介绍:
Yellen: US economy still needs help from Fed
Anchor:
The US Federal Reserve has moved to cut its bond-purchase program by an additional 10-billion dollars.
This now puts the bond-buying scheme at 35-billion per month.
US Federal Reserve Chair Janet Yellen.
"Today's announced reduction in the pace of asset purchases reflects the committee's expectation that progress toward its economic objectives will continue. If incoming information broadly supports the committee's expectation of ongoing improvement in labour markets and inflation moving back over time toward its longer-run objective, the committee will likely continue to reduce the pace of asset purchases in measured steps at future meetings."
The Federal Reserve has also sharply cut its forecast for US growth this year, reflecting the underperforming first quarter, blamed mostly on the effects of harsh weather.
"The central tendency of the projections for real GDP (gross domestic product) growth is 2.1 to 2.3 percent for 2014, down notably from the March projections, largely because of the unexpected contraction in the first quarter."
In making the announcement, Yellen says the Federal Reserve will not raise short-term interest rates from record lows anytime soon, despite a steadily improving job market.
For more on the Fed policy, we are joined on the line by Cao Can, CRI's financial commentator.
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Back Anchor:
Cao Can, CRI's Financial Commentator.
BOC authorized as RMB clearing bank in Frankfurt
China's central bank has authorized the Bank of China to be the clearing bank for renminbi (RMB) business in Frankfurt.
The work will be undertaken by the BOC Frankfurt Branch.
The People's Bank of China made the decision in accordance with a memorandum of understanding (MOU) it signed with the Deutsche Bundesbank in March.
The MOU is expected to help turn the German city into an offshore RMB center.
Frankfurt is one of the most important financial hubs in Europe and the seat of two central banks -- the Bundesbank and the European Central Bank.
Chongqing launches carbon trading market
Southwest China's Chongqing Municipality has launched its carbon trading market. And with that, all seven pilot trading schemes in the country are now operational.
Sixteen transactions worth more than 4 million yuan, or some 700,000 U.S. dollars, were recorded within half an hour after trading started this morning.
China began piloting carbon trading in 2011 and has approved trading schemes in Beijing, Tianjin, Shanghai, Chongqing, Shenzhen, Guangdong, and Hubei.
Under the schemes, enterprises that exceed their quota for carbon emissions, or in other words pollute beyond officially acceptable levels, are allowed to buy unused carbon quotas from companies with emissions below approved levels.
