South Korea’s foreign currency deposits witnessed a significant recovery in October, marking a notable resurgence fueled by increased deposits from local companies engaged in export activities, as revealed by the Bank of South Korea (BOK). At the close of October, South Korea’s foreign currency deposits tallied at US$94.3 billion, exhibiting a robust increase of $4.61 …
In a bid to stabilize its currency and mitigate the effects of its recent depreciation, China’s central bank, the People’s Bank of China (PBOC), has announced a significant reduction in commercial banks’ foreign currency reserve ratio (RRR). This move is set to lower the RRR by 2 percentage points, bringing it down to 4% from …
China Implements Foreign Currency Reserve Ratio Reduction to Counter Yuan Depreciation Read More »
In a significant move this morning, several major Chinese government banks engaged in the sale of US dollars and purchased yuan in both the onshore and offshore spot markets. The primary objective behind this action was to bolster the value of the yuan, resulting in a notable appreciation in its worth in both the onshore …
China’s Central Bank Sells Dollars, Buys Yuan to Support Currency’s Rise Read More »
The Finance Minister of Japan has expressed the country’s vigilance over currency movements, ensuring that foreign exchange rates remain stable and aligned with economic fundamentals. This statement comes in response to the US dollar reaching 142 yen, its highest level in seven months. Following the removal of Japan from the list of countries being monitored …
Japan Monitors Currency as Yen Weakens, While Dollar Reaches Seven-Month High Read More »
The Dow Jones New York Stock Exchange closed slightly higher last week as investors eagerly awaited the release of the US Consumer Price Index (CPI) and a monetary policy decision by the Federal Reserve (Fed). Closing Figures for Major Indices The Dow Jones Industrial Average concluded the week at 33,876.78 points, recording a gain of …
Market Closes Last Week with Slight Gains Ahead of Key Economic Releases Read More »
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 …
China Uses Yuan to Purchase Russian Goods, Pushing for International Currency Status Read More »
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 …
Bank of Korea and Indonesia central bank sign MOU to support local currency transactions Read More »
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 …
Despite Calls for Diversification, US Dollar Remains Strong in Global Trade Read More »
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 …
G7 Aims to Discuss Central Bank Digital Currency Standards Read More »
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 …