World Market News of the 24 March with FXOpen

THE SWISS CLAIM THE US BANKING CRISIS ULTIMATELY TOPPLED CREDIT SUISSE
Credit Suisse’s most recent share price plunge with the collapse of US-based Silicon Valley Bank, but was compounded when the 167-year-old Swiss lender announced that it had found “material weaknesses” in its financial reporting procedures.
Confirmation from top investor the Saudi National Bank that it could not provide any more funding to Credit Suisse then provided the final blow, prompting the announcement of a loan of up to 50 billion Swiss francs ($54.2 billion) from the Swiss National Bank.
The loan intervention ultimately failed to restore investor confidence and Swiss authorities brokered the bank’s emergency sale to UBS for 3 billion Swiss francs over the weekend.

CHINA IS A ‘RELATIVE SAFE HAVEN’ IN THE FACE OF GLOBAL BANKING STRESS, CITI ECONOMISTS SAY
Citi economists said, “We have long been discussing our view that China can be a major growth hedge this year – if anything, recent global banking stresses perhaps have strengthened this thesis.”
The decision by the People’s Bank of China to cut its required reserved ratio showed “reassurance of policy support amid global volatilities,” Citi economists wrote.

JANET YELLEN CHANGED THE MOOD — AGAIN
US Treasury Secretary Janet Yellen said yesterday the federal government is prepared to take emergency actions to back up regional banks, just as it did for Silicon Valley Bank and Signature Bank. Her comments struck a different tone from the day before, when Yellen, asked by a senator if Treasury is considering guaranteeing all bank deposits without congressional approval, replied it is not.

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