The Chinese renminbi was anointed as one of the world’s elite currencies on Monday, a milestone decision by the IMF that underscores the country’s rising financial and economic heft. Besides its symbolic weight, the I.M.F. label carries specific benefits. Source: NYT
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The initial public offering is expected to be the world’s largest stock sale, and is a key component of the Saudi government’s economic reform program which aims to diversify the desert kingdom away from its reliance on oil exports. A private placement of shares in the state oil company to a Chinese investor is being evaluated as a precursor to the international IPO, according to two sources who spoke on condition of anonymity as the information was not public. Source Reuters
China’s effort to eliminate poverty is one of the greatest stories in human history, World Bank President Kim said recently. “With the evolution of the Chinese economic system and its embrace of the global market, China has lifted about 800 million people out of poverty,” the World Bank chief noted. Source: People’s Daily
Russia has warned Donald Trump’s administration not to pull out of the Iran nuclear deal – saying America’s withdrawal would harm “predictability, security, stability and non-proliferation around the world”. Source: Independent