Yuan appreciation may stall in 2012 | Personal Blogging

Yuan appreciation may stall in 2012 | Personal Blogging: Yuan appreciation may stall in 2012A Chinese economist said on Monday that economy of the country would not crash but a shrinking trade surplus will likely keep its currency, the yuan, from appreciating over the next year or two.

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Swiss Central Bank chief quits | Online Presence

On Monday, Swiss National Bank Chairman Philipp Hildebrand resigned with immediate effect. Hildebrand remarked he could not prove he had been unaware of a currency trade made by his wife and wanted to protect the integrity of the central bank by moving out.


Swiss Central Bank chief quits | Online Presence: Swiss Central Bank chief quitsOn Monday, Swiss National Bank Chairman Philipp Hildebrand resigned with immediate effect. Hildebrand remarked he could not prove he had been unaware of a currency trade made by his wife and wanted to protect the integrity of the central bank by moving out.

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Hungary Central Bank Bill Is Key Issue, IMF Chief

The managing director of International Monetary Fund, Christine Lagarde, said legislation of Hungary on its central bank will be a key issue at the country’s talks next week with the IMF.

European Union and the European Central Bank have criticized a new bill affecting the Hungarian central bank for possibly hurting the bank’s independence.

Currency News from Eurozone

The leaders of France and Germany said Monday that progress has been made on last month's proposed deal aimed at resolving Europe's debt crisis.

The fiscal pact, designed to ensure that governments do not spend beyond their means and rack up unsustainable debts, could be signed later this month and go into effect as early as March, said German Chancellor Angela Merkel, following a meeting with French President Nicolas Sarkozy in Berlin.

Sarkozy stressed that eurozone governments should stand by their commitments to reduce deficits, adding that the agreement could be signed in the "coming days."

The terms of the pact include, among other things, a balanced budget requirement with an "automatic correction mechanism," and a provision to make national budget policies subject to EU authority "ex ante," or before the fact.

The political leaders of the 17 eurozone nations, which share the embattled single euro currency, agreed in principle to abide by the pact following a summit on Dec. 9. But the agreement is still subject to parliamentary approval in some member states.

European Union leaders will meet Jan. 30 in Brussels for their first political summit of the year as they struggle to find solutions to the debt problems at the center of Europe's economic and financial crisis.

Europe's debt crisis: 'No clear end in sight'

Merkel and Sarkozy, the leaders of the eurozone's largest economies, also reiterated their commitment to the euro currency and pledged to revive the continent's ailing economy.

"We believe in the Euro, we believe in Europe and must do everything to increase its competitiveness and foster job growth," said Merkel.

MF Global Sold Assets To Goldman Prior To Collapse

MF Global unloaded securities worth hundreds of millions of dollars to Goldman Sachs in the days leading up to its collapse, according to two former MF Global employees with direct knowledge of the transactions.

One of the sources said, MF Global did not immediately receive payment from its clearing firm and lender, JPMorgan Chase & Co (JPM.N).

The ex-employees said the sale of securities to Goldman occurred on October 27, just days before MF Global Holdings Ltd (MFGLQ.PK) filed for bankruptcy on October 31. The former employees said it is unclear what type of assets Goldman bought from MF Global, but the securities were worth hundreds of millions of dollars.