Global Roundup: Swiss vote, China data
Swiss Voters Reject Change
Voters in Switzerland have decisively rejected a proposal that would have seen net immigration limited to just 0.2% of the population. Some 74% of voters rejected the so-called Ecopop measure, which would have cut immigration to 16,000 people a year from 80,000 people currently.
The referendum proposal was one of several decided on by Swiss voters at the weekend. In the others, voters also rejected a move to scrap tax perks for wealthy foreigners, and a requirement for the central bank, the Swiss National Bank, to increase its holding of gold.
http://www.thetimes.co.uk/tto/news/world/europe/article4283252.ece (£)
http://www.ft.com/intl/cms/s/0/3e2c7f18-788b-11e4-b518-00144feabdc0.html#axzz3KcI71aqx (£)
China proposes bank deposit insurance
China has proposed the introduction of a bank deposit insurance scheme under which deposits of up to 500,000 yuan ($81,367) per saver per bank would be insured. Comments on the proposal are being sought by Dec. 30, but no date has been given for the introduction of the scheme.
The move could mean lenders will be allowed to fail and may pave the way for the scrapping of controls on interest rates.
Chinese data disappoint.
Data from China Monday showed manufacturing activity continued to slow, with the official purchasing managers’ index falling to 50.3 in November from 50.8 in October. A reading above 50 indicates expansion.
A separate reading of manufacturing activity, by HSBC Holdings PLC, came in at 50.0, unchanged from the preliminary reading.
http://www.bloomberg.com/news/2014-11-30/china-manufacturing-gauge-declines-amid-apec-factory-shutdowns.html
