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SNB Gold Vote Is 'Dangerous,' Jordan Says in Sermon on Hill
Swiss National Bank President Thomas Jordan took to a church pulpit to warn voters that passing an initiative requiring the central bank to hold a fixed portion of its assets in gold risked harming the economy.
"The initiative is dangerous because it would weaken the SNB," he said yesterday, speaking at a location on a historic hill in the town of Uster, Switzerland. It "would make it considerably harder for us to intervene with determination in a crisis situation and fulfill our stability mandate," he said.
Exclusive: China ready to cut rates again on fears of deflation - sources
China's leadership and central bank are ready to cut interest rates again and also loosen lending restrictions, concerned that falling prices could trigger a surge in debt defaults, business failures and job losses, said sources involved in policy-making.
Friday's surprise cut in rates, the first in more than two years, reflects a change of course by Beijing and the central bank, which had persisted with modest stimulus measures before finally deciding last week that a bold monetary policy step was required to stabilize the world's second-largest economy.
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