A farmer works at a farmland in Kampala. Reuters
China’s central bank (CB) will use foreign exchange intervention and monetary policy tools to stop the yuan weakening past the key 7-per-dollar level in the near-term, three people familiar with the central bank’s thinking said. “At present, rest assured they will certainly not let it break 7,” a source told Reuters.
Japan’s economic growth unexpectedly accelerated in January-March, driven by net contributions from exports and defying forecasts for a contraction in the world’s third-largest economy. However, the surprise expansion was mostly caused by imports declining faster than exports, likely reflecting weak domestic demand,
Ryanair reported its weakest annual profit in four years and said earnings could fall further as Europe suffers what Chief Executive Michael O’Leary described as “attritional fare wars.” Shares in the airline, Europe’s largest low-cost carrier, fell 6 per cent on Monday after its profit forecast for the year to next March fell short of analyst expectations.