China
People's Bank of China Inject 340 billion yuan into the financial system
China’s central bank, the People's Bank of China is putting the largest amount of cash into the financial system in nearly three years which is around 340 billion yuan. The move was done as the bank is preparing for lots of cash out as it is nearing the Lunar New Year.
Wynn Macau Cautions Casino Contractor For Compensation Up to $200 Million Over Construction Delay
Wynn Palace, an under construction casino, is widely expected to attract Chinese consumers and thus transform Macau to a popular tourist region. The casino project has been expected to be completed by June 25 followed by a revision on deadline. But work progress seems to be slow and the contractor for the $4.1 billion project is probably going the miss the extended time frame further. Steve Wynn, founder of Wynn Macau Ltd. has sent a letter to the construction company cautioning to count compensation up to $200 million if it fails to meet the revised deadline.
China and Iran Agreed to Expand Trade and Bilateral Cooperation
China's President Xi Jinping and his Iranian counterpart Hassan Rouhani enter a new era of cooperation between two countries. In their meeting on Saturday, both countries agreed to expand trade to $600 billion in the next 10 years and bilateral cooperation.
China saves $460 billion a year as commodity prices come crashing down
China has emerged a winner against crashing commodity prices and recorded a benefit of $460 billion this year. Out of this windfall, $320 came from cheaper oil prices alone and the remaining $140 billion from other commodities like energy, metal, and agricultural items.