The worst case scenario of a complete financial and economic meltdown has been averted. Nonetheless, some of the alternatives are still pretty nasty. Indeed, new threats are emerging in the form of...

The People’s Bank of China is again calling for an alternative to the dollar as the world’s major reserve currency. Words are cheap. There is strong evidence that central bank purchases of dollars...

World trade may be close to stabilising after the unprecedented slump that began last September, but there are few signs yet of a meaningful recovery. We now expect merchandise trade volumes to fall...