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China actually requires letting local authorities take responsibility for their funds, including permitting bankruptcies, as part of a vigorous effort to have their debt risks defused. That’s what a major bank official unveiled on Monday.
Apparently, major government control of the scale of local government bonds needs to be removed, while responsibility to issue and also repay bonds needs to be strictly held by the city or county, which will actually employ the finances. That’s what the head of the People's Bank of China's research bureau, Xu Zhong told in an editorial on the financial news site Yicai.
At a gathering this week the country’s top leadership decided to take strict measures to strengthen the regulation of local government debt in 2018 as policymakers are considering reining in a huge debt pile and also reducing financial risks facing the national economy.
China’s government requires clarifying responsibility because it actually explores a bankruptcy system for local authorities, as Xu stressed, because there’s still a hope that the major government is going to bail out those running into fiscal issues.
The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now.
Happy Monday, dear traders! Hope you had a great weekend and you’re ready for the last trading week in 2022! Later this week we’ll announce some exciting news for you, but now let’s look through some interesting news! Today’s events: USA, UK, Hong…
On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…
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