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Banking

WireTap 0900 16/04/12

A round-up of the key stories across the specialist financial media, including reports that China's widening of the yuan band is suspected to do little to reduce criticism from the US.


US political rhetoric to stay as China widens yuan band

China's widening of the yuan's trading band will do little to blunt criticism of its currency policy by the United States and the Treasury Department said on Sunday more progress was needed to correct a misalignment of the exchange rate.

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Euro area seeks bigger IMF war chest on Spanish concerns

European officials travel to Washington this week seeking a bigger global war chest to combat the debt crisis as Spain’s government battles to quell renewed market turmoil over its finances.

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Goldman Sachs said to raise $2.5 billion in ICBC sale

Temasek Holdings is buying part of Goldman Sachs Group’s stake in Industrial & Commercial Bank of China adding shares of China’s biggest bank to holdings that include two of the nation’s largest lenders.

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Barclays’ tax deals face US scrutiny

Barclays’ controversial tax planning business will come under fresh scrutiny in a US court this week over whether a transaction designed by the bank cost the US government more than $1bn in lost tax receipts.

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Downgrades loom for banks

European banks are bracing for a wave of ratings downgrades in coming weeks that could intensify pressure on the fragile industry and further undercut recent efforts to defuse Europe’s long-running financial crisis.

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