Last week the CEO of Apple mentioned that he is considering moving the iPhone production line to India. Transferring China’s industrial capacity overseas already seems like an irresistible trend. Chinese mobile producers Gionee, Vivo and ZTE are all currently planning to move their production lines to India. Source: People’s Daily
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Norway’s sovereign wealth fund hit $1 trillion for the first time on Tuesday, driven higher by climbing stock markets and a weaker U.S. dollar. Source: Bloomberg
The Federal Reserve has said that it will start to run down some of the investments it made to boost the US economy after the financial crisis. In October the Fed will start to reduce a $4.2trn portfolio of US Treasury bonds and mortgage-backed securities, it said. Source: BBC News
S&P Global Ratings downgraded China’s long-term sovereign credit rating by one notch on Thursday to A+ from AA-, citing increasing risks from the country’s rapid build-up of credit. Source: Reuters