currency

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South Korea’s Foreign Currency Deposits Rebound in October, Driven by Export-Related Inflows

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 …

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China Implements Foreign Currency Reserve Ratio Reduction to Counter Yuan Depreciation

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 …

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Japan Monitors Currency as Yen Weakens, While Dollar Reaches Seven-Month High

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 …

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Market Closes Last Week with Slight Gains Ahead of Key Economic Releases

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 …

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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

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

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

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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