China was one of the first nations to start working on its CBDCs. However, despite the completion of its development, the government is yet to officially launch the CBDC. China is expanding the use cases for its central bank digital currency (CBDC) called digital yuan or e-CNY for its Belt and Road initiative and cross-border…
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Civil servants including public service personnel, public institution personnel and personnel of state-owned units at all levels in the city will be compensated in digital RMB payment. A notice issued by authorities governing the Chinese city of Changshu stated that all civil servants in its jurisdiction will be paid their full salaries in digital RMB…
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China and Singapore will collaborate “on concrete initiatives that will catalyze capital flows to support a credible and inclusive transition to a low carbon future for our countries and the region.” Major Asian economies, China and Singapore, have set up a task force to deepen bilateral cooperation in green and transition finance. The move is…
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Charles Nenner, a financial analyst that served as head of market timing for Goldman Sachs for more than a decade, has warned about the end of dollar hegemony and its consequences for the U.S. According to Nenner, the BRICS bloc and the influence of Saudi Arabia will end the dollar as a reserve currency, and…
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Fewer nations are willing to hold the U.S. dollar as America’s share in the global economy becomes smaller while China’s role in international trade expands, billionaire Ray Dalio noted. The founder of the world’s largest hedge fund also said that Western sanctions on Russia have highlighted new risks of keeping dollar assets. ‘Dollar Is Debt,’…
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Ethereum moved back above $2,100 on Tuesday, as markets reacted to the latest gross domestic product (GDP) report from China. Chinese GDP rose by 4.5% during the first quarter of the year, higher than the 4% expected. Bitcoin rebounded from earlier losses. Bitcoin Bitcoin (BTC) rebounded from a one-week low on Tuesday, as markets reacted…
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The government of China protested the enactment of sanctions on a series of national companies by the U.S., barring them from doing business with U.S.-based entities for allegedly collaborating with Russia. China’s Commerce Ministry criticized the move, saying it is a “typical form of long-arm jurisdiction,” which damages the rights and interests of these companies.…
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U.S. Treasury Secretary Janet Yellen talked about the dangers that sanctions based on the U.S. dollar might pose for the hegemony of the currency in international markets. According to Yellen, the government tries to use sanctions “judiciously,” as they can create a desire to find alternatives to the U.S. dollar. U.S. Treasury Secretary Yellen Talks…
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Former Treasury Secretary Lawrence Summers has expressed concerns that a rising number of countries, including China, Russia, and the Middle East, are aligning themselves and gaining global influence. “I think [it] is a huge challenge for the United States,” he cautioned. Larry Summers on Countries Banding Together Against the US Former Treasury Secretary Lawrence Summers…
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ZA Bank, Hong Kong’s biggest virtual-only lender, intends to expand its business into the region’s growing digital assets sector. The banking platform will offer crypto-to-fiat conversions and account services as the Chinese financial center is seeking to embrace the industry. ZA Bank to Provide Services to Crypto Exchanges Licensed in Hong Kong Hong Kong’s first…
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