Econmy Selloff spans globe

U.S. stock futures are bathed in red, as investors find little to cheer them in the macroeconomic backdrop, either domestically or globally.

• Selloff steepens in Europe http://www.marketwatch.com/story/europe-stocks-tumble-in-wake-of-fed-action-2011-09-22
| Asia tumbles http://www.marketwatch.com/story/asian-stocks-drop-after-fed-meeting-2011-09-21
Hong Kong’s Hang Seng Index HK:HSI -4.85% led the retreat, plunging 4.9%, while the Shanghai Composite Index CN:000001 -2.78% fell 2.8%, and Hong Kong’s H-share index — which tracks mainland Chinese companies — nose-dived by 6.3%.

• Poor euro-zone PMI | New austerity in Greece
• Ken Croft: An opportunity-knocks market
• Crude sheds more than 4% | Gold below $1,800

China manufacturing data paint picture of weakness
HSBC survey ebbs to a two-month low, indicating a broadening slowdown in China's economy.
• China central-bank advisor: Mild inflation ahead http://www.marketwatch.com/story/china-central-bank-advisor-mild-inflation-ahead-2011-09-22
• U.S. industry groups lobby against China bill http://www.marketwatch.com/story/us-industry-groups-lobby-against-china-yuan-bill-2011-09-21

Sept. 21, 2011, 9:00 a.m. EDT

Citi's Worldlink(R) Payment Services Stays Ahead of the Curve for Exotic Currency Payment Capabilities

TORONTO & NEW YORK, Sep 21, 2011 (BUSINESS WIRE) -- Citi today announced that its Global Transaction Services unit has continued to make enhancements to its WorldLink(R) Payment Services capabilities for making payments in exotic currencies, such as the Chinese Renminbi (RMB) and Iraqi Dinar (IQD). In addition, WorldLink has developed its network to support current and future exotic currency offerings. These enhancements allow for significant reductions in settlement time, increased visibility of important transactional details and a reduction of volume capacity against exotic currencies.

CHINESE RENMINBI

The controlled liberalization of the Renminbi (RMB) in 2009 by the People's Bank of China (PBOC) had been a long anticipated opportunity in the continued globalization of the world economy. Since then, the Chinese government's continued expansion has allowed WorldLink Payment Services the opportunity to further develop its capabilities in making cross-border payments in RMB.

Earlier this year, in January 2011, Citi announced how the regulatory reforms enabled it to significantly reduce the settlement timeframe for receipt of RMB payments to beneficiaries. Because the currency was so heavily restricted, special processing measures were put in place to accommodate the regulations. These measures increased the average receipt time of payments to beneficiaries. Utilizing WorldLink's unique intelligent distribution capabilities, payments to approved corporations in China could now be received by the beneficiary in as little as two business days and without any volume restrictions -- a significant benefit to clients.

At that time, RMB payments could only be made to approved corporations. In August 2011, further extension on the scope of RMB settlement was announced by the PBOC. In effect, WorldLink clients can now make RMB payments to a corporation (for the trade of goods) in the whole nation of China, without the requirement of the corporation being approved -- in other words, a Mainland Designated Enterprise (MDE). As a result of this, clients have a broader opportunity for which they can now send RMB payments to China, allowing their beneficiaries to gain from faster settlement times and giving themselves increased visibility of the payment and foreign exchange.

IRAQI DINAR

WorldLink(R) Payment Services has been making IQD payments on behalf of selected clients since 2006 adding to the exotic currencies suite. With the success established over five years, WorldLink has differentiated itself by having local expertise and strong banking relationships in Iraq. WorldLink is now offering IQD payments as a fully developed and proven offering to all relevant WorldLink clients.

SOURCE: Citigroup Inc.

http://www.marketwatch.com/story/citis-worldlinkr-payment-services-stays-ahead-of-the-curve-for-exotic-currency-payment-capabilities-2011-09-21

http://alrayy.com/31367.htm

[b]Hang Seng Index[/b] http://www.marketwatch.com/investing/index/HSI?countrycode=HK
HSI: HK:HSI GO

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International regulators raised the pressure on European policymakers to shore up the continent’s banks, warning the impact of the sovereign debt crisis on bank capital posed an escalating threat to financial stability. The European Systemic Risk Board, a new body comprising central bankers and supervisors, called for concerned action to head off “rapidly rising” threats.

“Supervisors should coordinate efforts to strengthen bank capital,” the ESRB said. “The high interconnectedness in the European Union financial system has led to a rapidly rising risk of significant contagion. This threatens financial stability in the EU as a whole and adversely impacts the real economy in Europe and beyond.” .
In its global financial stability report, released on Wednesday ahead of its annual meetings, International Monetary Fund staff stuck by their estimate that Europe’s sovereign debt crisis had delivered a €200bn ($273bn) hit to European Union banks since 2010, an analysis that has provoked fierce arguments with eurozone governments.

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