The Chinese Commerce Ministry says a delegation led by Vice Minister Wang Shouwen has been invited to the US for trade negotiations this month, the first formal talks since June. A Bank of China analyst calls the meeting "talks about trade talks" to explore the feasibility of high-level negotiations.
European central bankers are concerned a move toward digital payments could threaten the financial system, because it increases vulnerability to cyberattacks and IT failures. Officials have stressed cash must always have a role.
The Basel Committee on Banking Supervision's proposal to treat the eurozone as a single jurisdiction when identifying global systemically important banks faces opposition from member states, as well as Financial Stability Board members.
The 10-year German bund yield has reached the lowest level since mid-July, while the US dollar has strengthened and global stocks have fallen, as conditions make investors increasingly risk averse. The safety of German government bonds is valuable during turbulence, Commerzbank strategist Christoph Rieger says.
UK Foreign Secretary Jeremy Hunt says the pound is likely to plunge if Brexit occurs without a transition deal. Consequences for markets would be significant but short-lived, Hunt says, and the UK economy would "find a way to get through it".
Decline of the Turkish lira has created headwinds for emerging markets, amid concerns the currency's difficulties could prove contagious. The lira has steadied somewhat, but currencies including the Indian rupee and the Argentine peso have fallen, while the Indonesian and Hong Kong central banks have intervened with protective action.
The UK Competition and Markets Authority says banks must publish data on the likelihood clients will recommend them, based on customer-satisfaction rankings by GfK and BDRC. The regulator says rankings must be prominently displayed on banks' apps and websites, as well as in branches, to let potential clients make informed choices.
The UK over-the-counter derivatives market would benefit from a clearing exemption for small counterparties without hampering objectives of the European Market Infrastructure Regulation, according to research by the UK Financial Conduct Authority.
The Commodity Futures Trading Commission's issuance of three-year, rather than one-year, no-action relief for Shanghai Clearing House to serve some US futures commission merchants without registering as an exempt derivatives clearing organization sets the stage for more US banks to become clearing members of Shanghai Clearing House. The decision also allows time for the CFTC and the People's Bank of China to develop an oversight agreement.
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