Governor of the People's Bank of China, Zhou Xiaochuan, restated that there no reason to expect that the Chinese currency will continuously.

Mr. Zhou said, "There is no basis for persistent RMB depreciation from the perspective of economic fundamentals."

He also stressed that there were tools, which the government could use to limit the risks of a sluggish economic growth in the country.

On Wednesday, the International Monetary Fund (IMF) said in a report that a coordinated stimulus program is required for the recovery of the global economy which is "highly vulnerable" to unfavorable financial shocks and market turbulence. It said that United States along with other key governments must prepare contingency plans now which could be put into action in the recent future to perk up global economic growth.

Competition is growing and to survive in the competitive market American Express is restructuring its management. On Wednesday, American Express, the credit-card issuer announced its plans of job cuts, reduction in cost and restructuring in its management. The company plans to trim $1 billion in costs in the coming two years.

Following the news, on Wednesday, American Express shares scaled 43 cents, or 0.8 percent, to $53.61. In the last one year, shares have lost almost one third of their value.

Whether or not the Fed will make another interest rate hike this year is already a matter under great speculations.  On Tuesday, one of the top Federal Reserve policymaker dampened the hopes when by saying, the Federal Reserve should be "unhurried" while considering the timing for the next interest rate hikes keeping in mind the volatile financial markets and the troubles overseas.

On Saturday, the European commission stated that it will examine a report that claims Ikea, that Swedish, furniture company might have evaded _1billion in taxes between 2009 and 2014 using hostile tax strategies.

In December, U.S. job openings increased and so did the number of people who voluntarily quit their jobs in the U.S. The number of people leaving their jobs reached nine-year high in the United States. It reflects a strong labor market in spite a slowdown in economic expansion.