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Балонът в Китай продължава да се надува със страшна слиа..
New loans by Chinese banks totaled 1.45 trillion yuan ($211.8 billion) in July, up 75% or 623.7 billion yuan from the same period last year, according to preliminary statistics released Saturday by the China Banking and Insurance Regulatory Commission.
Encouraging banks to extend funding is part of stepped-up efforts by the Chinese leadership to ensure economic stability as U.S. tariffs make Chinese exports more expensive.
According to data from the Institute of International Finance, a banking group in Washington that tracks emerging markets, Turkey has more nonfinancial private sector borrowing in a foreign currency than any other major emerging market.
Turkey’s government also has issued debt in foreign currency amounting to 11% of GDP, according to data from the IIF.
Foreign-denominated debts become hard to service as the Turkish lira falls.
Май излиза, че Аржентина и Индия са най-вероятните кандидати да последват Турция
Among emerging markets, only India is expected to run a larger current account deficit this year. But India’s economy is triple the size of Turkey’s. As a percent of gross domestic product, Turkey’s current account deficit is the largest among major emerging markets, forecast by the IMF at 5.4% in 2018. Argentina was close behind at 5.1%.
The collapse of the Turkish lira has investors worried the nation’s financial turbulence could spread to other countries, and the lira’s plunge in the past few days has hit other emerging-market currencies such as Indonesia’s rupiah, Mexico’s peso and South Africa’s rand.
But few other countries are troubled by as broad a constellation of economic problems as Turkey.
Its economic woes include one of the largest trade deficits of any emerging-market country, unmatched external debts, a currency vulnerable to decline, exceptionally high inflation, unorthodox monetary policy and very little international goodwill.
Тука гледам има тенденция икономическите експанзии да стават все по-дълги. И според мене тази има(ше) всички изгледи тотално да бие всякакви рекорди... стига да не беше избран DJ Тръмп... Сега обаче той може да ни докара преждевременна глобална рецесия
Compounding the uncertainty, the outlook for fiscal, monetary and trade policies has become confused, with the world’s largest economies all trying to pursue inconsistent policies on tariffs and currency valuations.
The United States is pursuing an expansionary fiscal policy combined with a restrictive monetary policy, causing the real exchange rate to appreciate, while simultaneously trying to reduce the external trade deficit with tariffs.
Fiscal policy has turned strongly pro-cyclical even though the expansion is over nine years old, unemployment is at multi-decade lows, and inflation has accelerated to the fastest rate for more than six years.
China has eased monetary policy and allowed its currency to depreciate since the start of the year to offset the impact of higher U.S. tariffs and counter a slowdown in its domestic economy.
“Turkey itself seems to have lost some fascination as investors await the next substantive development,” said Westpac senior currency strategist Sean Callow. “Moreover, commodity price weakness suggests there are broader issues to worry about beyond Turkey.”
Concern about the impact of the international trade dispute on economic growth in emerging markets has unnerved investors, while rising US interest rates and the trend for dollar strength has also undermined their appeal.
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