Donald Trump’s bid to become the first US president to remove a central bank official has hit a major hurdle. The US Supreme Court’s nine-judge bench, in a 5-4 ruling, refused on Monday to let Trump sack Federal Reserve Governor Lisa Cook, news agency Reuters reported. Lisa Cook has been a target of Donald Trump…
Today the Hong Kong Monetary Authority (HKMA) and Hong Kong Exchanges and Clearing (“HKEX”) announced plans for a wholesale central bank digital currency (wCBDC) trial. The aim is to use the wholesale e-HKD as advance margin for derivatives trading during after hours trading (AHT) sessions. The HKFE Clearing Corporation Limited (HKCC) has multiple settlement banks….
K&K Property launched 122 one-bedroom units at foto+, a single residential tower in Mong Kok close to Olympic station, while Wang On Properties put 100 units up for sale at the Connext project in Wong Tai Sin. By 7pm Friday, 103 of the foto+ units had found buyers, and seven Connext flat were taken, according…
China’s central bank has stepped in to temper the rapid rise of the yuan, announcing that it will scrap foreign exchange risk reserve requirements for certain forward contracts, a move seen as encouraging dollar buying and cooling the currency’s recent surge. The decision follows a sharp rally in the yuan, which climbed to a near…
The inflation fight may be nearing the end, but the political one is just beginning. Former Federal Reserve vice chair Lael Brainard said she would support a rate cut at the central bank’s December meeting, warning that cracks are forming “under the hood” of an economy increasingly defined by an AI-fueled divide. “I would be…
The US unemployment rate has ticked up in recent months to its highest level since 2021. Meanwhile, job seekers say it’s taking them longer to find work as employers pull back on hiring. In August, the economy created 22,000 jobs, a decline from the revised previous month’s 79,000, according to data from the US Labor…
SYDNEY (Reuters) -Australia’s central bank will be on alert to the risk that economic outlook may change, but the flow of data has been roughly in line with its expectations, its governor said on Monday. Appearing before lawmakers, Reserve Bank of Australia Governor Michele Bullock said the recent rate cuts were expected to support spending…
The development of fintech and the strong desire of mainland Chinese companies to go global are conducive to Chinese and international banks setting set up operations in Hong Kong, according to the head of the city’s de facto central bank. “While many international and mainland banks already use Hong Kong as a base to develop…
The development of fintech and the strong desire of mainland Chinese companies to go global are conducive to Chinese and international banks setting set up operations in Hong Kong, according to the head of the city’s de facto central bank. “While many international and mainland banks already use Hong Kong as a base to develop…
Topline The Federal Reserve on Wednesday will conclude a two-day policymaking meeting and release a decision on whether to lower interest rates—following months of pressure and criticism from President Donald Trump—and potentially signal whether additional cuts are on the way. President Donald Trump has urged the central bank to “CUT INTEREST RATES, NOW, AND BIGGER”…