Reuters: China’s central bank plans to create a new vehicle to manage investment funds worth a total of $300 billion to improve returns on the world’s largest stockpile of foreign exchange reserves, a source with knowledge of the matter told Reuters. The vehicle, which was planned

Reuters) – The head of the International Monetary Fund warned on Wednesday that Europe’s debt crisis risked plunging the global economy into a “lost decade” and said it was up to rich nations to shoulder the burden of restoring growth and confidence. Christine Lagarde told a financial forum in Beijing that European plans to bolster ...

Reuters: The head of Europe’s bailout fund said on Friday he does not expect to reach a conclusive deal with Chinese leaders during a visit to Beijing but expects the surplus-rich country to continue buying bonds issued by the fund. Klaus Regling, chief executive of the European Financial Stability Facility (EFSF), said the bailout deal ...

BEIJING (Reuters): China urged the European Union on Monday to deal with its debt crisis as soon as possible and prevent contagion from spreading, as the country’s number four-ranked leader arrived for a visit of the continent, including Greece. “We hope that the EU countries concerned will reach a comprehensive settlement plan as soon as ...

Representatives of 28 members of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) including Sri Lanka met in Bangkok on 11 and 12 October to discuss Asia-Pacific perspectives on the agenda of the G20 summit to be held in Cannes, France, on 3 and 4 November 2011. Central Bank of ...

Putin hails France, Germany euro bank support plan as “positive signal” Says US is taking “parasitic” advantage of dollar dominance By Gleb Bryanski BEIJING (Reuters): Russian Prime Minister Vladimir Putin said on Tuesday that the crisis-hit euro zone had enough resources to resolve its own troubles without support from Russia and fellow BRICs countries. As ...

Reuters: More than 100 million rural Chinese people will settle in towns and cities in the next decade, testing provision of welfare and services as a new generation of migrants turn their backs on farming, according to a new government report. The National Population and Family Planning Commission report forecast that by 2020, China’s urban ...

Resumes Reverse Repo Auctions A liquidity crisis in the market forced Central Bank of Sri Lanka (CBSL) to reintroduce the reverse repo auction at Wednesday’s trading, an action which it last resorted to when the war was on; two years ago. The auction was repeated in the last two working days of last week as ...

CBSL’s ER Stance As long as Government of Sri Lanka (GoSL) owned Central Bank of Sri Lanka (CBSL) has sufficient rupee liquidity and foreign exchange (forex) reserves, it can play around with the exchange rate (ER), a banker told this reporter. CBSL’s gross official forex reserves as per available statistics were US$ ($) 8.1 billion ...

LONDON: Here’s a bold prediction to feed Western worries that power is shifting inexorably to the East: China’s yuan could overtake the US dollar as the world’s principal reserve currency as soon as next decade. Beijing has been promoting the use of the yuan beyond its borders since 2009 to settle trade transactions. The resulting ...

By Dr. S. Narapalasingam The current moves of the powerful government in post-war Sri Lanka are mainly for sustaining the wartime military strength, preventing the resurrection of the smashed LTTE and developing the infrastructures, notably the roads and rail network,...

By Rakteem Katakey and John Duce Indian Oil Minister Murli Deora traveled to Nigeria, Angola, Uganda, Sudan, Saudi Arabia and Venezuela this year, leading a record number of delegations to gain oil for the world’s third-fastest-growing major economy....