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China's central bank says will fine-tune policy, keep reasonable credit growth BEIJING: China's central bank will keep up reasonable growth in credit and social financing and fine-tune its monetary policy in a timely way, the bank said on Friday. The remarks by the People's Bank of China came after surveys showed China's factories posted strongest growth in at least 1-1/2 years in July as new orders surged to multi-month highs, cementing bets that the economy is re-gaining momentum after a spate of stimulus measures. "The Central Bank shall maintain stable monetary policy, to keep continuity and stability in policy," the PBOC said in a quarterly policy document."To maintain appropriate liquidity, and achieve reasonable growth in credit and social financing." Worried by a slowdown in the economy in the first quarter, China began easing policy in April by cutting taxes, hastening investment, and lowering the reserve requirement for some banks. The PBOC also said China's economy would maintain stable growth in the ...

Royal Bank of Scotland says capped lending in Russia LONDON: Britain's state-rescued Royal Bank of Scotland has capped lending in Russia after the imposition this week of new economic sanctions against Moscow linked to the Ukraine crisis, it announced Friday."Following developments in Ukraine, ratings were reviewed, limits adjusted and additional credit restrictions placed on new business," RBS said in a statement, adding it was also reviewing its exposure to international sanctions.RBS revealed that it slashed the group's lending to Russia by £100 million ($168 ...
North Korea issues new bank notes to flush out cash SEOUL: North Korea has started issuing new bank notes in an apparent effort to flush out privately hoarded cash reserves, according to South Korea's National Intelligence Service (NIS).In a briefing to a parliamentary committee, the NIS said the new notes were issued from July 30, Yonhap news agency reported Friday.Old bank notes can be exchanged or used for an unspecified grace period after which they will cease to become legal tender, the NIS said."This is ...
UK's Lloyds says case strengthened for re-starting dividends LONDON: State-backed British bank Lloyds said it had strengthened its case to restart dividend payments for the first time in six years after reporting a one-third rise in profit for the first half.The bank, which is 25 percent-owned by the government after being rescued during the 2008 financial crisis, said it would ask Britain's financial regulator in the second half of the year for permission to begin paying "modest" dividends again.Lloyds was one of Britain's ...
Philippine central bank raises policy rate, further tightening ahead MANILA: The Philippine central bank raised its main interest rate on Thursday for the first time in three years to tame price pressures and said its inflation target for next year was at risk, fuelling expectations of further tightening ahead.The rate increase was its fourth and most aggressive move against inflation in as many meetings. All 12 analysts in a Reuters poll had expected the central bank to tighten policy but only half had expected ...
Bank of America fined $1.3bn for mortgage fraud NEW YORK: A US judge Wednesday ordered Bank of America to pay a $1.3 billion penalty for selling bad loans to mortgage finance firms Fannie Mae and Freddie Mac amid the housing crisis. The penalty comes after a New York jury in October 2013 found that Bank of America and Countrywide defrauded the two US mortgage giants in a lending program in 2007. Bank of America bought Countrywide in 2008. The program was "from start ...
BoJ should study shifting focus to zero rates in future KOBE: Bank of Japan board member Takahide Kiuchi said on Thursday the central bank should consider shifting the focus of monetary policy to zero interest rates from asset purchases when moving to end its ultra-loose stance. Kiuchi said while the BoJ's quantitative and qualitative easing (QQE) programme had been effective in boosting the economy, keeping it in place for too long entailed big potential risks, such as creating financial imbalances and making an exit from ...


Index Closing Chg%
Arrow DJIA 16,563.30 1.88
Arrow Nasdaq 4,369.77 2.09
Arrow S&P 1,930.67 2.00
Arrow FTSE 6,730.11 0.64
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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln