ON OCTOBER 18TH, President Xi Jinping will preside in Beijing over the most important political event in five years. At the Communist Party’s 19th congress much will be made of the triumphs achieved in nearly four decades of reform and opening up. So expect a glossing over of one part of that process where progress has largely stalled: the “internationalisation” of China’s currency, the yuan.This seems odd. Just a year ago, the yuan became the fifth currency in the basket that forms the IMF’s Special Drawing Right (SDR). This marked, in the words of Zhou Xiaochuan, China’s central-bank governor, in a recent interview with Caijing, a financial magazine, “historic progress”. Symbolically, China’s monetary system had been awarded the IMF’s seal of approval. A further boost to prestige was the
Thousands of shops in the UK will ignore the Royal Mint’s deadline to stop accepting old £1 coins, despite warnings that it could create chaos, The Telegraph reported. A trade association representing 170,000 small shops has advised members to continue taking the round £1 coins, which ceased to be legal tender on Sunday. Poundland, the discount store, has also said it will continue to let customers use the old coins, of which 500 million remain in circulation, to pay for items beyond the cut-off point. Bosses described the move as a “no-brainer”. The Royal Mint and the Treasury are understood to have told businesses that they want a “clean break” from the round pound to avoid potential chaos being created by some shops continuing to accept them as payment. Officials are worried that a
What's the best way to use an inheritance?It's a question worth considering, with the U.S. on the cusp of a significant wealth transfer. Baby Boomers are poised to inherit $ 12 trillion from their parents and then in the coming decades, pass on an estimated $ 30 trillion to their own heirs.If you receive an inheritance, the first thing to do is pause, said Gail Cohen, chair of the board or directors and general trust counsel for Fiduciary Trust Company International. Take time to grieve and process the loss of your loved one."I don't think any big decisions should be made during that period of time," she said.Before you start spending, take stock of any obligations or costs around the inheritance, said Susan Bradley, a certified financial planner and the founder of the Sudden Money Institu...
President Donald Trump on Wednesday said that, "in a sense," gains made by private financial markets reduce the national debt. The claim is incorrect on its face, but it does point to how the president views the economic interplay between the federal government and Wall Street."The country — we took it over and owed over $ 20 trillion," Trump said in an interview on Fox News, referring to the total national debt, which has hovered near $ 20 trillion since early 2016."As you know, the last eight years, [the federal government] borrowed more than it did in the whole history of our country," Trump said. "So they borrowed more than $ 10 trillion, right? And yet we picked up $ 5.2 trillion just in the stock market. Possibly picked up the whole thing in terms of the first nine months, in terms o
Company benefits and perks are an essential and much appreciated part of compensation, but staying on top of changes every fall can be a chore."Most people don't look at their complete packages every year," said Eric Roberge, certified financial planner and founder of Beyond Your Hammock. "They just do [the minimum] — what they have to do."Here are the areas that warrant special attention, along with the questions financial advisors suggest you ask before choosing your company benefits.Roberge asks his clients to answer these questions:Do you have a matching contribution?Are you taking full advantage of it?Have the investment options (especially mutual funds) changed?Are you allocated correctly?Should you rebalance?It's important to pay attention to how you save, advisors said."One thing t