• Tuesday, February 25, 2020 - 12:15 MNI POLICY: BOC Preparing Digital Currency, No Plan to Issue 0


    --Lane Says Digital Currency May Be Needed In Future

    OTTAWA (MNI) - The Bank of Canada is mapping out how it might issue a digital currency in case the decline of cash or new private forms of money shake up the financial system, Deputy Governor Tim Lane said Tuesday.

    There are no current plans to issue a digital currency and the government would have to alter legislation to permit such a change, Lane said.

    The speech and a 17-page discussion paper is the strongest signal yet about Canada may deal with the popularity of digital payments and challenges to sovereignty from private alternatives like Facebook's Libra and bitcoin.

  • Tuesday, February 25, 2020 - 10:08 MNI POLICY: USTR Touts Progress on Phase One Implementation 0


    By Brooke Migdon

    WASHINGTON (MNI) - U.S. Agriculture Secretary Sonny Perdue and U.S. Trade Representative Robert Lighthizer on Tuesday said China has taken a number of steps in implementing its agriculture-related commitments under the U.S.-China Phase One trade deal that took effect this month.

    China has lifted the ban on U.S. poultry imports and begun to roll back restrictions on imported U.S. products like feed additives and seafood spices, they said in a statement. It has also updated lists of facilities approved for exporting animal protein, pet food and dairy, among other products. China announced tariff exclusions for imported U.S.

  • Monday, February 24, 2020 - 15:53 MNI POLICY: BOE's Haldane: Optimistic On Investment Pick-Up 0


    By David Robinson

    LONDON (MNI) - Bank of England Chief Economist Andy Haldane said Monday the lifting of UK political uncertainty and companies' strong balance sheets should boost investment.

    Haldane said there were already signs in business surveys of improving investment. He was one of seven Monetary Policy Committee members who voted in favour of unchanged policy rather than a rate cut at the January MPC meeting. He made no direct reference to monetary policy.

    "Towards the tail end of last year and the early part of this ... a lot of political uncertainty has dissipated in the UK.

  • Monday, February 24, 2020 - 15:38 MNI POLICY: Trudeau: Cops Ended Rail Protest to Ease Shortages 0


    --Resolution May Limit Canada GDP Hit to February

    OTTAWA (MNI) - Canadian Prime Minister Justin Trudeau said police needed to clear protesters from a railway blockade on Monday to protect the economy from further damage and because negotiations had broken down.

    Ontario police started moving to make arrests just after 8am EST and around 130pm workers were testing signals on the main rail line between Montreal and Toronto, according to scenes shown on local TV stations. Protesters ignored Trudeau's call Friday to end the dispute immediately and other warnings from police to leave.

    Shipments that manufacturers say are worth hundreds of millions of...

  • Monday, February 24, 2020 - 04:21 MNI POLICY: China Promises Lower Borrowing Costs For SMEs 0


    BEIJING (MNI) - The People's Bank of China will lower the reserve ratio requirement for targeted banks further and adopt more tools to support small and medium enterprises impacted by the coronavirus epidemic, Deputy Governor Chen Yulu said on Monday.

    Commercial banks are being encouraged to sell more special financial bonds to boost capital to increase lending to small firms, Chen said at a press conference.

    Here are other takeaways:

    - Non-performing loan ratios for SMEs are "a bit" higher than the overall 1.86%, but still below the regulatory standard 5%, according to Chen.

  • Friday, February 21, 2020 - 16:17 MNI POLICY:OECD Official:G20 Must Push e-Tax or Face Trade War 0


    By Brooke Migdon

    WASHINGTON (MNI) - The OECD will work to advance digital tax guidelines at a G20 meeting this weekend, a senior official told MNI Friday, warning an impasse could stoke trade tensions.

    "No one wants to see the alternative," Grace Perez-Navarro, a deputy director of tax policy, said Friday in an email. "A slew of unilateral, uncoordinated digital services taxes and the trade war that would ensue."

    Leaders are convening in Saudi Arabia and one panel focused on tax and digitalization is expected to include U.S. Treasury Secretary Steven Mnuchin and French Finance Minister Bruno Le Maire. France shelved plans to collect a tax on digital services earlier this year until a larger solution is reached at the OECD...