CCTV Script 16/09/13
— This is the script of CNBC's news report for China's CCTV on September 16, Monday.
Welcome to the CNBC business daily.
Larry Summers has withdrawn from the race to be the next chairman of the US federal reserve.
A senior official from the Obama administration has confirmed to CNBC that Summers called President Obama to pull out of the contest to succeed Ben Bernanke.
In a statement, Obama said he accepted the decision and was grateful to the former Treasury Secretary and adviser for his 'tireless work and service'.
It means that Obama will have to look at other potential candidates including Fed vice chairman Janet Yellen and former Fed Chairman Donald Kohn.
Meantime, Reuters sources say Former U.S. Treasury Secretary Timothy Geithner is still not interested in being the next head of the Federal Reserve.
Here's some comments from analysts on Larry Summers' exit from the race to be the next Fed Chair. Have a listen
[Sound on tape: Peter Harper, Director of Distribution, BetaShares Capital: Over the weekend, we've heard that Larry Summers is now not looking to run for Fed chairmanship. He was not renowned as a big supporter of QE, and that leaves Janet Yellen in the box seat. Everyone knows that Yellen is quite supportive of QE and easy monetary policy.]
[Sound on tape: Vasu Menon, Vice President, Wealth Management, Singapore, OCBC: Now that Summers is out of the way, Yellen is likely to continue with Bernanke's policy, which is still fairly accommodative, even if he does taper, I don't think he's going to tighten just yet.]
[Sound on tape: Richard Martin, Managing Director at IMA Asia: I think the markets is closely misreading what's going on here.... whether its Yellen or Summers i think its the same deal....risk element in asset investment .]
[Sound on tape: Emma Lawson, Senior Currency Strategist at National Australia Bank: The data is going to triumph the Fed chair choice and all of the choices will have to deal with an improving U.S. economy and the mispricing of risks.]
All eyes will now turn to the Fed's announcement on Wednesday, where we could see the Central Bank announce its intention to wind down QE.
Thanks for watching. I am Adam Bakhtiar, reporting from CNBC's Asia Headquarters in Singapore.