Money Briefs: Deutsche Boerse to push Frankfurt in LSE pitch

Deutsche Boerse to push Frankfurt in LSE pitch

LONDON • Deutsche Boerse's chief executive officer plans to pitch the takeover of London Stock Exchange Group as Frankfurt's only chance to win a key euro-denominated business, sources said.

Mr Carsten Kengeter's renewed push to win over German officials and investors comes amid a post-Brexit tussle between European leaders over which city should become the new centre for clearing euro-denominated trades.

The majority of euro clearing currently happens in London, but the Britain's eventual departure from the European Union has put that business up for grabs.

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China central bank saps most funds in 4 months

BEIJING • China's central bank drained the most funds from the financial system in four months, mopping up liquidity added over the last three weeks, even as economists predicted monetary easing to limit the fallout from Brexit vote.

The People's Bank of China withdrew a net 645 billion yuan (S$130 billion) from the financial system in the past five days in open-market operations. 

That is the biggest weekly withdrawal since March and follows a 625 billion yuan injection in the previous three weeks amid quarter-end demand.

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A version of this article appeared in the print edition of The Straits Times on July 09, 2016, with the headline 'Money Briefs'. Print Edition | Subscribe