At the recent BRICS summit in Kazan, Russian Finance Minister Anton Siluanov introduced details of a groundbreaking payment system that could position itself as an alternative to SWIFT, the global interbank messaging network. This initiative reflects a shift in BRICS countries—Brazil, Russia, India, China, and South Africa, with new members including Egypt, Ethiopia, Iran, Saudi […]
The Australian Dollar (AUD) experienced a drop ahead of the weekend as investors reacted to a less-than-expected stimulus package from China. Market participants had eagerly awaited the National People’s Congress (NPC) for a potential boost to the Chinese economy, which would have had a positive ripple effect on assets closely tied to China, such as […]
The Moscow Exchange, Russia’s largest stock exchange, saw a surge in the trading volume of the Chinese yuan in 2023, surpassing that of the U.S. dollar for the first time, according to Reuters, citing a report by the Kommersant daily on Tuesday. Data from the report reveals that the yuan’s trading volume on the Moscow […]
China’s ambitious Belt and Road Initiative (BRI) is propelling the international adoption of the yuan. This massive infrastructure and energy project connecting Asia, Africa, and Europe has spurred a surge in the yuan’s global utilization. In a significant shift, SWIFT data reveals that the yuan’s share of global payments skyrocketed to 3.71% in September, up […]
In the midst of fragile US-China relations, the exchange rate between the US dollar and the Chinese yuan (USD/CNY) encounters significant resistance at 7.2600. This resistance level follows a recent breach of the crucial 7.0000 mark by the pair. Despite the mixed performance of the US dollar, the bullish trend of USD/CNY remains supported by […]
In the late afternoon of trading on Tuesday, the Chinese yuan (CNY) recovered from a low of nearly 15 years versus the dollar (USD) and moved into the black as the mood of investors as a whole improved. Chinese Yuan on the Move, Bolstered by Uptick in Chinese Stocks In global trade, the dollar lost […]
