On Tuesday, China announced that they will begin a deposit insurance system this year. Similar to the FDIC in the US, businesses and individual depositors in China will now be insured up to 500,000 yuan, which is roughly $81,000. China currently has more than $19 trillion in bank deposits. According to central bank officials, more than 99% of depositors would be covered by the program, slated to begin May 1. Erin weighs in.
Then, Erin is joined by Eswar Prasad – professor at Cornell University, senior fellow at the Brookings Institution, and former head of the IMF’s China division. Eswar tells us about the opposition to China’s inclusion in the SDR and gives us his take on where India’s economy is headed.
After the break, Bianca gives us a look at all the other financial stories in the news today. Afterwards, Erin sits down with Phil Ash – co-founder and CEO of Baton Investing. Phil tells us how Baton works and describes his ideal client.
And in The Big Deal, Erin and RT correspondent Ameera David discuss the gender wage gap.
Take a look!
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https://www.youtube.com/watch?v=6k3rPEaj2Nk