Business News Asia
Central banks across the world purchased 1,136 tonnes of gold worth $70 billion in 2022, the most in 55 years, according to the World Gold Council (WGC). The data, published on 31st January, highlights a shift in the views of…
The Bank of Myanmar has ordered companies and small borrowers to suspend repayment of foreign debt. This will lead to a decline in the credibility of Myanmar companies. On July 13, the Central Bank of Myanmar issued an announcement allowing…
The Bank of Russia cut interest rates by 1.50% to 8.0% at its meeting yesterday in an effort to boost the slowing economy. The cut was larger than the 0.5% cut expected by analysts. It was the fifth rate cut…
The Danish central bank raised its key interest rate by 0.50% to -0.1% yesterday, following the rate hike by the European Central Bank (ECB) a few hours earlier. “The rate hike is a result of the ECB’s policy rate hike,”…
Indonesia’s central bank kept its key interest rate at a record low, even though most central banks have raised rates to curb inflation. The Indonesian central bank left the interest rate for 7-day bond repurchases unchanged at 3.50%. Indonesia’s central…
The People’s Bank of China (PBOC) left the one-year key lending rate (LPR) at 3.7% and the five-year LPR at 4.45%. China’s one-year LPR rate is a measure of private lending rates. The 5-year LPR rate is a measure of…
Indonesia’s central bank is likely to leave interest rates at a record low on Thursday. However, economists expect a 25 basis point rate hike to support the rupiah and prevent capital outflows due to rising U.S. interest rates. Given the…
The Reserve Bank of New Zealand (RBNZ) raised its key interest rate by 0.50% to 2.50% to curb inflation and promote full long-term employment. The RBNZ Policy Committee agreed that the implementation of a monetary austerity policy will be able…
Financial regulators in central China’s Henan and Anhui provinces have pledged to return some deposits to bank customers following violent protests Sunday over frozen accounts. On Monday, officials said customers with deposits of 50,000 yuan (about $7,400) or less would…
The Chinese central bank announced today (July 4) that it has upgraded its currency exchange system with Hong Kong to a permanent arrangement, increasing it from 500 billion yuan to 800 billion yuan ($119.40 billion). The agreement was signed by…
