PBOC Easing To Continue In 2012

With the Chinese New Year holiday period approaching, it becomes a bit harder to discern PBOC’s policy intentions. It typically adds liquidity aggressively ahead of the holidays, but this year it comes at a time when the central bank is…

Turkey: Outlook Remains Bearish

The central bank intervened aggressively in September-October to limit TRY weakness, but it does not have a huge war chest like Brazil or Asia. Reserves were $84.4 bln at the end of October, down 10% from a peak of $93 bln in July. Reserves…

Italy In the Cross Hairs

Events continue to spiral beyond the control of European policy-makers. With so much time and effort being put into Greece, the troika now finds itself facing a much bigger problem: Italy. While it has been difficult to remain committed…

France Back In The Spotlight

Euro zone stresses are back in the spotlight with a report on France that was issued by Moody’s late in the North American afternoon. It was not a rating action but rather an annual update on the state of the country. The agency noted that…

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