EU has opportunity to harness crisis to deepen economic union
By Ellie Groves and Taylor Pearce
The response from the European Commission after the 2008 financial crisis was slow and partial. Having learned from these missteps, the European Union’s response to Covid-19 was swift. The Russian invasion of Ukraine has posed yet another crisis. The EU has an opportunity to harness these crises to implement much-needed reform within its institutions and member states.
Preparing for the future: digital assets and US Treasury market
Monday 20 December 2021 – Vol.12 Ed.51.1
Commentary: Digital assets: from fringe to future
By Michael Demissie in New York
The financial ecosystem is at a moment of fundamental transformation. Many financial institutions across the globe have been working to integrate and expand their digital asset offerings and investments. Others have realised they can no longer take a wait-and-see approach. This new ecosystem, which must be grounded...
US Treasury maintains firm line on Chinese FX transparency
Tuesday 7 December 2021 – Vol.12 Ed.49.2
Commentary: US Treasury’s FX report gets it right
By Mark Sobel in Washington
The US Treasury’s latest foreign exchange report garnered little attention, perhaps because it rightly didn’t designate any countries for currency ‘manipulation’. But it is replete with sound technical analysis, plus worthy changes in the enhanced analysis framework. With a relatively dry assessment of China and a continued...
US Treasury FXR substantial improvement on Trump, How to avoid Asian monetary tantrums
Latest opinion and analysis from OMFIF around the world
19-23 April 2021, Vol.12 Ed.16
Most-Read Commentary
US Treasury FXR substantial improvement on Trump: In the first foreign exchange report released under Secretary Janet Yellen, the US Treasury appears to be calling for a welcome timeout on ‘manipulation’ designations, while keeping this option open for the future. In contrast with the previous...
Following OFAC’s decision on issuing sanctions against COSCO companies, many were those affected, as well as the US-listed Teekay Group that has been qualified as a ‘blocked person’.
Specifically, the sanctions were imposed on COSCO Shipping Tanker (Dalian) Co. and COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co for trading oil with Iran.
Teekay further explains that COSCO Dalian holds a 50% stake in China LNG Shipping (Holdings) Limited (CLNG). In the first place, CLNG was not listed...
https://safety4sea.com/teekay-group-affected-by-sanctioned-cosco/
‘Foolhardy’ to cry manipulation, OMFIF joins EEM Pilot Scheme advisory council
Wednesday 7 August 2019 Vol.10 Ed.32.2
Commentary: ‘Foolhardy’ to cry manipulation
By Mark Sobel and David Marsh
David Marsh, chairman and co-founder of OMFIF, and Mark Sobel, OMFIF’s US chairman, speak again about the renminbi and China’s designation by the US Treasury as a currency manipulator. But Beijing hasn’t intervened to build up reserves for years. In fact, China over the last year had been propping up the...
The US Treasury Department
US Treasury misguided on IMF quotas, Economic outlook and challenges for East Asia
Commentary: US Treasury misguided on IMF quotas
By Mark Sobel in Washington
The US Treasury’s welcome stance on sustaining overall International Monetary Fund resources merits support. But its position on quotas will set back multilateralism, promote regionalism and damage US interests, and should be reversed. The IMF should have a large backstop for emergency systemic situations and when...
Commentary: Augmenting US Treasury report on foreign exchange policies of trade partners
By Mark Sobel in Washington
The deadline for the next US Treasury report on the foreign exchange policies of major trading partners looms. Since the passage of the 2015 Trade Facilitation and Trade Enforcement Act, the report has focused on whether the top 12 US trading partners have significant bilateral surpluses with the US, material current account surpluses, and engaged in persistent one-sided foreign...
Commentary: Data exaggerate impact of Chinese economic slowdown
By James Carrick in London
China is likely to grow at a rate of 6% in 2019, significantly lower than the 8.25% recorded each year on average over the last decade and the double-digit average growth rates in the years before the 2008 financial crisis.
Although these figures appear alarming, onlookers should not be overly worried. Since 2005, China’s share of the world economy has more than tripled to 16% from 5%.
This larger share...
Commentary: Opening for US-China renminbi action
By Mark Sobel in Washington
Since early April, the renminbi has fallen 10% against the dollar, largely reflecting dollar strength. The causes lie in the cyclical and monetary policy divergence between the US and China. However, there is an alignment of interests. Both want to pursue their domestic economic agendas without the complications of a falling renminbi. This could create an opening for unexpected co-operative action by the US Treasury and...