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World Bank president David Malpass’ criticism of China’s reluctance to deliver more economic stimulus during the current international slowdown has been rubbished by Chinese economists, who say his criticism is ‘ungrounded’.
The sooner the central government starts giving out Hong Kong- and US-style consumption vouchers, the better, according to economists.
The US president praised Powell for his response to the covid-19 pandemic, and will nominate Lael Brainard as vice chair.
Three factors have been driving US inflation – energy prices, production bottlenecks and aggressive stimulus programmes. But as these risks subside in the next two to three quarters, investors cannot afford to be complacent, given high equity valuations and the hot property markets.
The greenback's decline was accelerated by the flight of global investors who seek safer assets.