Monday Minute – 11/30/2015

IMF Lifts Chinese Yuan to Elite Lending-Reserve Currency Status

By IAN TALLEY, Wall Street Journal

The International Monetary Fund Monday added the Chinese yuan to the basket of elite currencies comprising its lending reserve, marking a milestone in the country’s ascendancy as a global economic power.

Many China watchers say the IMF’s decision is in large part a political one designed to encourage stronger economic overhauls in the world’s No. 2 economy.

The IMF’s move—which won’t become effective until late next year—could help accelerate a mild pickup in international demand for the yuan. It confers a measure of international legitimacy to China’s currency as the government starts to liberalize its rigidly controlled exchange rate and financial system.

Read more: http://www.wsj.com/articles/imf-lifts-chinese-yuan-to-elite-lending-reserve-currency-status-1448903067?tesla=y&cb=logged0.9121770155616105


‘Toxic trio’ of emerging markets suddenly smelling of roses

By MARC JONES, Reuters

Labeled the emerging market “toxic trio” until not so long ago, the high-yielding bonds of Ukraine, Argentina and Venezuela have come up smelling of roses for those who were brave enough to buy into them at the start of the year.

Ukraine’s debt restructuring, pro-business Maurico Macri’s election win in Argentina and hopes Venezuela will see something similar on Sunday, have seen a dramatic turnaround in investors’ attitude towards all three countries.

Ukrainian bonds have returned almost 50 percent this year, making them the world’s best performers, and Venezuela and Argentina are number two and three having chalked up gains of 28 and 24 percent respectively.

Read more: http://www.reuters.com/article/2015/11/30/us-emerging-toxictrio-idUSKBN0TJ26Y20151130#7O7O26iOjKQrsw4C.99


 

Change in Thanksgiving weekend spending stumps retailers

By Associated Press

U.S. shoppers no longer blow the bulk of their holiday budgets on the day after Thanksgiving known as Black Friday.

It’s a major shift that has made it difficult for stores to track and learn from shoppers’ spending habits during the traditional start to the busy holiday shopping season. Many U.S. shoppers like to make purchases on their desktops and smartphones nowadays, they insist on getting big discounts whenever they shop, and they don’t feel pressured to shop on particular days.

That shift has caused the National Retail Federation, the nation’s largest retail trade group, to overhaul the way it tracks shopper spending and visits during the four-day Thanksgiving weekend — something it’s been doing for more than a decade. The group said the changes are aimed at getting a fuller picture of shoppers’ habits, including their growing affinity for online buying.

Read more: http://www.cbsnews.com/news/change-in-thanksgiving-weekend-spending-stumps-retailers/


 

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