The Indian rupee faced significant pressure on Friday, September 19, 2025, as Asian currencies continued to weaken in the wake of a stronger U.S. dollar and rising Treasury yields. The rupee hit an intraday low of 88.32 against the dollar, dangerously close to its all-time low of 88.4550 recorded the previous week. By the end of the trading session, the currency was quoted at 88.30, reflecting persistent downward momentum. A currency trader at a private sector bank described the rupee’s trajectory as a ‘whippy down move,’ noting that the currency had briefly shown signs of recovery earlier in the week before succumbing to renewed pressure. The rupee had climbed past the 88 mark on Wednesday, sparking optimism among interbank traders that the worst might be over. However, this sentiment was short-lived, as the Federal Reserve’s recent decision to cut rates—coupled with Chair Jerome Powell’s hawkish press conference—reignited the dollar’s strength and weighed heavily on emerging market currencies. The Korean won and Indonesian rupiah also fell by 0.5% each, mirroring the broader regional trend. The dollar index, which had dipped to 96.22 on Wednesday, rebounded to 97.46, supported by positive U.S. jobless claims data showing a decline in new unemployment applications. Analysts attributed the dollar’s resurgence to a combination of the Fed’s mixed signals and robust economic indicators, leaving the rupee and its Asian counterparts vulnerable to further losses.
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Exclusive: China snaps up Australian canola after trade spat with Canada, sources say
In a significant move reflecting shifting trade dynamics, Chinese state trading firm COFCO has secured up to nine cargoes of Australian canola, totaling approximately 540,000 metric tons. This decision comes in the wake of Beijing’s imposition of preliminary anti-dumping duties of 75.8% on Canadian canola imports in August, effectively halting shipments from Canada, its traditional supplier. The purchases represent about 8% of China’s total canola imports last year, highlighting the nation’s ability to pivot to alternative sources amid ongoing trade tensions.
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UK borrowing shoots higher, deepening budget challenge for Reeves
Chancellor of the Exchequer Rachel Reeves addressed a high-profile business reception at Lancaster House in central London on September 18, 2025. The event, attended by UK and US government ministers as well as representatives from leading UK companies, coincided with the second state visit of US President Donald Trump to the UK. This gathering underscored the importance of transatlantic economic ties and the challenges facing the UK’s fiscal landscape.
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GE Healthcare exploring sale of China unit, source says
GE Healthcare, a leading U.S. medical device manufacturer, is reportedly evaluating strategic options for its China operations, including a potential outright sale or partnership. According to a confidential source, the company is working with advisors to explore these possibilities, though discussions remain in the early stages. The China unit, which produces CT and MRI scanners among other devices, could be valued in the billions of dollars, though precise figures are yet to be determined. Bloomberg first reported the news, citing sources familiar with the matter. GE Healthcare, with a market value of approximately $34 billion, has not officially commented on the potential sale. A spokesperson reiterated the company’s commitment to supporting Chinese patients but declined to address market rumors. The China unit operates six manufacturing bases but faced a 15% revenue decline in 2024, attributed to tariffs and economic challenges. GE Healthcare’s CFO previously indicated plans to shift production to more tariff-friendly regions. The move reflects broader concerns among U.S. companies operating in China, where political tensions, domestic competition, and slowing economic growth have dampened confidence. A recent survey by the American Chamber of Commerce in Shanghai revealed that only 41% of U.S. firms are optimistic about their five-year business outlook in China, the lowest level since the survey began in 1999. This development follows similar actions by other U.S. companies, such as Bristol Myers Squibb, which recently sold its stake in a Chinese pharmaceutical joint venture.
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China expected to leave benchmark lending rates unchanged despite Fed easing
China is anticipated to keep its benchmark lending rates unchanged for the fourth consecutive month, according to a Reuters survey. This decision follows the People’s Bank of China’s (PBOC) move to hold steady a key policy rate after the U.S. Federal Reserve’s recent rate cut. Despite signs of economic deceleration, Chinese authorities seem reluctant to implement significant stimulus measures, buoyed by resilient export figures and a recent stock market rally. The loan prime rate (LPR), which is typically applied to banks’ top clients, is determined monthly based on submissions from 20 designated commercial banks to the PBOC. All 20 market watchers surveyed by Reuters predicted that both the one-year and five-year LPRs would remain at 3.00% and 3.5%, respectively. A brokerage trader noted that any adjustments to the LPRs would likely follow reductions in the policy rate, specifically the seven-day reverse repo rate, which the PBOC left unchanged last Thursday. While most new and outstanding loans in China are tied to the one-year LPR, the five-year rate affects mortgage pricing. Both rates were last reduced by 10 basis points in May. Analysts at Barclays highlighted that although the recent economic slowdown has increased the urgency for new stimulus, the likelihood of substantial fiscal measures may be diminished if the trade truce between the U.S. and China holds. However, some experts predict marginal monetary easing later this year to help China achieve its annual growth target of around 5%. Larry Hu, chief China economist at Macquarie, suggested that policymakers might take incremental steps to stabilize the economy, emphasizing that major stimulus is unnecessary to meet the GDP target.
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Philippines central bank tightens rules on large cash withdrawals amid corruption crackdown
The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has introduced stringent measures to monitor large cash withdrawals in a bid to combat money laundering and illegal financial activities. Effective immediately, banks are required to conduct “enhanced due diligence” for transactions exceeding 500,000 pesos (approximately $8,748.75). This directive, outlined in a circular issued on September 18, mandates that such transactions be traceable through methods like cheques, online transfers, direct credits to deposit accounts, or digital payments. The regulation applies to both single transactions and cumulative transactions within a single banking day. The BSP emphasized that this reform aims to bolster safeguards against the misuse of cash for illicit purposes, enhance public trust in the financial system, and address emerging risks. Banks are also permitted to set lower thresholds based on their internal risk assessments and customer profiles. This move aligns with the Philippine government’s broader anti-corruption campaign, which has already led to the freezing of over a hundred bank accounts linked to contractors and public officials under investigation for alleged irregularities in infrastructure projects. President Ferdinand Marcos Jr. has established an independent commission to spearhead corruption inquiries, particularly focusing on flood control expenditures, which have drawn scrutiny following devastating storms. Meanwhile, civil society groups, including church leaders, are organizing anti-corruption rallies on September 21, coinciding with the anniversary of the declaration of martial law by former President Ferdinand Marcos Sr., a period widely regarded as a dark chapter in Philippine history.
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Feathers fly in dispute over Ambani zoo’s pursuit of rare parrot
In a complex international saga involving conservation, diplomacy, and wildlife trade, the transfer of 26 Spix’s macaws to a private zoo in India has sparked global scrutiny. The birds, declared extinct in the wild in 2019, were part of a captive-breeding program in Brazil before being sent to the Vantara animal rescue and rehabilitation center in Gujarat, India, in 2023. The facility, operated by the philanthropic arm of the Ambani family, Asia’s wealthiest, has faced questions over the legality and ethics of the transfer. While Indian investigators cleared Vantara of wrongdoing, Brazil and European officials remain concerned. Brazil claims it did not consent to the transfer and has raised the issue at CITES (Convention on International Trade in Endangered Species of Wild Fauna and Flora) meetings. Germany, which initially approved the transfer, later rejected further shipments after consulting with Brazilian authorities. Vantara, which houses over 2,000 species, insists the transfer was lawful and non-commercial, aimed at conservation breeding. The controversy highlights the challenges of balancing conservation efforts with international wildlife trade regulations. As discussions continue, the fate of these rare birds remains a focal point of global conservation debates.
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South African minister meets USTR Greer for trade talks
In a significant diplomatic effort to address escalating trade tensions, South Africa’s Minister of Trade, Industry, and Competition, Parks Tau, held a pivotal meeting with U.S. Trade Representative Jamieson Greer in Washington, D.C. The talks, which took place on September 19, 2025, aimed to negotiate a resolution to the steep 30% tariffs imposed by the U.S. on South African imports last month. The tariffs, enacted under President Donald Trump’s administration, followed unsuccessful attempts by President Cyril Ramaphosa’s government to propose a bilateral trade agreement. According to a statement from South Africa’s trade ministry, the discussions were described as ‘cordial and constructive,’ with both parties agreeing on a roadmap to guide future engagements. The meeting was preceded by three days of intensive negotiations between senior officials from both nations. While the U.S. Trade Representative’s office has yet to comment on the outcome, the talks mark a critical step in easing trade barriers and fostering economic cooperation between the two countries. South Africa, as Africa’s largest economy, is keen to secure a deal that would bolster its export sector and stabilize trade relations with one of its key global partners.
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UK retail sales rise by 0.5% in August, ONS says
In a surprising turn of events, British retail sales climbed by 0.5% in August compared to July, according to official data released on Friday. This figure exceeded the 0.3% growth forecast by a Reuters poll of economists. Despite this positive trend, many households continue to grapple with inflationary pressures, with inflation holding steady at 3.8% last month and food prices escalating at an even faster rate.
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Trump says US seeks control of Afghanistan’s Bagram air base given up in withdrawal
In a significant geopolitical development, the United States has expressed its intention to regain control of the Bagram air base in Afghanistan. President Donald Trump announced this ambition during a joint press conference with British Prime Minister Keir Starmer in London on Thursday. Trump emphasized the strategic importance of the base, particularly its proximity to China, stating, “We want that base back.”
Bagram air base, originally constructed by the Soviet Union, served as the primary hub for U.S. military operations in Afghanistan following the September 11, 2001, attacks. It remained operational until the U.S. withdrawal in 2021, which led to the Taliban’s resurgence and control over the country. The base has since been vacated, leaving behind a symbol of America’s two-decade-long military presence in the region.
However, the Afghan government has dismissed the possibility of a U.S. return. Zakir Jalal, an official from Afghanistan’s foreign ministry, stated on social media platform X that Afghanistan and the U.S. should engage without any American military presence. He advocated for bilateral relations grounded in mutual respect and shared interests.
Meanwhile, U.S. officials have been engaging with Afghan authorities to address the issue of American citizens detained in Afghanistan. Adam Boehler, the Trump administration’s special hostage envoy, and Zalmay Khalilzad, a former U.S. special envoy for Afghanistan, met with the Taliban’s foreign minister, Amir Khan Muttaqi, to discuss these matters. Notably, the U.S. does not officially recognize the Taliban government, which assumed power after the 2021 withdrawal.
The push to reclaim Bagram underscores the complex and evolving dynamics between the U.S. and Afghanistan, as both nations navigate their post-withdrawal relationship. While the U.S. views the base as a strategic asset, Afghanistan remains firm in its stance against foreign military presence on its soil.