The yuan’s trade-weighted index has risen steadily this year, showing the currency was not falling as sharply as most others against a surging U.S. dollar. The People’s Bank of China’s adjustments to its daily yuan mid-point also hint at efforts to contain its decline. … [Read more...] about China’s stable yuan belies capital outflow pressure
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Govinda Rao: This is the mother of all challenges in recent memory. The International Monetary Fund (IMF) says that the 2008 financial crisis comes close, but I think this is much bigger than that. Possibly, one has to go to the times of the Great Depression. Even qualitatively, it’s a very different challenge, because first you have to save lives, then you have to save livelihoods, then you have to meet with other costs like loss of jobs and production, and supply chain disruptions. It’s not just confined to one sector or country; it encompasses the entire economy and the world. So, I think there is no immediate policy instrument that you can put in place because you don’t even know how long the problem will last. The depth of the problem that you are going to face is dependent on the length of the period for which you are going to close down and the extent to which the virus spreads. … [Read more...] about How can India contain the economic impact of COVID-19?
Hours before Harris County's stay-at-home/work safe order went into effect, Chronicle photographers went out across Houston on Tuesday and photographed residents on the street, at the park or at the store, capturing slices of life we generally took for granted before the novel coronavirus appeared here. … [Read more...] about Before-and-after photos show impact of Harris County’s stay-at-home order on Houston
TORONTO (Reuters) - Canada’s banking regulator is postponing the implementation of changes to capital requirements for smaller banks as part of a slew of measures undertaken by authorities to limit the economic fallout from the coronavirus pandemic, it said on Friday. … [Read more...] about Canada delays capital changes for smaller banks, eases liquidity rules
The United Way California Capital Region was forced to cancel free their tax help services that are typically given each year. CEO Stephanie Bray said they also canceled their biggest fundraiser of the year. Things like this can make a long-term impact on nonprofits, especially smaller ones. … [Read more...] about Coronavirus Impact: Nonprofits Face Future Financial Struggles