Russia is easing its dependence on the U.S. dollar and quickly growing reliant on the Chinese yuan, which could turn out to be either a boon for Moscow or a substantial risk, experts warn. Over the last year, the Russian economy has been restricted from Western financial networks and has faced economic and political sanctions…
Russia Reducing Dollar Dependence by Relying on Chinese Yuan
March 1, 2023
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Business & MarketsChinaChina Business & EconomyChinese YuaneconomyenergyFinance & Business TiesMarketsOilRussiaSpecial TopicsUS
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Continuing to Defend Currency Peg to US Dollar May Be ‘Dangerous’ for Hong Kong: Expert
Hong Kong’s latest foreign currency reserve showed another $10.014 billion drop in August, down from July’s $441.8 billion, pushing the accumulated reduction since last December to $67.563 billion. On Sept. 30, the Hong Kong Monetary Authority (HKMA), the city’s central bank, released an analysis of the city’s foreign currency reserves and foreign currency liquidity. The…
LIVE NOW: NATO: Nord Stream Gas Leaks Were ‘Sabotage’; China Warns Against Yuan Speculation | NTD Business
Good news for workers: The latest government indicator for layoffs hit a five-month low, despite the Federal Reserve’s efforts to cool off the job market. The NATO military alliance weighs in on the gas leaks in Europe, warning it’ll take action if anyone attacks its members’ infrastructure. The Chinese yuan is weakening against the dollar—fast, prompting a…
NATO: Nord Stream Gas Leaks Were ‘Sabotage’; China Warns Against Yuan Speculation | NTD Business
Good news for workers: The latest government indicator for layoffs hit a five-month low, despite the Federal Reserve’s efforts to cool off the job market. The NATO military alliance weighs in on the gas leaks in Europe, warning it’ll take action if anyone attacks its members’ infrastructure. The Chinese yuan is weakening against the dollar—fast, prompting a…
RIP, Renminbi
September 17, 2022
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Business & MarketsBusiness ColumnistsChinaChina Business & EconomyChinese YuanOpinionrenminbiThinking About China
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Commentary The Chinese yuan (a.k.a. renminbi) is on pace to drop the most against the U.S. dollar in history as the world’s two biggest economies carve divergent paths in monetary policy. On Sept. 15, it broke the psychologically important 7 yuan to 1 U.S. dollar barrier. The U.S. Federal Reserve is poised to continue its…
China’s US Debt Holdings Drop to 12-Year-Low, Further Reductions May Follow
August 26, 2022
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ChinaChina Business & EconomyChinese bondsChinese Yuanexchange rateinterest ratesmonetary policyU.S. Treasuriesyuan
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China’s holdings of U.S. debt dropped to the lowest since 2010 after falling below the $1 trillion mark in May, according to data released by the U.S. Treasury on Aug. 15. After seven months of continuous decreases, China’s U.S. Treasury holdings dropped to $967.8 billion in June, $113 billion less than last November, according to…
China’s Foreign Capital Data Questioned as Depreciation of Yuan Accelerates
China’s Ministry of Commerce recently claimed that from January to April, the country’s actual use of foreign capital surged by 20.5 percent compared to the same period last year, amid a rapid depreciation of its yuan. But experts believe that the data is false as they say foreign capital has been accelerating its withdrawal from…
First Shipment of Russian Coal Paid for in Yuan on its Way to China
The first shipments of Russian coal and crude oil, paid for in yuan, will arrive in China in April and May, respectively. Chinese state media used the opportunity to denigrate the United States, claiming that the international status of the U.S. dollar is “at risk.” However, financial expert Albert Song believes that it will not…
US Dollar Risks Mount As Threats to Market Dominance Grow
Risks for the U.S. dollar are mounting, leaving some market analysts determining if the greenback hegemony is coming to an end or merely facing hurdles that the currency will eventually overcome. For now, the consensus is that the dollar is still king, but multiple threats are forming that could undermine the buck’s dominance in global…
Will Saudi Arabia Ditch the US Dollar in Favour of the Yuan?
Commentary There are numerous articles mentioning that Saudi Arabia may use the yuan, China’s domestic currency, for its oil exports. How much does Saudi Arabia export to China? According to the OEC, the kingdom’s main exports are to China ($45.8 billion), India ($25.1 billion), Japan ($24.5 billion), South Korea ($19.5 billion), and the United States…
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