Sentiment Improved as Obama Signals Budget Agreement Ahead

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Financial markets in Asia climbed as US President Barack Obama signaled a budget agreement can be reached. He stated that he's "confident we can get our fiscal situation dealt with". This alleviated concerns that the world's largest economy would face the fiscal cliff of US$600B in as soon as January 2013. In China, there have been heightened speculations on internationalization of RMB. According to Zhou Xiaochuan, governor of the PBOC, "the next movement related to the yuan is going to be reform of convertibility". Zhou also stated that the central bank is moving in that direction and will have some deregulation. At present, the currency is allowed to fluctuate with a 1% from the central parity rate each trading day. Last week, Guo Shuqing, Chairman of the securities regulator announced that China would expand the Renminbi Qualified Foreign Institutional Investor Program (QFII) quota by RMB 200B from RMB 70B.

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