Tag: Timothy Geithner

US: Yuan is still undervalued

US: Yuan is still undervalued

US Treasury Secretary, Timothy Geithner has reiterated that China’s currency, the yuan, is still significantly undervalued. The US has previously expressed dissatisfaction that China is keeping the value of the yuan low to help its exporters at the expense of overseas competitors. Trade groups have argued that the yuan, also referred to as the renminbi, [...]

BoE: UK banks still face risks

BoE: UK banks still face risks

The Bank of England’s semi-annual Financial Stability Report, which has been published today, warned that UK banks are still at risk as a result of the euro zone debt crisis. While the report praised the €750 billion rescue package, agreed by the European Union and the International Monetary Fund (IMF), it said ongoing “market pressures” [...]

G20 summit unveils optimism for global recovery

G20 summit unveils optimism for global recovery

The finance ministers of the G20 group of developed and emerging economies issued optimism about the global economic recovery, after it met on April 23 in Washington, D.C. An announcement after the meeting stated that the global economy is emerging faster than expected from its worst recession since World War II. According to the G20 [...]

Dollar receives a boost after 1st day of G20 summit

Dollar receives a boost after 1st day of G20 summit

Sterling fell this morning to a near four-month low to $1.5917 against the US dollar before creeping back up to $1.5989. The level was the lowest seen since early June after G20 leaders said stimulus packages will remain until a recovery is sustainable. However, the pound is still currently higher than the low levels of [...]

G8 nations acknowledge signs of stability in world’s largest economies

G8 nations acknowledge signs of stability in world’s largest economies

At a meeting in Italy yesterday for the Group of Eight (G8) industrialised nations, it was acknowledged that there are signs of stabilisation in the world’s leading economies. G8 ministers said stock markets were rising, interest rates more stable, and consumer confidence was returning. However, finance ministers reluctantly admitted that the global situation still “remains [...]

US Treasury anticipates $25bn to be repaid by bailed out banks

US Treasury anticipates $25bn to be repaid by bailed out banks

US Treasury Secretary, Timothy Geithner, expects US banks to repay $25 billion (£16 billion) of bailout funds over the next 12 months. According to Mr Geithner, the money will be put towards helping other financial institutions in need of assistance. Mr Geithner told Congress it is imperative that the Government protect the remaining $123.7 billion [...]

Ten US banks require $75bn to cover future losses

Ten US banks require $75bn to cover future losses

Following the recent stress tests on 19 US banks, it has now been revealed that ten of the banks require a total of $74.6 billion (£50 billion) in extra capital to cover future losses. The stress tests were conducted by the Federal Reserve to establish which financial institutions are in a position to weather the [...]

Fed stress tests reveals US banks not at risk of insolvency

Fed stress tests reveals US banks not at risk of insolvency

Following the recent stress tests on 19 US banks, carried out to establish which financial institutions are in a position to weather the downturn, the Federal Reserve has revealed that no US banks are at risk of insolvency. However, the results have revealed that tens of billions of dollars are needed to strengthen balance sheets [...]