this month.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!
What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
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