currency – NATURALDEPOSIT

american and chinese flags and usa dollars

China Uses Yuan to Purchase Russian Goods, Pushing for International Currency Status

China has significantly increased its use of the yuan to purchase Russian commodities, with nearly all oil, coal, and metal purchases now being paid in RMB instead of US dollars. The shift to RMB payments for commodities worth about $8.8 billion has accelerated due to the Ukraine war, which has fueled China’s determination to make …

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Bank of Korea and Indonesia central bank sign MOU to support local currency transactions

News

In a move to promote the use of local currencies in bilateral transactions, the Bank of Korea and the central bank of Indonesia signed a memorandum of understanding (MOU) on May 2. The agreement will help to support transactions such as current account transactions and direct investment, reducing the cost of transactions for businesses and …

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Despite Calls for Diversification, US Dollar Remains Strong in Global Trade

News

As countries around the world call for reduced dependence on the US dollar in international trade, the greenback continues to dominate global foreign exchange reserves, despite its declining share over the years. While there have been increasing demands for commercial transactions in currencies other than the US dollar, factors such as the pricing of oil …

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G7 Aims to Discuss Central Bank Digital Currency Standards

News

The G7 countries are set to address the adoption of central bank digital currencies (CBDCs) in developing nations during this year’s summit, which is being chaired by Japan. The Deputy Minister of International Affairs at Japan’s Finance Ministry announced this initiative, highlighting the need to adhere to appropriate international standards. As digital technologies continue to …

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Summary of last week’s market close

Markets, News

US stock markets closed lower last week as concerns mounted over the state of the country’s banking sector following the closure of Silicon Valley Bank (SVB). The Dow Jones Industrial Average fell by 345.22 points or -1.07%, closing at 31,909.64 points. The S&P500 closed at 3,861.59 points, down 56.73 points or -1.45%, while the Nasdaq …

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This is how the markets ended last week

Markets

Dow Jones Industrial Average experienced its largest weekly drop this year as investors fear that the US Federal Reserve (Fed) may raise interest rates more aggressively. The Fed revealed that the price index for personal consumption expenditure (PCE) rose more than expected, which led to a rebound in US government bond yields and a stronger …

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Banks in Asia Increase Reserves as US Dollar Strengthens After Fed Interest Rate Hike

Markets, News

Central banks in Asia are taking measures to protect their currencies in light of the recent US Federal Reserve interest rate hike, which has led to a strengthening of the US dollar. The Reserve Bank of India, along with other central banks in Southeast Asia, have increased their foreign exchange reserves by purchasing dollars, as …

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Market Summary: US Stock Markets Close Mixed as Consumer Confidence Improves, Commodities Rise

Markets

Last week saw a mixed close for the US stock markets, as the Dow Jones and S&P 500 indexes closed higher while the Nasdaq closed lower. The improvement in US consumer confidence was met with positivity by investors, while the Federal Reserve’s (Fed) warning of the need to raise interest rates to curb inflation caused …

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Reserve Bank of India Intervenes in Currency Market to Prevent Rupee Appreciation

News

The Reserve Bank of India (RBI) is reportedly buying dollars through state-owned banks to prevent the rupee from appreciating above the psychological level of 81 rupees per dollar, according to traders cited by Reuters. The rupee last traded at 81.125 rupees against the US dollar, after climbing to 80.89 rupees per dollar in morning trade. …

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Dow Jones, S&P500, and Nasdaq soar as bank stocks report strong quarterly results, oil prices surge, and gold reaches 8-month high

Markets

On Friday, January 13th, the stock market saw a positive trend with the Dow Jones Industrial Average, S&P500, and Nasdaq all closing higher. This upward movement in the stock market was likely driven by strong quarterly results from bank stocks. In the commodity market, crude oil futures saw significant gains. This marks the biggest weekly …

Dow Jones, S&P500, and Nasdaq soar as bank stocks report strong quarterly results, oil prices surge, and gold reaches 8-month high Read More »