Removing Neumann is a difficult decision for Son, who has long believed in WeWork and Neumann's vision to quickly expand the company.Technologyread more
The Kingdom and oil and gas industry have been slow to shore up defenses, raising red flags about the possibility of longer term fall-out in the region.Technologyread more
Datadog went public on Thursday and instantly hit a $10 billion valuation, becoming the fourth cloud software debut to reach that level this year.Technologyread more
There are challenges with Iran, North Korea, the Afghan Taliban, Israel and the Palestinians — not to mention a number of trade pacts.Politicsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
In his new memoir, "The Ride of a Lifetime," Iger explains why he decided against the deal to buy Twitter.Technologyread more
In perhaps Buffett's first televised profile, he explained a method of investing that prioritizes bargains and makes use of an occasional baseball analogy.Marketsread more
Gluskin Sheff's David Rosenberg reinforces his recession forecast following the Federal Reserve's September meeting.Futures Nowread more
"This would be the most profound violation of the presidential oath of office certainly during this presidency," House Intelligence Chair Adam Schiff said.Politicsread more
A 58% majority of registered voters express unease about voting for Trump, but slightly more say the same about Joe Biden and Bernie Sanders, while Elizabeth Warren fares only...Politicsread more
The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
China's official foreign exchange reserves only include highly liquid assets, a top central banker said on Sunday, seeking to reassure investors that authorities have enough ammunition to prevent a sharp fall in the renminbi.
Investor sentiment towards China's currency has turned sharply negative since a surprise devaluation in August, amid unprecedented capital outflows and concern about the health of the economy. Concern over China's currency policy sparked a global market sell-off early this year.
The People's Bank of China has drawn on its foreign exchange reserves to curb renminbi weakness, but analysts believe the central bank may soon be forced to abandon this policy to prevent reserves dropping below dangerous levels.
Some bearish investors have also expressed skepticism about the reliability of China's official foreign exchange reserves data, which showed reserves at $3.2tn at the end of January — still the world's largest despite declining for 19 months.
Skeptics say the headline total of reserves exaggerates the resources available to support the renminbi since they suspect it includes illiquid assets such as foreign real estate and private-equity investments that cannot be readily deployed in currency markets.
Kyle Bass, the US hedge fund manager who has wagered billions that the renminbi and other Asian currencies will fall, believes China's true reserves are more than $1tn below the government's official total. Veteran investor George Soros has also suggested the renminbi may fall further.
Yi Gang, PBoC deputy governor who until January was also head of the foreign exchange regulator, said on Sunday that only highly liquid assets are included in the closely watched headline reserves figure.
"I can clearly tell everyone here, those assets that don't meet liquidity standards are entirely deducted from official foreign exchange reserves," Mr Yi said at a press conference on the sidelines of an annual parliament meeting in Beijing.
"For example, some illiquid equity investments, some capital injections and some other assets where liquidity isn't good are entirely outside our foreign exchange reserves."
Beyond foreign real estate and private equity, analysts have questioned whether PBoC's recent use of foreign currency to inject capital into state-owned policy banks, including at least $93bn injected into China Development Bank and the Export-Import Bank of China last year. There is also uncertainty about whether China's capital contributions to two newly launched multilateral development banks, the Asia Infrastructure Investment Bank and the Brics bank, have been deducted.
China's central bank last year agreed to more stringent disclosure requirements under International Monetary Fund guidelines known as the Special Data Dissemination Standard.
"This liquidity classification is conducted strictly according to the IMF's standard. So the official foreign exchange reserves data that we currently report definitely meets liquidity standards. Those non-liquid assets definitely aren't included in what we report."
China will release February reserves data on Monday.