China is “actively considering” buying up to $50bn of International Monetary Fund bonds, the country’s State Administration of Foreign Exchange has said. .. The pledges by both countries seem to have some political motivations ? both China and Russia make no secret of their desire to have a greater say in how the IMF commits money. [Financial Times]

The American economy shed 345,000 jobs in May, and the unemployment rate spiked to 9.4 percent, but the losses were far smaller than anticipated, amplifying hopes of recovery.[The New York Times]

Canadian municipal leaders threatened to retaliate against the “Buy America” movement in the United States on Saturday, warning trade restrictions will hurt both countries’ economies.[Reuters]

Oil fell on Friday as traders took profits from a rally to a seven-month high over $70 a barrel after U.S. employment data showed a slower pace of job losses.[Reuters]

In particular, they are trying salvage as much of the over-the-counter (OTC) derivatives market as possible, in the teeth of the Obama administration’s determination to force most derivatives products to be standardised and traded on exchanges. Trading bespoke derivatives contracts, such as credit default swaps, between banks, without an exchange, is more lucrative.[Independent]