China’s holdings of US Treasuries climbed to the highest level since the country ceded its status as America’s largest creditor nation to Japan last year, the Financial Times reports. China’s ownership of US government bills, notes and bonds rose by $10bn from a month prior to $1.1tn in May. Source: China Economic Review
Technicians are busy examining a new Magnetic Levitation Train prototype in a factory in Zhuzhou, central China’s Hunan Province, SHINE reported. Zhuzhou, a city known as a forerunner of China’s rail transit manufacturing industry, is fostering innovation and production of Maglev trains. Source Asia Times
The Federal Reserve Wednesday lowered its benchmark interest rate by a quarter-point and many policy-makers said they believed another quarter-point cut this year would be appropriate. Source MarketWatch
Borrowing rates skyrocketed on Tuesday in a corner of the markets the public rarely notices but that is critical to the functioning of the global financial system. The spike in overnight borrowing rates forced the New York Federal Reserve to come to the rescue with a special operation aimed at easing stress in financial markets. Source CNN
