Capital Controls News
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Cyprus may need additional financing if its economy contracts more than expected or there are slippages in implementing the terms of its bailout program with the euro area and International Monetary Fund, IMF staff said.
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An interest-rate cut in Thailand may be the best option to slow inflows that drove the baht to a 16- year high as capital controls would deter investors and push up funding costs, according to the Thai Bond Market Association.
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Iceland’s central bank said it’s now ready to start selling kronur and purchase foreign currency as policy makers create a buffer to shield the island when capital controls are unwound.
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Israel’s central bank needs to follow yesterday’s surprise interest rate cut and dollar purchase plan with more measures to succeed in stemming the shekel’s gains, the currency’s most accurate forecasters say.
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Removing Iceland’s capital controls is becoming harder as the high interest rates, deployed to backstop the krona, are swelling the amount of captive money held by offshore investors and posing a risk to the equity market, the head of TM Insurance Ltd. said.
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Unilever, the seller of Lipton tea and Dove shampoo, expects Southeast Asia’s currencies to strengthen further against the U.S. dollar and euro in the next few years as foreign investment boosts economic growth.
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China’s new local-currency loans exceeded estimates last month while money supply expanded at a faster pace, a sign policy makers are maintaining credit support for the economy after first-quarter growth unexpectedly slowed.
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Asian currencies completed the first weekly loss in more than a month on speculation the yen’s slide to beyond 101 per dollar will prompt some regional policy makers to weaken their exchange rates to protect exports.
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China’s “surprisingly strong” import growth in the first four months may have been inflated by fake invoices as companies circumvented capital controls to move funds into China, according to Nomura Holdings Inc.
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Pacific Investment Management Co.’s Bill Gross, manager of the world’s biggest fixed-income fund, said the 30-year bull market for bonds has probably ended as yields reached a low and prices peaked.
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