Chinese leaders appointed a new Communist Party chief at the People’s Bank of China (PBOC) on July 1, a surprise move that some experts say is a desperate attempt to revive China’s flagging economy. Pan Gongsheng, 59, deputy governor of the PBOC, would eventually replace Yi Gang, the central’s bank current governor, who has held…
China Appoints New Central Bank Leader Amid Economic Woes
July 6, 2023
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Heading Out? Avoid Foreign Exchange Gouges
Since at least biblical times, money changers have been gouging foreign visitors exchanging their currency for local shekels. Fortunately, if you’re going outside the U.S. this summer, you can avoid most of the gouge. Unless you’re a currency speculator, you’ll almost always lose a little in exchanging your dollars for whatever, but you can keep…
Get the Most (or lose the least) in foreign Exchange
With COVID-19 restrictions falling, chances are that many of you are considering a trip to Europe or Asia this summer. That means paying in euros, francs, yen, or whatever when you’re at your destination. Unless you’re a currency speculator, you’ll almost always lose something in exchanging your dollars for whatever, but you can keep those…
Russian Banks Imported $5 Billion in Foreign Cash in December: ACRA Estimates
MOSCOW—Russian ratings agency ACRA estimates that the country’s banks imported $5 billion worth of banknotes in foreign currencies in December, up from $2.65 billion a year before, in a preemptive step in case of sanctions creating increased demand. Dollars traditionally dominate such imports which, along with other currencies, many Russians like to hold as a…
P&G Raises Sales Outlook on Resurgent Demand for Cleaning Products
Procter & Gamble Co raised its annual sales forecast on Wednesday, as the consumer goods giant benefits from higher prices and resurgent demand for cleaning products due to a spike in COVID-19 infections. The company’s blue-chip stock rose nearly 1 percent in premarket trading as a better-than-expected 6 percent jump in quarterly sales helped cushion…
Refinitiv Examines Changes to Key Daily Foreign Exchange Fixing Window
LONDON—Refinitiv is considering a series of changes to its daily foreign exchange (FX) fixing, including lengthening the trading window used to calculate it, a senior company executive said, amid industry concerns over the global benchmark which used to value trillions of dollars of assets. The 27-year-old WM/R benchmark, which is calculated by its owner Refinitiv,…
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