Morning in brief: IMF warns of global depression, Citigroup forced to suspend some Japan operations

Christine Lagarde delivers a sobering warning on the possibility of a global depression, while China’s yuan reaches record highs after central bank intervention.

International

Christine Lagarde, the managing director of the International Monetary Fund (IMF), has warned that no country is immune from the risk of a global recession and that defensive action needs to start in Europe, reports the BBC.

The Guardian is running a live blog covering the eurozone crisis as France prepares to find out whether it will finish out the week with its AAA rating intact.

Markets

The yuan has reached a record high against the dollar after the People’s Bank of China intervened in currency markets, offering an unspecified amount in dollars through major state banks, reports Reuters.

Companies

Allegations of “compliance violations” have led regulators to demand Citigroup suspend a number of its operations in Japan for 30 days, with effect from January, says Bloomberg.

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