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China Central Bank Injects $83 Billion Into Economy

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China: Central Bank Injects $83 Billion Into Economy

China’s central bank has on Wednesday injected a record $83 billion into the country’s financial system in order to avert a cash crunch that could destabilise the country’s economy.

The country’s weakening economy has made policymakers to step up stimulus measures in protecting jobs,

But a raft of measures last year from big rail projects to tax cuts seem to have had little impact so far, with recent data suggesting activity is cooling more quickly than expected.

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A senior economist in Hong Kong, Trinh Nguyen said, it is very obvious the economy of China needs help and so many authorities agreed to that.

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Wednesday’s injection was aimed at ensuring there are ample funds in the financial system, which is facing strains as tax payments peak in mid-January, and as demand for cash picks up ahead of the Lunar New Year holidays starting in early February, People’s Bank of China (PBOC) said.

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The injection which is the bank’s largest net single-day injection came a day after China’s state planner, central bank and finance ministry all offered reassurances to investors, signaling more spending and other types of policy support.

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African News

Zimbabwe Central Bank Abandons Quasi Dollar

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Zimbabwe Central Bank Abandons Quasi Dollar

Zimbabwe Central Bank has abandoned the quasi dollar it introduced in 2016.  The peg of one Zimbabwe dollar to one US dollar has not worked as the black market rate has been in the range of three and a half to four Zimbabwe dollars to one U.S. dollar.

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Economists say this move could lead to jitters in countries that hold the peg, including Saudi Arabia and Hong Kong.

Zimbabwe has long been dealing with currency instability that in 2009, it introduced the US dollar, euro, and the South African rand as legal tenders it thought would stem the wild round of hyper-inflation.

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Business News

FIRS Directs Banks To Lift Liens Placed On Tax Defaulters’ Accounts

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FIRS Directs Banks To Lift Liens Placed On Tax Defaulters' Accounts

The Federal Inland Revenue Service (FIRS) has directed banks to lift for 30 days the liens placed on bank accounts of alleged tax defaulters.

FIRS explained that it took the step because large numbers of defaulting taxpayers have besieged its offices in than effort to regularise their tax positions.

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In September, FIRS Boss Babatunde fowler had said the service was going after six thousand defaulters whose bank accounts would be frozen until they pay up.

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KPMG, one of the big four auditors in the world, had accused FIRS of going draconian by directing banks to freeze accounts of suspected tax defaulters.

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African News

Total Discovers Gas Off Southern Coast of South Africa

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Total Discovers Gas Off Southern Coast of South Africa

Patrick Pouyanne, CEO of French energy giant, Total, says his company has made a significant discovery of gas, off the southern coast of South Africa.

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Total says potential quantities could be around one billion barrels of global resources, gas and condensate light oil. The country currently imports fuel from Mozambique.

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South Africa’s Mineral Resources Minister, Gwede Mantashe, says the discovery was a potentially major boost for the economy.

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