Direct trade relations between the Netherlands and China go back to the early 17th century, but it is largely due to the opening of the country in the past decades that China’s image as a ‘mysterious’ and ‘inaccessible’ country has changed radically. China is already one of the leading world economies, yet as in every rapidly developing country, its economic policy faces challenges.
The Federal Reserve’s supervisory teams are including the transition away from LIBOR in their monitoring discussions with large firms. The Federal Reserve will expect to see an appropriate level of preparedness at the banks it supervises.