A new platform to expand the reach of China’s digital yuan and other central bank digital currencies is moving closer to reality, raising eyebrows among some defenders of a system long dominated by the dollar. The Beijing-backed digital prototype for sending money around the world without relying on US banks is advancing so quickly that … Read more
Default is a taboo most companies are keen to avoid. But sometimes, business operations demand it. Even the bond investors don’t mind. Country Garden Holdings Co., once China’s biggest real-estate developer by sales, is walking a tightrope. A scrapped share placement last week fueled concerns whether the company has enough money to repay its dollar … Read more
Almost nobody talks about digital dollars anymore. Just a couple of years ago, as cryptocurrency was peaking and China was experimenting with a virtual version of the yuan, Washington was abuzz with the idea that the Federal Reserve could create America’s own digital currency. Enthusiasm faded as people began to hash out the details. Although … Read more
Can the Renminibi Replace the Dollar (USD) as the World’s Reserve Currency? Bloomberg Source link
China’s yuan has replaced the US dollar as the most traded currency in Russia, a year after the invasion of Ukraine led to a slew of Western sanctions against Moscow. The yuan surpassed the dollar in monthly trading volume in February for the first time, and the difference became more pronounced in March, according to … Read more
China sought to allay fears it wants to topple the dollar as the world’s main reserve currency as Beijing makes bigger strides in creating its own digital yuan. People’s Bank of China Deputy Governor Li Bo said the goal for internationalizing its currency is not to replace the dollar, and the efforts to create a … Read more