Soon after BRICS leaders said they will build a cross-border payments system that bypasses Western platforms, a senior U.S. Treasury official warns that such a system would pose risks to international financial stability if it didn’t adhere to standards aimed at minimizing illicit activity.

"We expect the funds rate to eventually stabilize at 3 percent to 3.25 percent."

Although the U.S. "will be attentive to the global repercussions of our policies," the Treasury secretary appears uninterested in FX interventions that an ECB policymaker suggested.

Secretary Yellen says that next month the U.S. Treasury Department will probably exhaust its options for avoiding payments default, unless the debt ceiling is increased or removed.

Proposal for a yuan crude oil futures contract gains attention.

Proposal for a yuan crude oil futures contract gains attention.

Benchmark sale aims to reduce borrowing costs for China's state-owned enterprises.