Tag Archives: Yuan

Chinese President Xi Jinping.Kevin Frayer/Getty Images Reuters reported that China told state-owned banks to get ready to sell dollars and buy yuan in an effort to prop up the local currency. The move could stem the yuan’s fall, as it remains on track for its largest annual loss against the dollar since 1994. A hawkish Fed has pushed the dollar to 20-year highs this year, pressuring currencies around the world. The People’s Bank of China has told major state-run banks to prepare to shed dollar… Source link

Russian gas giant Gazprom said Tuesday that China will start paying for Russian gas in rubles and yuan instead of Western currency, as Moscow seeks closer ties with Beijing in the wake of economic sanctions over the Kremlin’s war in Ukraine.  “A transition was made to making payments for Russian gas supplies to China in the national currencies of the countries — the ruble and yuan,” Gazprom said in a statement following a video conference meeting with Chinese oil group… Source link

WASHINGTON, May 26 (Reuters) – Republican Senators want to bar U.S. app stores including Apple and Google from hosting apps that allow payments to be made with China’s digital currency, according to a copy of proposed legislation seen by Reuters, amid fears the payment system could allow Beijing to spy on Americans. The bill to be unveiled on Thursday by Senators Tom Cotton, Marco Rubio and Mike Braun states that companies that own or control app stores “shall not carry or support any app in… Source link

(Bloomberg) — Fears about the economic toll of China’s strict Covid Zero policy intensified Monday, as news that lockdowns were spreading to Beijing sent stocks, commodities and the yuan tumbling. Most Read from Bloomberg The benchmark CSI 300 Index closed nearly 5% down to the lowest level since April 2020, wiping out gains from a sweeping March pledge by officials to support the economy. The onshore yuan slumped to its weakest level in 17 months on concerns about rising capital outflows… Source link

(Bloomberg) — It’s been a painful week for traders of China’s stocks, bonds and currency as growing fears about the fallout from the nation’s Covid Zero strategy send markets tumbling. Most Read from Bloomberg The Hang Seng China Enterprises Index of big mainland companies listed in Hong Kong is among the worst-performing stock benchmarks globally this week. The offshore yuan extended declines, hitting the weakest level in a year. High-yield dollar bonds are headed for the longest… Source link

Zoom founder Eric Yuan Zoom founder Eric Yuan has transferred about 18 million of his shares worth more than $6bn (£4.4bn), according to a regulatory filing. Mr Yuan, who is also chief executive of the video-conferencing platform, moved roughly 40% of his stake in the company last week. The shares were shown as gifts to unspecified beneficiaries last week. Mr Yuan has seen his personal wealth rocket as Zoom became a household name during pandemic lockdowns. An increasing number of students and… Source link

TipRanks JPMorgan Bets on These 3 Stocks; Sees Over 50% Upside Potential It’s time to check in with the macro picture, to get an idea of just where markets are headed in the coming months. That’s what a JPMorgan global research team, headed up by Joyce Chang, has been doing. The JPM team starts by noting the sell-off in US Treasury bonds last week, pushing up yields as investors acted in response to inflationary fears. However, the rise in bond yields steadied on Friday, and Chang’s team… Source link

(Bloomberg) — Trouble may be brewing in China for Bitcoin’s raucous and divisive rally as the nation pushes ahead with a world-leading effort to create a digital version of its currency. That’s because the eventual rollout of the virtual yuan could roil cryptocurrency markets if Chinese officials tighten regulations at the same time, according to Phillip Gillespie, chief executive of crypto market maker and liquidity provider B2C2 Japan, which mainly works with institutional… Source link