News from Around the World

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US Federal Reserve intervenes for third time to ease money market strains

Pressure is mounting on the Federal Reserve to ease the strain on US money markets after the central bank was forced to intervene on Thursday for the third time using a type of operation it last resorted to during the financial crisis a decade ago.

Fed Steps Into Repo Market to Control Soaring Rates

The Federal Reserve Bank of New York said it would carry out up to $75 billion of transactions known as repurchase agreements on Tuesday to relieve funding pressure in overnight money markets.

Strains developed Monday in short-term financing markets that suggested the central bank could lose control of its benchmark federal-funds rate. 

Merkel Rejects Growing Calls to Fend Off Slowdown With More Spending

Chancellor Angela Merkel rejected growing calls at home and abroad to fend off an economic slowdown with increased spending, saying that the problem wasn’t a shortage of money for investment.

Asian markets gain ahead of ECB meeting

Asian markets mostly gained in early trading Wednesday, ahead of expected further monetary easing by the European Central Bank.

China’s exports to the US are falling sharply as Trump escalates the trade war

China’s exports unexpectedly fell in August as shipments to the United States slowed sharply, pointing to further weakness in the world’s second-largest economy and underlining a pressing need for more stimulus as the Sino-U.S. trade war escalates.

Georgieva closes in on top IMF job as no challengers seen: sources

WASHINGTON (Reuters) - Bulgarian economist Kristalina Georgieva was expected to be the only candidate considered to lead the International Monetary Fund as a nomination deadline drew to a close on Friday, two people familiar with the process said.

China, U.S. to Hold Trade Talks in October as Mistrust Remains

China and the U.S. announced that face-to-face negotiations aimed at ending their tariff war will be held in Washington in the coming weeks, amid skepticism on both sides that any substantive progress can be made.

Argentina: how IMF’s biggest ever bailout crumbled under Macri

The decision to seek what became the biggest bailout in the IMF’s history took only a few minutes.

A loss of faith in Argentina’s reform programme had been visibly demonstrated by a two-week run on the peso in spring last year. President Mauricio Macri had few options left. A long-mooted contingency plan went into action.

World Bank to Investigate if China Loan Funded Muslim Detention Camps

WASHINGTON — The World Bank is investigating whether a $50 million loan it granted in 2015 for an education project in China’s Xinjiang region has been used to fund Muslim detention camps.

The review comes amid growing global concern that China has detained one million or more Muslim Uighurs and placed them in “re-education” camps where they are forced to renounce their religious beliefs and embrace the ideology of the Communist Party.

China’s Potential New Trade Weapon: Corporate Social Credits

BEIJING—After five years, China is putting the finishing touches on a sweeping new system to punish and reward companies for their corporate behavior. But foreigners worry that, amid the continuing U.S.-China trade dispute, Beijing will use its new corporate “social credit” system as a weapon against international businesses.