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
I’m William Horobin, an economics reporter in Paris. Today we’re looking at the combined impact of monetary and fiscal tightening on the euro zone. Send us feedback and tips to ecodaily@bloomberg.net or get in touch on X (formerly known as Twitter) via @economics. And if you aren’t yet signed up to receive this newsletter, you … Read more
The Federal Reserve, European Central Bank and Bank of Japan headlined a pivotal week for central banks, with US and European policymakers opting for additional interest-rate hikes. The Fed and ECB both lifted borrowing costs by a quarter of a percentage point while keeping options open for their next meetings in September. In Japan, the … Read more
The U.S. dollar has been king in global trade for decades — not just because the U.S. is the world’s largest economy, but also because oil, a key commodity needed by all economies big and small, is priced in the greenback. Most commodities are also priced and traded in U.S. dollars. But since the Federal … Read more
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