China’s reserves, the world’s largest, fell by USD 93.9 billion last month to USD 3.557 trillion, central bank data showed on Monday. It is the biggest monthly fall on record, reflecting Beijing’s attempts to halt a slide in the yuan and stabilize financial markets following its surprise move to devalue the currency last month.
Chancellor Angela Merkel announced plans to spend an extra EUR 6 billion on refugees next year in Germany as European officials prepared a proposal to relocate thousands of migrants throughout the region. Yesterday, Merkel said that Germany will add EUR 3 billion to the 2016 federal budget and provide another EUR 3 billion to states and municipalities to tackle Europe’s biggest refugee crisis since World War II.
Statistics Netherlands reported purchasing power of the Dutch population rose with 1.5 percent compared to previous four years of falling purchasing power. Employees saw the biggest increase with 2.7 percent, however independent and self-employed saw only a 0.3 percent increase.
An inflation nightmare in Sweden? In Sweden, half a million people are now in line for apartments in Stockholm. The worsening housing shortage in combination with record immigration and surging house prices reveal that financial instability risks lie ahead. Therefore, Sweden’s central bank is forced to go all out in defending its inflation target. Earlier this year, the central bank already lowered its repo rate below zero and began buying government bonds.
The 6M Euribor remained unchanged at 0.04%. The 10Y Swap increased 1 bp to 1.00%.
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