Trump Effect: Yuan Continues Free Fall as Tariff Threats Grow
The tariff threats from President-Elect Trump against countries with issues with the U.S. are negatively affecting these nations’ currencies. The Chinese yuan has experienced a continuous decline, causing it to hit its lowest price in the last 15 months. Trump Tariff Threats Take Chinese Yuan to 15-Month Low The election victory of President-Elect Trump is […]
JPMorgan’s Bold Call: Why Carry Trades May Be Facing Their Final Days
A new JPMorgan report warns that carry trades are losing effectiveness as global interest rates decline, urging investors to be more selective with currency risks. The Japanese yen has lost appeal after unexpected rate hikes, while the Swiss franc carries potential bullish risks. JPMorgan suggests rethinking strategies as carry trade returns are expected to diminish […]
Russia-China Trade Grows Despite Global Challenges, Putin Highlights
Russian President Vladimir Putin marked the 75th anniversary of the People’s Republic of China by praising the solid partnership between Russia and China. He emphasized the resilience of their economic relationship and increasing trade despite international challenges. Putin also highlighted the significance of their cooperation in multilateral organizations, showing the strategic alignment between the two […]
US License Expiration Imperils Russia-China Trade in Chinese Yuan
A U.S. license allowing transactions with key players in Russia’s financial system expires on Oct. 12. This could make it harder and more expensive for Russian businesses to trade with China in yuan. The yuan is currently the most traded foreign currency in Russia after Western sanctions and Russia’s de-dollarization efforts. Chinese banks are wary […]
US License Expiration Imperils Russia-China Trade in Chinese Yuan
A U.S. license allowing transactions with key players in Russia’s financial system expires on Oct. 12. This could make it harder and more expensive for Russian businesses to trade with China in yuan. The yuan is currently the most traded foreign currency in Russia after Western sanctions and Russia’s de-dollarization efforts. Chinese banks are wary […]
Russian Finance Minister Discloses That Over 90% of Bilateral Trade With China Is Settled Outside the U.S. Dollar System
Anton Siluanov, the Russian Finance Minister, pointed out that a majority of the bilateral trade with China is being conducted outside the U.S. dollar system. He stressed that over 90% of these transactions have been completed using national currencies (rubles and yuan) due to the risks associated with executing these using “unfriendly” currencies. Russian Finance […]
Putin on Dedollarization: 80% of Russia-China Trade in Rubles and Yuan
Russian President Vladimir Putin highlights economic integration and dedollarization at the Shanghai Cooperation Organisation (SCO) Heads of State Council meeting, chaired by Indian Prime Minister Narendra Modi. “We are making wider use of national currencies for mutual settlements,” Putin stated, adding that over 80% of commercial transactions between Russia and the People’s Republic of China […]
Jack Dorsey Envisions Bitcoin Replacing US Dollar — Foresees BTC Reaching $1 Million
Billionaire Jack Dorsey foresees a future where bitcoin could supplant the U.S. dollar as the dominant global currency. He envisions a scenario where bitcoin’s value could soar to $1 million by 2030. Highlighting the cryptocurrency’s decentralized nature, Dorsey underscores its potential to democratize financial systems and reduce reliance on traditional banking institutions. Jack Dorsey Anticipates […]
Hong Kong digital yuan pilot lacks P2P capabilities
While Hong Kong residents can sign up for a digital yuan wallet with a phone number, the CBDC is currently restricted to cross-border transactions and cannot be used for person-to-person transfers within Hong Kong.This post was originally published on this site
Crypto Biz: Winklevoss slams Silbert, Twitter’s double-edged sword and more
This week’s Crypto Biz also explores Gemini’s fight with the Digital Currency Group (DCG) over user funds, new banking tools for the digital yuan, and OpenAI’s efforts to stop users from jumping paywalls.This post was originally published on this site