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CCTV Script 20/01/15

— This is the script of CNBC's news report for China's CCTV on January 20, Tuesday.

2015 has not only been volatile for commodities, the foreign exchange market has been topsy turvy as well, with some calling it the currency war.

We've already seen cuts this year by India and Peru. The Swiss National Bank shocked markets last week by scrapping its 1,20 francs per euro cap. The Swiss central bank had earlier cut its rate down down to -1.25% to -0.25% range. Today, Denmark announced its own cut to its benchmark policy and lending rates and Japan's BoJ will announced their policy decision tomorrow, on the back of a two-day meeting.

All eyes are now on the ECB and their policy meeting on Thursday. 90% of analysts expect a QE program from Mario Draghi and his team, with a medium predict of at least 550 billion euro.

[Megan Greene, MD & Chief Economist, Manulife Asset Management] "My big fear is they are gonna actually engage in QE, and that its gonna be a total damp squid 071632 and then they will have used up all of their dry powder, so what else can they bring out to fight deflation."

[Sean Darby, Global Head of Equity Strategy, Jefferies] "But the problem really is the central bank has got limited options to some extent in trying to increase inflation rate, and this one is the only one at the moment left on the menu card."

The BOJ, though, is expected to keep its current QQE program and interest rate unchanged. With the U.S. economy back on track to stronger growth, the Fed is expected to raise interest rates around mid 2015, which will bring challenges to emerging markets. There's still just over more than 11 months left to this year and already, some analysts are saying that 2015 is going to be a year for Central Banks.

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