Forex News and Rumors – Afternoon Update

British Government to Buy RBS Controlling Interest

The British Government will buy nearly 60 percent of the Royal Bank of Scotland after an emergency share offering to generate cash for the troubled bank failed to attract public investors. The government will spend nearly £20 million to complete the transaction. More

China’s Foreign Cash Reserves to Top $2 Trillion

China’s foreign cash reserves are expected to exceed $2 trillion by the end of the year further cementing its title as the world’s largest holder of foreign currency reserves. Japan and Russia – the second and third largest foreign currency holders – were both forced to dip into their reserves over the past year. More

Japan’s Factory Output Numbers Fall

Japan’s factory output fell by 3.1 percent for the month of September while household spending fell 3.8 percent in what is shaping up to be a deep recession. More

Mexico’s Interest Rates Remain Unchanged

The Central Bank of Mexico left the country’s key lending rate unchanged at 8.25 percent despite growing signs of a slowdown in the economy. More

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