Tidbits, Soybean Oil, Markets & Rain Days Update 3/27/23
There were no bank failures or new rumors of failures over the weekend.
International Monetary Fund chief Kristalina Georgieva said on Sunday that risks to financial stability have increased and called for continued vigilance although actions by advanced economies have calmed market stress. She expects 2023 will be another challenging year, with global growth slowing to below 3% due to scarring from the pandemic, the war in Ukraine and monetary tightening. She praised regulators for providing banks with the necessary liquidity to halt the banking failures. Her outlook is better for 2024, but global growth will remain well below its historic average of 3.8%. She was speaking at the China Development Forum.
China sold 132,641 mts of government owned reserve wheat today, which was 94.3% of the total quantity offered. China sells government inventory when domestic prices get too high. China always replaces government reserves with imports.
China’s Central Bank injected 255 billion yuan into its banking system before the market opened this morning to improve liquidity.
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