China Cuts Reserve Ratio, Releases 1.2 Trillion Yuan Amid Rising Trade War, Record Defaults

China’s central bank announced it would cut the Required Reserve Ratio (RRR) for most banks by 1.0% effective October 15 for the fourth time in 2018, a little over three months after the PBOC announced a smaller, 0.5% cut on June 24, as Beijing seeks…

End Of An Era: Swiss Banks Now Exposing Tax Cheats

It’s the end of an era for Switzerland’s notorious secret bank accounts, as the world’s historical haven for managing offshore wealth began automatically sharing client data with tax authorities in dozens of other countries, according to Reuters.  The Federal Tax Administration (FTA) said on Friday it had…

Cyber Criminals Can Buy Passports On The Dark Web For As Little As $15, Study Finds

Are you a convicted felon who has dreams of traveling abroad? Or a cybercriminal looking to set up a legitimate bank account into which you can deposit your ill-gotten funds? Then buying a passport off the dark web is an option that you should consider!…

Estonian Central Bank Exposed As $1 Trillion Money-Laundering Nexus

The fallout from the Danske Bank money laundering scandal has rattled the European financial system as $235 billion that flowed through the bank’s tiny Estonian branch – an amount that dwarfs the Baltic nation’s GDP – has been deemed by the bank’s auditors to be…

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Bank Of America Calls It: “The Peak In Home Sales Has Been Reached; Housing No Longer A Tailwind”

Bank of America is ringing the proverbial bell on the US real estate market, saying existing home sales have peaked, reflecting declining affordability, greater price reductions and deteriorating housing sentiment. In the latest weekly report from chief economist Michelle Meyer, the bank warned that “the…

Ex-PBOC Head Warns China’s Exporters Could Soon Ditch The US

Former Chinese central bank governor Zhou Xiaochuan suggested on Wednesday that the direct impact on China of the trade war with the US “appears limited,” though it could quickly prompt China’s top exporters to pivot away from US markets. Xiaochuan, who left the bank in…

Turkish Lira Plunges As Ankara Prepares Non-Performing Loan Bailout For Local Banks

Two days after the Turkish central bank shocked the market with a whopping 625bps rate hike, which helped the Turkish lira recoup some of its YTD losses, on Monday the Turkish currency suddenly tumbled in thin trading on what some attributed was a Reuters reports…

Russia Surprises Markets With First Rate Hike Since 2014

With market watchers expecting no moves from the Russian central bank today, and just one week after Russia’s PM Dmitry Medvedev hinted that Russian rates are “too high“, the Russian central bank became the latest to defy politicians – and consensus – when it unexpectedly…

ECB To Keep Rates Unchanged “Through Summer Of 2019”, End QE By 2019

In the day’s final central bank announcement, the ECB followed in the BOE’s footsteps, if not those of the CBRT which delivered a shocking rate hike surprise, and kept rates unchanged as expected while forward guiding that it expects to keep rates “at their present…