Bond bears recently discovered that conventional wisdom was flawed. The experts expecting higher yields at the start of a tapering regime never understood the difference, but equity traders did once they got over the shock.
The Swiss National Bank and the People’s Bank of China agreed to establish a bilateral currency swap line, bolstering access to trade finance in the Swiss franc and strengthening the international use of the yuan.
China’s central bank appointed Bank of China Ltd.’s Frankfurt branch as the first institution in the euro area able to clear payments in the country’s currency on the day yuan trading started in London.
The euro rose to the highest level in more than four years versus the yen after a report showed German business confidence climbed in November, signaling the economic recovery in Europe’s largest economy is strengthening.
The Bank of Canada’s dropping of language about the need for future interest-rate increases and today’s decisions by central banks in Norway, Sweden and the Philippines to leave their rates on hold unite them with counterparts in reinforcing rather than retracting loose monetary policy.