Experts Are Wary Of Economic Growth Figures Presented by China

Experts Are Wary Of Economic Growth Figures Presented by China

China has released their official economic growth numbers for 2016. As was to be expected, things are not looking great, although the sky is not falling either. With a 6.7% growth throughout 2016, the country falls short of expectations. Moreover, there are questions regarding the growth number, as it seems to reek of tampering. A previous report hinted at how 6.7% growth has been “achieved” for every quarter in 2016, which is an impossibly even number. The world’s largest economy continues to cause a lot of headaches, though. Compared to 2015, the growth has slowed down by 0.2%, which is not a positive development by any means.Then again, the number falls within Beijing’s target range and is still higher than some people had anticipated...

Safe-Haven Assets Gold and Bitcoin May Benefit From Trump’s Speech

Safe-Haven Assets Gold and Bitcoin May Benefit From Trump’s Speech

The impending inauguration of Donald Trump will send shockwaves through the global financial sector. Some experts feel gold prices will soar, depending what Trump says during his speech. At the same time, Bitcoin’s value could go up by quite a margin as well. Safe-haven assets will be in high demand moving forward, that much seems to be a foregone conclusion. Trump’s inauguration is getting a lot of media attention right now. With just a few days until this event happens, the world is seemingly holding its breath. A lot of financial experts and speculators are preparing for the worst, by the look of things. It is expected safe-haven assets will see a healthy boost in valuation over the coming weeks, although it remains to be seen if that will be the...

Korean Economy Will Go Coinless In The Near Future

Korean Economy Will Go Coinless In The Near Future

Korea is the next country in the world planning to end cash slowly. The country’s Central Bank outlined a pilot program to pursue a coinless society in the coming years. This new service allows consumers to receive small change from retailers as a top-up on a prepaid card. An interesting spin on things, although it may quickly sell the end of physical coins and banknotes in Korea. This new venture by the Korean Central Bank sounds quite appealing, on paper. Rather than forcing a banknote swap or making specific currency invalid, they seek to alter the way we handle change cash. Every time a cash payment is made, the change we receive becomes somewhat of a burden. Turning that amount into a prepaid card top-up utility is quite innovative. A Coinless Future...

ECB Considers Development of Instant Cross-Border Payment Solution

ECB Considers Development of Instant Cross-Border Payment Solution

The European Central Bank unveiled its plan to offer instant payments in the European Union. To be more precise, this service will ensure the transactions cost less than one recent to complete. A market consultation is underway to determine the user requirement for developing this service. In a way, the ECB plans to compete with Bitcoin for instant and cheap transactions across borders. According to the ECB, 2017 is a decisive year for innovative retail payment services in Europe. A dedicated roadmap has been presented during a recent conference, indicating the time is now to start offering affordable cross-border payment solutions. Delivering real-time payments across the different member states is a challenge, though. The European Payment Council laid the...

BoE Chief Economist Admits Financial Forecasts Are Usually Wrong

BoE Chief Economist Admits Financial Forecasts Are Usually Wrong

Financial experts and chief economists are often tasked with gauging the potential impact of a situation. The Bank of England’s Chief Economist made a grave miscalculation as far as the Brexit is concerned. Andrew Haldane admits his forecasts are incorrect, and his profession needs to adapt to regain public trust. Irrational behavior is hardly ever accounted for in the financial sector, even though it is a valuable indicator. Chief economists are slowly becoming a dying breed. Financial markets respond with unforeseen behavior these days, making predictions virtually impossible. Moreover, the need for financial experts is dwindling, and the profession risks becoming obsolete over the next few years. Financial Expert Forecasts Are Usually Wrong A lot of...