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Minutes, we are joined by hsbc advisor stephen king. Francine first, chinas yuan has triggered the biggest twobase hit law since 1998, fueling concerns that market volatility will slow growth. Manus the peoples bank of china lover the reference right today, just one day after cutting it by a record 1. 9 . Lets find out how the markets are reacting. Dollaryuan. D you im going to show you the flipside today, yuandollar. Effect,u get the down which is more important. The yuan sinking for a second day. The twoday drop, 3. 61 . That is the biggest twothey drop since 1994. Ripple effects are being felt across global markets. Chinas Central Bank Says there is no economic or financial basis for the Exchange Rate to fall continuously. Ill let mr. King decide whether that is the case. A Ripple Effect is being felt in bond, commodity, and stock markets. Look at the msci emerging market index. I showed you a oneyear chart. Was ther, september 3 peak for the period. From then, through to yesterday,
VietnamRepublic-ofMongoliaAustraliaSuningHebeiChinaBelarusBrazilMadridSpainBeijingIt is a record fine for bnp paribas, frances the guest biggest bank has settled the probe into sanctions violations. How does this stack up against prior fines . It dwarfs everything we have seen before. Presumed they would have to cough up and provided 1. 1 billion. We watched it as the estimates rose and rose. It is an historic moment in terms of what is happening in the United States, in terms of their approach to banking and if you break the rules. It is the first guilty plea on sanctions. Socgen socgen, still under investigation. This bank went to elaborate lengths to per heal conceal prohibitive transactions. Think of sudan. Issue is thisthe crux of these uses this. Thepliance Department Compliance department acknowledges the commercial and historical relationships. They do not stand in the way of business. They did this despite knowing the Sudanese Government supported terrorism, engaged in and hasghts abuses, hosted Osama Bin Laden and refuses the United Nations intervention an
West-bankAustraliaTel-avivIsraelBrazilTurkeyChinaCaliforniaUnited-statesRussiaUkraineSan-franciscoAt the moment we hit 1. 40 on friday. The climate index, 110. 6, so a little better than the forecast 110. We have seen the dollar weaker against the yen, but the euro seems to become more of a safehaven currency than the dollar over the last week or so. So plenty more to come on that. Joining us with his views, chris watley, good morning to you. Nice to see you. Good morning. The Germany Economy is chugging along rather nicely. The question is how much of a benefit it is to the rest of the eurozone. Europe is in a clear recovery phase. Thats been ongoing for 12 to 18 months. We have seen terrific flows over the last 12plus months into the equity market. The question now is whether you can start creating credit in europe. That is the last piece of the growth puzzle that were waiting to see, which we think may come this year as we see the credit expansion. Are you concerned about france or not . Pmi was slightly better than we thought. Yeah. Its the one that hasnt really embraced struct
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