September 5, 2022
United States:
Charting the Global Economy: Unemployment Rate in US Climbs
The US jobless rate rose for the first time since the start of the year, inflation in Europe hit a fresh record high and China’s retail activity showed signs of stagnating because of the government’s Covid Zero policy.
Europe:
Europe Still Guzzling Russian Oil With Ban Just Months Away
With just three months to go until a full European ban on seaborne imports of Russian oil enters into force, the continent remains very dependent on Moscow for supply.
Flows to European Union countries have recovered to about 1 million barrels a day since early August. That’s up from levels seen in late July, but down sharply from peaks in April and June.
Asia:
China Cuts Forex Reserve Ratio in Bid to Support Tumbling Yuan
China reduced the amount of foreign-exchange deposits banks need to set aside as reserves for the second time this year to boost the yuan after the currency hit a two-year low.
Financial institutions will need to hold 6% of their foreign-currency deposits in reserves starting from Sept. 15, the People’s Bank of China said in a statement on Monday — lower than the current level of 8%. The move is expected to increase the supply of foreign currencies, thereby making it more appealing for traders to buy the yuan.
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