Government Policy

  • 2019-08-14 06:49

    --U.S., Other Sherpas Push For G7 Reassurance As Global Economy Deteriorates

    LONDON (MNI) - French President Emmanuel Macron is pushing for G7 leaders to abandon their customary communique following their summit in Biarritz, France, next week in a bid to try and avoid the embarrassing disputes over wording which pitted U.S. President Donald Trump against the rest of the group's leaders at last year's Charlevoix, Canada, gathering.

    But sources close to France and the EU say that some G7 sherpas, including the U.S.

  • 2019-07-29 15:18

    WASHINGTON (MNI) - The U.S. Treasury Monday estimated it will borrow $433 billion of net marketable debt in the third quarter of 2019, assuming a $350 billion cash balance on September 30.

    Previously, the Treasury estimated it would borrow $160 billion in the quarter, with a $85 billion cash balance at the end of September.

    The larger borrowing estimate was due to "changed in cash balance assumptions," the Treasury said.

    In the second quarter of 2019, Treasury borrowed $40 billion, while the end-of-quarter cash balance was $264 billion.

  • 2019-07-09 15:45

    --Trump adviser makes comments with bilateral negotiations opening this week

    WASHINGTON (MNI) - Donald Trump's main economic adviser said there is no time limit on Chinese trade talks and in the meantime President Xi Jinping must keep a promise to import more American farm products.

    Negotiations must undo two decades of China's unfair practices and the remaining 10% of issues such as alleged technology theft are the most difficult, Larry Kudlow said at a CNBC event Tuesday. Xi must oversee major purchases of U.S. goods such as soybeans, wheat and possibly energy, he said.

    "President Xi is expected we hope, in return for our accommodations, to move immediately, quickly, while the talks are going on, on the agriculture front," Kudlow said.

  • 2019-07-05 14:34

    By Shen Lu

    WASHINGTON (MNI) - President Donald Trump said Friday that China has taken advantage of the United States in trade, a return to more hostile remarks days before the resumption of talks between the two nations.

    "We've lost our shirts with China, and now China's dying to make a deal. And we're taking, by the way, billions and billions of dollars of tariffs are coming in, and China is paying for it, not our people," Trump said.

    "Right now, we've put very big tariffs on," Trump said, adding China had "broken a deal" in May. "We have a lot more to put on if we want."

    China wasn't the sole focus of Trump's comments on trade. Much of his criticism was aimed at former U.S.

  • 2019-07-01 13:15

    By David Robinson

    LONDON (MNI) - Senior Conservative lawmaker George Young, speaking on behalf of the government in a House of Lords debate today, said that it was not planning to end the issuance of inflation-linked gilts based on the retail price index (RPI).

    Lord Young of Cookham said that the government was working hard on a response, but he heralded the government's answer to one hot issue by ruling out ending RPI-linked gilt issuance.

    The government "has no plans to stop issuing index-linked gilts linked to RPI," Lord Young said.

    He noted that demand for RPI linkers was high from pension funds and insurers and said that the Debt Management Office had to seek value for money.

  • 2019-05-17 01:51

    By Iris Ouyang

    BEIJING (MNI) - China's macro policies to boost the economy will help maintain stability through any escalation of the trade dispute with the U.S., the country's economic planning body said Friday.

    Here are the highlights from Friday's National Development of Reform Commission press briefing in Beijing:

    -The key for China through any trade dispute is to focus on its own business, Meng Wei, NDRC spokesperson said, with measures to ensure stable growth

    -China will continue with current macro, fiscal and monetary policies to help boost the domestic economy, with added focus on consumption in rural areas, the NDRC said.

    -The commission underlined that any fallout from the trade dispute was manageable as China's economy is resilient.

    -The gove

  • 2019-05-16 06:22

    By Iris Ouyang

    BEIJING (MNI) - China's Ministry of Commerce said Thursday the country is not aware of any specific U.S. plans to send trade negotiators to Beijing for further talks.

    Here are some highlights from the weekly MOFCOM press briefing:

    --"China isn't aware of any U.S. plan to come to China for negotiations," said MOFCOM spokesperson Gao Feng.

    --Gao stressed China will "have to react" if the U.S. insists on escalating the trade dispute.

  • 2019-05-08 11:16

    -Stheeman: Sceptical Over Cost Benefits Of Moving To CPI Linkers

    LONDON (MNI) - Robert Stheeman, Chief Executive, Debt Management Office said that he fully supported the Treasury's plans to reduce inflation-linked gilt issuance in testimony to the cross-party Treasury Select Committee Wednesday.

    He also highlighted the complexity of moving away from the current practice of only issuing retail price index (RPI) linked gilts.

    The following are key points from his testimony:

    - The UK is an outlier in inflation linked bond (linker) issuance, with around 28% of the country's total debt stock in linkers while the US, by contrast, has around 10%.

  • 2019-04-24 05:57

    By David Robinson

    LONDON (MNI) - UK Chancellor of the Exchequer Philip Hammond said Wednesday that he would prefer that the next Bank of England Governor serves a full eight year term but that he was prepared to consider a shorter appointment for an exceptional candidate.

    Current Governor Mark Carney's eight year term runs until 30 June 2021 but he has chosen not to serve the full term and he is set to leave on 31 January 2020. Hammond announced earlier in the day that the open recruitment to appoint Carney's replacement was now underway.

    The following are key points from Hammond's evidence session to the Treasury Select Committee:

    -Hammond made it clear that Carney's successor would be an established figure.

  • 2019-03-13 09:35

    -Hammond: Brexit Uncertainty Damaging UK Economy; Can't Go On

    LONDON (MNI) - UK growth forecasts for the current year were cut to 1.2% by the Office for Budget Responsibility from the 1.6% forecast in October, Chancellor of the Exchequer Philip Hammond told Parliament Wednesday.

    Unveiling his Spring Statement, comprising an updated set of forecasts from the OBR, Hammond said that uncertainty was still hanging over the UK and "We cannot allow that to continue: It is damaging our economy."

    The OBR, like the BOE, bases its forecasts on the assumption that there will be a smooth Brexit. On this basis, the OBR's growth forecasts were little changed from October while it predicted a slight improvement in the public finances.