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USD falls against RUR by 1% during Nov 22-27. USD fell by 1% during Nov 22-27. On Nov 27 CBR set the official RUR/USD exchange rate at 26.3666. Thus, it dropped by 15 kopek compared to the rate set on the previous working day (Nov 24). During the previous 3 days the USD dropped against RUR by other 13 kopek. Hence, in 4 days USD lost 28 kopek. This fall (the largest in 2006) was caused by the strengthening of EUR against USD on international stock exchange. Such a low USD rate against RUR was witnessed only in Nov 1999. On Jan 9, 2003 official RUR/USD exchange rate made up 31.88. However, afterwards USD started to depreciate against RUR. As a result, during the last 4 years USD weakened against the local currency by RUR 5.53 (21%). Such a fall may have negative impact on Russian export-oriented economy.

China's GDP growth for 2006 projected at 10%-10.7%. China's National Bureau of Statistics' (NBS) Chief Economist Yao Jingyuan on Saturday forecast that China's GDP will grow between 10% and 10.7% in 2006. This is higher than the forecast made by the World Bank and People's Bank of China. On Nov 14, the World Bank had forecast a growth rate of 10.4%. People's Bank of China has forecast a growth rate of over 10% for 2006.

Europe gets its LCDS index but settlement disputes mean many banks remain on the sidelines.

Rapid urbanization poses major challenges for Asia’s developing economies, particularly those lacking government investment. Enterprising Asian developers are now bridging the infrastructure gap alone, creating communities from scratch and reaping handsome rewards in the process. Chris Leahy reports.

The dicier end of the leveraged finance market is the obvious place to look for distressed debt: maybe it’s just too damned obvious. A number of distressed debt investors and advisers are turning away from it, reasoning that it offers inflated prices and limited value. And there is another, even bigger credit market in transition staring buyers in the face – the $13 trillion European bank loan market, the biggest credit market in the world.

Holdouts from debt restructuring try new line of attack.

DEALS THAT CHANGED THE MARKET IN 2006. To be published in the February 2007 edition of Euromoney.

Rivals wish the Japanese investment bank all the worst.

Increased competition on cost between European exchanges might lead to liquidity fragmentation. Is there a solution to this?

Hugo Chávez, who seeks re-election on December 3, intends to transfer about $7 billion in international reserves from the central bank to the government’s coffers.

The lengthy courtship between domestic Philippine lenders Banco De Oro (BDO) and Equitable PCI Bank (EPCIB) drew to a successful conclusion in November with news that the two banks had finally agreed terms for a merger.

Competitive pressures are driving US banks and corporates to use the new wave of hybrids.