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  1. Retreat of EU banks could hurt world: IMF

    Posted Apr 24th 2012, 12:00am

    ... the International Monetary Fund (IMF). Large European banks could reduce their combined balance sheets by US$2.6 trillion between last September and the end of next year, according to the IMF's latest ... economies, said Sean Craig and Andre Meier, the IMF's resident representatives in Hong Kong. And while the US dollar remains the world's currency of choice for fund-raising activities ...

  2. Comment - Insight & Opinion

    Asia at risk if insolvencies hit euro zone

    Posted Apr 08th 2013, 12:00am by DAN STEINBOCK

    ... Dan Steinbock Dan Steinbock warns that the post-Cyprus fallout is adding to Europe's existing challenges Asia won't be spared the bill if insolvencies hit struggling euro zone According to IMF data, central banks in emerging economies cut their euro holdings by 8 per cent, or €45 billion (HK$450 billion) in 2012. The world economy is moving towards a multipolar currency ...

  3. Third of bosses say euro will collapse

    Posted Jan 27th 2012, 12:00am

    ... to take the lead in engineering a recovery for the EU. IMF officials and Europe's richest companies have gathered at Davos for the World Economic Forum, where they are forecasting a gloomy economic outlook for the euro zone. IMF managing director Christine Lagarde was quoted by news wires on Wednesday as saying public creditors would have to pitch in if the privately held Greek debt ...

  4. IMF backs call for new global reserve

    Posted Aug 10th 2010, 12:00am by Kevin Rafferty

    ... close to 85 against the greenback. Unfortunately, the IMF experts see their report as only the first baby-step towards the creation of an actual workable global currency to take the place of the dollar. Closer examination also reveals that Zhou may be right for all the wrong reasons. Reliance on the dollar is one intractable issue, but the IMF report makes it plain that the rapid rise ...

  5. Beijing clears yuan and yen for trade

    Posted May 30th 2012, 12:00am

    ... the IMF's special drawing rights (SDR) within the next five years. The SDR is based on a basket of four major currencies- the US dollar, the euro, the yen and the British pound. 'The IMF needs China a lot more than China needs the IMF,' said Prasad. China began establishing bilateral swap arrangements with other countries in the late 1990s, allowing the countries' monetary ...

  6. IMF reform can fix Sino-US disputes

    Posted Apr 21st 2009, 12:00am by Kevin Rafferty

    ... manipulation is against the IMF rules of the game and it's undesirable'. Brad Setser of the Council on Foreign Relations agrees that 'this isn't the time to force the issue'. ... is able to evade the natural controls- and IMF supervision- that ordinary countries have to live with. It was a bad bargain for China, too, because it gave it a huge pile of dollar-denominated ...

  7. BRICS building plan that's short of mortar

    Posted Apr 19th 2011, 12:00am

    ... Dominique Strauss-Kahn, the managing director of the IMF, pointed out that the yuan had ticked all of the boxes for inclusion in the basket of currencies that comprise the SDR, except one: ... is not a currency. It is a unit of account between the IMF and its 187 member countries and it cannot be used for international payments, even between IMF members. China's obfuscation may have been ...

  8. Mainland faces currency battle

    Posted May 07th 2012, 12:00am

    ... Poon says. 'Moves up and down are determined by market forces, so if supranational bodies such as the IMF and World Bank include the yuan in their reserve drawing rights, it is just one ...

  9. Dollar peg fits nicely with Hong Kong's way of life

    Posted Jun 14th 2012, 12:00am

    ... that Hong Kong can consider dropping the dollar peg. Sources: HKMA, IMF ...

  10. Facing up to the crisis in fiat money

    Posted Apr 16th 2011, 12:00am

    ... Monetary Fund through the exchange of national currencies. As the dominant IMF shareholder, the US could reject the issuance of SDRs, thus ensuring the US dollar remains the dominant reserve currency. There is common confusion that the SDR can eventually become a reserve currency to replace the US dollar. It is a unit of account between the IMF and its member countries, but it cannot ...




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