Central Banks
Asia shares slip amid escalating US-Iran tensions
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Global markets tumbled as US-Iran tensions and prolonged Israeli conflict drove oil prices higher. Asian shares and futures dipped, with investors preparing for extended fighting. The inflationary pressures have reduced expectations for central bank rate cuts.
The National Bank of Ethiopia and People's Bank of China have agreed to RMB trade settlements and swap lines following a high-level meeting between their governors. The initiative aims to bolster Ethiopia's foreign exchange reserves in Chinese yuan. Officials discussed economic reforms and payment system integration.
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The Bank of Japan declined to sign a joint statement from central banks supporting Federal Reserve Chair Jerome Powell, aligning with its longstanding practice of avoiding controversial topics amid sensitivities over U.S. relations and an upcoming election.