Weekly Global Financial News (June 2 – June 8)

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Draghi Takes ECB Deposit Rate Negative in Historic Move, By Bloomberg, Published: June 5
http://bloom.bg/UmsF48
The European Central Bank cut its deposit rate to minus to fight off deflation threat and boost the euro-zone economy. For the first time in the history, the world’s major central bank took an unprecedented step of adopting negative interest rate.

ECB to lead revamp of global FX codes of conduct: sources, By Reuters, Published: June 4
http://reut.rs/Umu4Ys
The European Central Bank has been given the leading role of implementing new codes of conduct for currency markets.

China regulator says to tighten supervision over shadow banking, By Reuters, Published: June 6
http://reut.rs/SejtwE
China will step up its effort to rein in the shadow banking sector, part of ongoing campaign to boost healthy credit growth. The term shadow banking refers to off-balance sheet lending by banks and any financing provided by a non-banking entity. It has been pointed out as potential threat to China’s economy.

Singapore finance minister accepts slower growth as trade-off for social stability, By Reuters, Published: June 6
http://reut.rs/1msxwXK
Singapore is willing to accept slower growth as the cost of ensuring the country retains its national identity. As high past growth promoted inflow of foreigners, citizens has expressed unhappiness about the strains put on infrastructure and services due to overcrowding.

China levies anti-dumping duties on chemical from U.S. and Europe, By Reuters, Published: June 3
http://reut.rs/1o2vqEN

China would impose an anti-dumping tax on a chemical imported from the European Union and the United States. Trade tensions have been fueled by a series of dumping disputes.

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