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China steps up yuan scrutiny. Australia-EU trade deal hangs in the balance. Goldman loses ranking as world’s top M&A adviser. Here’s what you need to know today.
Chinese regulators are stepping up scrutiny of currency trading and cross-border capital flows, as the yuan slides to the weakest level in seven months. The People’s Bank of China and the foreign-exchange regulator have asked exporters, importers and banks about money flows and hedging demand, while seeking views on the yuan and trading sentiment, according to people familiar with the situation. The yuan has fallen almost 5% against the dollar this year, making it the third worst-performer in Asia. China, meanwhile, is falling into a “balance-sheet recession,” according to the economist who coined the phrase.