From Fnno.com, This is the financial news network. Here’s what’s in the news for Wednesday August 15, 2012. The Wall Street Journal reports more than a dozen big merchants, including Wal-Mart (NYSE:WMT) and Target (NYSE:TGT), are expected to announce today plans to jointly develop a mobile-payments network called Merchants Customer Exchange that would battle similar services from Google (NASDAQ:GOOG) and other companies, sources say. The Wall Street Journal also reports investors and companies are increasingly pulling money out of China and its currency in a vote of concern over its growth prospects, a development that could hinder Beijing’s efforts for a turnaround. Reuters reports Fannie Mae (FNMA) and Freddie Mac (FMCC) are increasing efforts to find bad home loans that they can force mortgage lenders to buy back from them, providing an increasingly bigger headache to banks.Finally, Bloomberg reports Goldman Sachs (NYSE:GS) and Vanguard Group increased holdings in Knight Capital Group (NYSE:KCG) during Q2 before the firm lost $440M on a computer malfunction this month. For more financial news and analysis follow us on Twitter @FNNOnline or check out our website at fnno.com.