The International Monetary Fund believes that the Chinese yuan is substantially undervalued. The IMFs opinion, in a review of the worlds third-largest economy, was backed by the United States, Germany, France and Britain among others. A full analysis would likely be released in September unless China withholds its permission. A US treasury official also said on Monday that the yuan remained clearly undervalued and that the treasury department was closely monitoring it.
Basel committee softens bank rules
The Basel Committee on Banking Supervision softened some of its proposed capital and liquidity rules while introducing new restrictions on how much lenders can borrow in order to rein in their risk-taking. The panel agreed on Monday to allow certain assets, including minority stakes in other financial firms, to count as capital, according to a statement. The committee set a leverage ratio to apply to banks globally for the first time, which could become binding by 2018, pending further adjustments to the method of calculating banks assets.
Singapore Airlines looks for new CEO
Singapore Airlines Ltd, the worlds second-largest carrier by market value, said it is considering several candidates to become chief executive officer as Chew Choon Seng signalled that he will step down. Its at the mercy of the board, but I am getting on in years, Chew, who turns 64 on Tuesday, said after a shareholders meeting in Singapore. I should move on.