Bolivia challenges global dollar dominance with Chinese yuan, Russian rouble
LA PAZ (Reuters) – Bolivia’s government is determined to curb dependence on the U.S. dollar for foreign trade, instead turning to the Chinese yuan, officials said, as Latin American support for alternative…
China Jan-June non-financial outbound direct investment +0.8% y/y in yuan terms
BEIJING – China’s non-financial outbound direct investment (ODI) in the first six months of 2022 rose 0.8% from a year earlier to 351.67 billion yuan ($52.13 billion), the Commerce Ministry said in…
Exclusive-India’s top cement maker paying for Russian coal in Chinese yuan
By Sudarshan Varadhan, Aftab Ahmed and Nupur Anand NEW DELHI – India’s biggest cement producer, UltraTech Cement, is importing a cargo of Russian coal and paying using Chinese yuan, according to an…
China’s May new bank loans surge 1.89 trln yuan, much stronger than forecasts
BEIJING – Chinese banks extended 1.89 trillion yuan ($282.62 billion) in new yuan loans in May, rebounding sharply from April and beating analysts’ expectations as policymakers try to reverse a sharp, COVID-induced…
China’s May new yuan loans seen rebounding on central bank support -Reuters poll
BEIJING – China’s new yuan loans likely rebounded sharply in May after a drop in April, a Reuters poll showed, as the central bank ratchets up policy support for the slowing economy.…
China uses digital yuan to stimulate virus-hit consumption
SHANGHAI – China is using the digital yuan to stimulate consumption in its pandemic-hit economy, with more e-CNY applications expected in future to boost transparency and effectiveness of government policies. The southern…
China offers more forex hedging tools in wake of yuan volatility
SHANGHAI -China’s foreign exchange regulator said on Friday it would offer new derivatives tools to help companies better hedge their currency risks, after recent huge volatility in the Chinese yuan. The State…
IMF lifts weighting of dollar, Chinese yuan in SDR basket
BEIJING – The International Monetary Fund said on Saturday it has increased the weighting of the dollar and Chinese yuan in its review of the currencies that make up the valuation of…
Exclusive-Shanghai’s lockdown delays dollar buying, gives falling yuan reprieve
By Winni Zhou and Tom Westbrook SHANGHAI/SINGAPORE – Shanghai’s COVID-19 lockdown is wreaking havoc on companies’ dividend-payment paperwork and bankers say it is delaying summertime dollar buying as some firms are unable…
Factbox: How PBOC might respond to China’s weakening yuan
(Reuters) – The yuan’s 5% fall against the dollar in the last three weeks has raised speculation over when and how the People’s Bank of China (PBOC) might act to slow its…
Allan Yuan named 2022 Raytheon Technologies MATHCOUNTS® National Champion
Allan Yuan from Hoover, Alabama is the 2022 Raytheon Technologies MATHCOUNTS National Champion Tweet this Allan won the final round of the 2022 Raytheon Technologies MATHCOUNTS National Competition by answering the question:…
China’s April new yuan loans seen falling as demand weakens-Reuters Poll
BEIJING – China’s new yuan loans are expected to have dropped in April after a rebound in March as credit demand weakened, a Reuters poll showed, even as the central bank keeps…
Spike in corporate hedging weighs on slumping yuan
SHANGHAI – The yuan’s slump has triggered a scramble by Chinese companies to hedge against the risk of further depreciation, which analysts say could add downward pressure on the currency. The yuan’s…
Foreign funds fret geopolitics taints China yuan, markets :Mike Dolan
By Mike Dolan LONDON – Paradigm lost? A long-held view among many investors that China’s currency and markets would one day sit at the centre of world finance to match the second…
Analysis-Globalised yuan complicates Beijing’s bid to stem capital flight
By Samuel Shen and Alun John SHANGHAI/HONG KONG – This month’s dive in China’s currency has revived memories of past routs but market participants say increased foreign holdings of yuan assets mean…
Investment banks rush to cut yuan forecasts following rapid losses
SHANGHAI – Global investment houses have rushed to cut their yuan forecasts as China’s currency heads for its worst month in decades, with optimism souring amid a domestic economic slowdown and aggressive…
China needs open capital markets for yuan to be global currency, IMF’s Gopinath says
By David Lawder WASHINGTON – If China wants its yuan to become a globally used currency, Beijing would need to have open capital markets and full currency convertibility, the International Monetary Fund’s…
China central bank expands digital yuan pilot scheme to more cities
SHANGHAI – China’s central bank said on Saturday it will further expand a pilot scheme of its digital currency to more areas, including cities in the eastern Zhejiang province which is set…
Brazil central bank quadruples exposure to Chinese yuan
By Marcela Ayres BRASILIA – Brazil’s central bank more than quadrupled its foreign reserves in Chinese yuan last year, policymakers reported on Thursday, as it trimmed holdings of U.S. dollars and euros…
China to give 1 trillion yuan tax rebates to small firms – CCTV cites cabinet meeting
BEIJING – China will give nearly 1 trillion yuan ($157 billion) in tax rebates to domestic small firms to shore up economic stability, state media CCTV quoted a cabinet meeting as saying…
Russia to use yuan from its forex reserves, finance minister says
– Russia will use Chinese yuan from its foreign exchange reserves after Western sanctions blocked Moscow’s access to the U.S. dollars and euros in the reserves, Finance Minister Anton Siluanov said on…
China set to approve 3rd batch of localities for digital yuan trials – state media
SHANGHAI – China will soon approve the third batch of localities set to launch trials of its digital yuan currency, state-backed financial outlet Securities Times reported on Wednesday. According to the newspaper,…
China could take further measures to rein in yuan- former regulator
SHANGHAI – The Chinese government could take further measures if needed to keep the yuan stable, potentially putting downward pressure on the currency, a former foreign exchange regulator said. Policymakers could increase…
Republican senator urges U.S. to monitor China’s digital yuan push during Olympics
By Hannah Lang – A leading Senate Republican is urging the Biden administration to closely monitor the use of China’s recently launched digital currency during the Beijing Winter Olympics, where the country…
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