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Search resuls for: "Yuan —"


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☆ Beijing plans to hand out $6 a month to low-income families to help offset the cost of food. The amount will just about buy 2 Big Macs.
  + stars: | 2023-02-21 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +2 min
Beijing is planning to give nearly $6 a month in subsidies to the city's low-income residents. The $6 a month subsidy triggered many Chinese social media users who say it's too little. But it's facing online backlash that the amount — which just about buys two Big Macs in China — is too low. Several users said the subsidy should be 40 yuan a day instead of a month, which would translate to roughly 1,200 yuan — or about $175 — a month. Despite general skepticism over how far 40 yuan can go in the Chinese capital, at least one user said it's a good start that should be emulated by other local governments.
☆ China says it's moving to buy oil and gas in the yuan — a move that could threaten the dollar's global dominance in the long run
  + stars: | 2022-12-12 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +3 min
On Friday, China's President Xi Jinping pushed for the settlement of energy trades in the yuan. At a summit with Arab leaders, Xi said China would continue importing large amounts of oil. Settling more trade in the yuan could weaken the US dollar's global dominance in the long run. Most of the world's trade is now denominated in the US dollar. "The Saudis have a lot to buy from China and China has a lot to buy from Saudi Arabia.
☆ Moscow is now the fourth largest offshore trading hub for the Chinese yuan, as sanctions spur Russia's dash to an alternative currency
  + stars: | 2022-11-29 | by ( ) www.businessinsider.com   time to read: +3 min
Russia has been accelerating its use of the Chinese yuan to counter sweeping Western sanctions. Bloomberg Creative/Getty ImagesRussia is now the fourth-largest user of the Chinese yuan — after Hong Kong, the UK, and Singapore. The Chinese yuan was the fifth most commonly used currency for global payments in October 2022. Russia, whose access to the US dollar was curtailed due to sweeping sanctions over the Ukraine invasion, has now become a big user of the Chinese yuan for trade. Some Russian companies, such as energy giant Rosneft, have also issued bonds denominated in the Chinese yuan to raise funds.
☆ Dollar steadies as China Covid fears linger
  + stars: | 2022-11-22 | by ( ) www.cnbc.com   time to read: +3 min
The dollar pared some of its strong overnight gains on Tuesday after investors flocked to the safe-haven currency on nerves over China's Covid flare ups, though cautious risk sentiment kept the greenback in demand. China's capital warned on Monday that it was facing its most severe test of the Covid-19 pandemic, with a surge in Covid cases sparking fresh restriction measures. The offshore yuan traded 0.1% higher at 7.1665 per dollar in early Asia trade on Tuesday, after falling more than 0.7% overnight. The Japanese yen slumped more than 1% to the weaker side of 142 per dollar overnight and last traded 142.01. "It's more like a cork in the ocean, subject to risk aversion as well as movements in 10-year Treasury yields ."
☆ China’s yuan hovers near record lows against the dollar despite central bank warning
  + stars: | 2022-09-29 | by ( Laura He | ) edition.cnn.com   time to read: +3 min
Hong Kong CNN Business —China’s yuan hovered near record lows against the US dollar on the offshore market on Thursday, as major currencies around the world continue to tumble after the Federal Reserve’s aggressive hikes. The yuan — also known as the renminbi —has been declining for months despite interventions by China’s central bank. The fall comes despite People’s Bank of China warning traders on Wednesday not to bet on the currency’s continued depreciation. Vendors exchange Chinese yuan notes at a store on Sunday, July 17, 2022, in Beijing. Ng Han Guan/APThe PBOC, meanwhile, has urged traders not to “keep gambling.”“The foreign exchange market is a big deal.
☆ Singapore's Temasek leads a $40 million funding round in a Chinese startup
  + stars: | 2022-09-26 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +2 min
Ina Fassbender | Afp | Getty ImagesBEIJING — Singapore state investment firm Temasek is leading a $40 million funding round in a Chinese startup despite a dry spell of deals in the country. The startup, Well-Link Technologies, counts Chinese tech company Xiaomi and Chinese gaming star miHoYo as investors, according to business database Tianyancha. The $40 million deal announced Monday is an early-stage, or B2 round, led by Temasek and includes existing shareholders Future Capital and VGC. Cloud rendering uses multiple servers on the cloud, rather than a single computer, to make the computations necessary for creating images such as animations and movies. The company is also exploring how its real-time cloud rendering tech can help with the development of virtual reality and other technologies of the future.
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