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Remember when we suggested Turkey’s choice was to “Raise rates, or carry on throwing FX reserves into trying to stop Turkey being the first EM casualty of the great post-Fed shift in global liquidity”? Well, central bank Governor Basci put what looks like an answer on the central bank website on Monday:
Monetary and fiscal policy uncertainty and the associated volatility have recently been elevated at the global level. The Central Bank will not allow any negative spillovers from these developments to price stability and financial stability in Turkey.
To this end:
Live markets commentary from FT.com
China’s Q2 GDP growth was 7.5% || Chinese police probe GSK deals || Apple is hiring ‘aggressively’ for its iWatch development || JPM and Goldman are seeking to sell their metal warehousing units || G20 fin mins plan to launch a new phase of the international corporate tax crackdown || Japan PM Shinzo Abe on track for hefty election win || More signs of UK house price rises || Madoff related settlement || Market wrap || FTAV’s latest Read more
A few thoughts on China’s second-quarter GDP, which came in at 7.5 per cent, in line with expectations:
– The seasonally-adjusted rate is 1.7 per cent. If annualised — ie the way that most countries present their quarterly GDP data — is it just under 7 per cent. Read more
China GDP 7.5% in line || Asian stocks rise, AUD strengthen || Apple hiring ‘aggressively’ for iWatch development || JPMorgan, Goldman want to sell metal warehousing units || China adds to GSK accusations || G20 ministers planning new corporate tax crackdown || UK house prices still rising strongly || What to make of Lou’s 7% China growth comments Read more