The month started with the inclusion of the Chinese currency in
the IMF’s special drawing rights (SDR) basket of reserve currencies,
which is currently made up of the US dollar, British pound,
euro and Japanese yen. The yuan’s inclusion in the SDR takes
effect in October 2016, but the announcement underscored the
newfound importance of the Chinese currency in global markets.
Toshiba executives prepared for a second and much larger fine
of 7.3 billion yen in the wake of its spreading accounting scandal
that surfaced in September. It was the biggest fine ever in Japanese
corporate history.
After hovering at relatively low levels for most of the year, oil
prices plummeted this month, falling below $30 per barrel in early
December. By the middle of the month, members of the Organization
of the Petroleum Exporting countries were debating coming
together for an emergency meeting to develop a strategy to deal
with price levels that were hitting their economies hard. West
Texas crude dropped to $34.54 on Dec 14.
The ASEAN Economic Community was set to launch on Dec 31,
marking both the end of years of preparation and the beginning of
an ongoing transition.
The month started with the inclusion of the Chinese currency inthe IMF’s special drawing rights (SDR) basket of reserve currencies,which is currently made up of the US dollar, British pound,euro and Japanese yen. The yuan’s inclusion in the SDR takeseffect in October 2016, but the announcement underscored thenewfound importance of the Chinese currency in global markets.Toshiba executives prepared for a second and much larger fineof 7.3 billion yen in the wake of its spreading accounting scandalthat surfaced in September. It was the biggest fine ever in Japanesecorporate history.After hovering at relatively low levels for most of the year, oilprices plummeted this month, falling below $30 per barrel in earlyDecember. By the middle of the month, members of the Organizationof the Petroleum Exporting countries were debating comingtogether for an emergency meeting to develop a strategy to dealwith price levels that were hitting their economies hard. WestTexas crude dropped to $34.54 on Dec 14.The ASEAN Economic Community was set to launch on Dec 31,marking both the end of years of preparation and the beginning ofan ongoing transition.
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