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More Iran Oil May Flow Within Months of Deal, Officials Say
(Bloomberg) -- World powers have offered to suspend U.S. and European restrictions on Iranian oil exports, but only if the Islamic Republic accepts strict limits on its nuclear program for at least a decade, according to American and European officials.
The offer to begin lifting some sanctions within months of a deal comes amid the effort in Lausanne, Switzerland to reach the framework of an agreement by the end of the month, with the outcome still in doubt.
Iran has yet to agree to such conditions in exchange for relief from oil and banking sanctions. Even if the Islamic Republic does, the limits on its oil exports would be suspended only after it complied with an initial set of restrictions, such as disconnecting the majority of the centrifuges it uses to enrich uranium and submitting them for verification, said the officials, who spoke to Bloomberg News on condition of anonymity to describe the private negotiations.
Greek PM assures EU creditors reforms coming to unlock cash
(Reuters) - Greek Prime Minister Alexis Tsipras assured European Union creditors at late-night crisis talks in Brussels that his leftist-led coalition would present soon a full set of economic reforms in order to unlock cash to stave off bankruptcy.
After two months of mounting frustration on both sides since Tsipras was elected with a mandate to end years of austerity imposed by creditors' conditions, the three-hour meeting on the sidelines of an EU summit was requested by Tsipras to break an impasse that risks seeing Athens stumble out of the euro zone.
But while a joint statement by the EU institutions spoke of a "spirit of mutual trust" and Tsipras said he left feeling more optimistic, German Chancellor Angela Merkel stressed no money would be released before Athens implements budget measures and other reforms that it has so far been reluctant to consent to.
Yuan Nearing PBOC Rate Spurs Band Speculation: Chart
(Bloomberg) -- The yuan is converging with the central bank's reference rate at a record pace, a sign to ING Groep NV that China may be planning to widen the currency's daily trading band.
The CHART OF THE DAY shows the gap has narrowed to 0.6 percent in Shanghai, having been on the cusp of its 2 percent limit at the start of the month. The People's Bank of China doubled the yuan's trading range a year ago after the difference narrowed to less than 0.3 percent from a January 2014 average of 0.9 percent. Intervention may be a factor behind the latest convergence, according to Standard Chartered Plc and Overseas-Chinese Banking Corp Ltd.
"It's like a parallel with a year ago as they are in a concerted effort to push the spot away from the band's limit," Tim Condon, head of Asia research at ING in Singapore, said by phone. "A wider band is in line with the thinking that China wants more market forces in determining the exchange rate."
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