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.
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.
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.
The Canadian dollar rose for a fourth week of gains against its U.S. counterpart, the longest stretch of advances since October, on a rise in commodities and speculation the U.S. recovery will spur growth in Canada.
French Finance Minister Christine Lagarde, vying for the leadership of the International Monetary Fund, pledged to be impartial toward European nations seeking aid and to give emerging economies greater influence.