As hundreds of thousands of Filipinos struggled to find food, water, shelter and the bodies of loved ones in the wake of Typhoon Haiyan, China quickly dipped into its world-leading $3.7 trillion of currency reserves and came up with … all of $100,000.
China’s renminbi may displace the dollar as the world’s main reserve currency within a decade, according to Arvind Subramanian, a senior fellow at the Peterson Institute for International Economics, based in Washington D.C.
Cairo’s six-story Arcadia Mall, a symbol of modern commerce on the Nile River, is a charred ruin. Military officers now rule in place of Western-educated businessmen. Spending by a government that is already in debt is heading up, not down.
Jim Yong Kim, the U.S. candidate to head the World Bank, started a global tour to garner support among developing nations as Nigeria’s finance minister mounted a challenge for the leadership of the poverty-fighting lender.
Australia’s dollar fell, extending its biggest weekly decline against the yen since November, after China raised the reserve ratio requirement for banks and as flooding sapped the South Pacific nation’s outlook for growth.