on market liquidity and economic growth,” the chief risk officer at JPMorgan Chase & Co., Barry Zubrow, wrote in a 67-page letter submitted Monday.


One of the biggest institutional investors, the California Public Employees’ Retirement System, acknowledged in its own letter that costs might rise, but noted that it would be an “acceptable cost for reducing risk in the financial system.”

John Reed, the former chief executive of Citibank who once oversaw many of the trading operations now under discussion, said in his letter supporting the proposals that losses at proprietary trading desks during 2007 and 2009 had “quickly decimated the availability of credit and seriously damaged the U.S and global economy.”

The most visible opponent of the banks has been Volcker himself, who first proposed the restrictions. He submitted his"The sovereignty issue is China's bottom line," China's top diplomat Yang Jiechi said.

In the wake of the international tribunal rejecting its claims in the disputed South China Sea, China today said the issue of sovereignty was the nation's "bottom line" and the country "cannot lose one centimetre" of the area it claims."The sovereignty issue is China's bottom line," China's top diplomat Yang Jiechi said."Though China is large, we cannot lose one centimetre of inheritance left by the ancestors," said Yang who is the State Councillor, a rank higher than Foreign Minister, while commenting on the ongoing row over the verdict delivered by an international arbitral tribunal which quashed Beijing's claims of historic rights over the South China Sea.Yang's comments also carry significance for India as he is China's