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China is at risk of a banking crisis, a central bank body says

China is at risk of a banking crisis, a central bank body says

Finance
China is one of the economies most at risk of a banking crisis, according to the Bank of International Settlements, which published its quarterly review on Sunday.The report, which included a study on the early signs of a banking crisis, found China's debt — measured by a credit-to-GDP gap — surpassing an amount that could lead to a system fallout. The country also has a high level of debt servicing ratio, which made its banking system more vulnerable.The credit-to-GDP gap measures the difference between the percentage of debt in an economy and its long term trend. A bigger number suggests debt is growing at a pace that may not be healthy for the economy.Debt servicing ratio, meanwhile, refers to the amount of money as a proportion of income that's used to repay loans. A higher ratio means
European Central Bank expected to tread carefully amid mounting global insecurities

European Central Bank expected to tread carefully amid mounting global insecurities

Finance
Mario Draghi, the president of the European Central Bank (ECB), is unlikely to give too much away at his press conference this week amid a surge in economic uncertainty.The Italian economist will speak once again following the ECB Governing Council's rate decision on Thursday, with the bank expected to be cautious to prevent any unwanted tightening of financing conditions. This means Draghi won't reveal much on any potential end to the ECB's massive bond-buying scheme, brought in after the euro zone sovereign debt crises to boost lending and stoke inflation.The threat of a trade war triggered by President Donald Trump — with the U.S. set to impose tariffs on steel and aluminum — has spooked investors and business leaders alike. Meanwhile, the rise of populism in Italy has done little to ca
Grand Central Terminal hosts squash 'Tournament of Champions'

Grand Central Terminal hosts squash 'Tournament of Champions'

Sports
Jan. 18 (UPI) -- Squash players from around the world competed on the first day of the J.P. Morgan Tournament of Champions in New York on Thursday.The annual 8-day tournament kicked off at a 10,000 pound glass squash court inVanderbilt Hall at Manhattan's Grand Central Terminal.The Tournament of Champions began as the "U.S. Professional" in 1930 and has been played in 17 different cities.World No.1 Gregory Gaultier of France earned a victory over U.S. No.1 Todd Harrity on the first day of the tournament as he became the first male player in the modern era to reach 700 PSA matches.World Championship runner-up Marwan ElShorbagy of Egypt, the fifth ranked player in the world, easily defeated Mexican Cesar Salazar."Cesar has been playing really well lately, he had some good results at the U.S....
IMF chief tells central bankers to not dismiss bitcoin

IMF chief tells central bankers to not dismiss bitcoin

Technology
Christine Lagarde, the head of the International Monetary Fund, has a message for the world's central bankers: Don't be Luddites. Addressing a conference in London on Friday, Lagarde said virtual currencies, which are created and exchanged without the involvement of banks or government, could in time be embraced by countries with unstable currencies or weak domestic institutions. "In many ways, virtual currencies might just give existing currencies and monetary policy a run for their money," she said. "The best response by central bankers is to continue running effective monetary policy, while being open to fresh ideas and new demands, as economies evolve." The most high-profile of these digital currencies is bitcoin, which like others can be converted to cash when deposited into accounts ...
CAD And NZD Fall Sharply On Central Bank Disappointment

CAD And NZD Fall Sharply On Central Bank Disappointment

Finance
Shutterstock photoDaily FX Market Roundup 09.27.17The U.S. dollar ended the day higher against all of the major currencies but by the end of the NY trading session, the currency had given up a large part of those gains. President Trump provided zero details on his tax reform plan, leaving the market with nothing more than the proposal released earlier. Its still going to be a long road to Congressional approval and the changes that we've seen so far are less encouraging than his campaign promises.  For this reason, we could see the dollar start to give up its gains as the tax reform excitement fades.  Fed officials including FOMC voter Dudley continued to express cautious despite last week's hawkish FOMC statement.  In his speech today, he said current Fed rates are likely a...