Andrey Kostin, chief executive officer of VTB Group, told Russian president Vladimir Putin its Shanghai branch has been providing loans in yuan and rubles since May in a bid to challenge the dollar’s status as the global reserve currency.
The yuan’s prospects as a global currency hinge in part on solving mundane structural deficiencies including a lack of broker readiness and language barriers, according to a survey of investment professionals in Europe and Asia.
The U.S.’s AA+ credit rating was affirmed by Standard & Poor’s, which cited the resiliency and diversity of the economy, almost three years after downgrading the nation for the first time amid political wrangling.
The following is a reformatted version of International Monetary Fund staff research released today assessing the real effective exchange-rate, or REER, valuations of 28 countries and the euro area, their currency interventions and reserves. The assessments were made in a report dated June 20 and titled “2013 Pilot External Sector Report -- Individual Economy Assessments.” Click here to find the full report.
European Central Bank Executive Board member Benoit Coeure said BNP Paribas SA’s potential $10 billion fine shows issues in the global monetary system that need to be dealt with separately from the case itself.