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China SHANGHAI: China's money rates jumped on Wednesday, with dealers reporting tightening money conditions in the market as banks and corporates set aside money for pending income taxes.   "Liquidity is really tight today. Big banks are not willing to lend money as they face strong pressures to provide capital for companies' tax payments," said a senior dealer at a Chinese state-owned bank in Shanghai.   Enterprises usually use commercial deposits to pay taxes, which drains funds from the banking system.   Due to tightening liquidity, several traders said they expect the central bank to inject a large amount of funds into the market via open market operations on Thursday.   The central bank injected 91 billion yuan ($14.55 billion) into the market via seven- and 28-day reverse bond repurchase agreements on Tuesday, doing little to offset the 386 billion yuan due to drain from money markets this week through a combination of maturing repos, bills and reverse repos.   The ...

Bundesbank, federal auditors in spat over gold reserves  FRANKFURT: The Bundesbank locked horns with the federal court of auditors Tuesday over criticisms the German central bank is not keeping proper track of its vast reserves of gold.   In a letter to a parliamentary committee, the Bundesrechnungshof, which audits Germany's finances, complained that the Bundesbank had never made sure that large parts of its gold reserves held by foreign central banks are subject to regular on-the-spot checks.   In the confidential letter, a copy of which was ...
India MUMBAI: Mid-sized private lender Yes Bank has received board approval to foray into the mutual funds business, Chief Executive Officer Rana Kapoor told reporters on Tuesday.   Last month, the bank had received a retail equities broking licence from India's central bank, for which it expects to launch operations during 2013/14 fiscal year.   The move will help it bolster its retail business, which has been a key growth area over the last one year.   Earlier on Tuesday, Yes Bank ...
Euribor rates resume fall under liquidity glut  FRANKFURT: Key Euribor bank-to-bank lending rates eased on Tuesday, resuming their year-long downtrend under the weight of large amounts of excess liquidity in money markets after steadying in the previous session.   Three-month Euribor rates, traditionally the main gauge of unsecured bank-to-bank lending, dipped to 0.203 percent from 0.204 percent. The six-month rate fell to 0.402 percent from 0.405 percent.   The shorter term one-week rate was unchanged at 0.080 percent. The overnight Eonia rate dipped to 0.092 percent ...
Financial transaction tax should bring in 10bn euros: France PARIS: A financial transaction tax in the 11 EU states which support such a levy would probably raise more than 10 billion euros per year, French European Affairs Minister Bernard Cazeneuve said on Tuesday.   Eleven eurozone countries are in favour of introducing such levies, but still needed to agree on which transactions and at what rates, he said on the French parliamentary television channel.   "It is difficult to indicate what the result will be but one can ...
China SHANGHAI: China's money rates rose on Tuesday, with the benchmark seven-day repo rate jumping over 19 basis points on expectations that the People's Bank of China (PBOC) will probably conduct another net drain from money markets this week. The central bank injected 91 billion yuan ($14.55 billion) into the market via seven- and 28-day reverse bond repurchase agreements on Tuesday, doing little to offset the 386 billion yuan due to drain from money markets this week ...
NBP establishes brisk resolution strategy to cope ATMs faults, issues ISLAMABAD: The National Bank of Pakistan (NBP), Islamabad region has established brisk resolution strategy to cope Auto Teller Machines (ATMs) faults and issues and the number of complaints as compared with the volume of their operations are negligible, a senior official of the Bank told APP.   "We have 24x7 check up of the ATMs through our Regional Data Centre's surveillance and the errors are immediately taken up by the respective quarters for their ready solutions', Tariq ...


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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