China News by Thebittimes.Com

The global foreign exchange market conducts transactions worth $7.5 trillion a year, according to the Bank for International Settlements latest triennial survey. The US dollar takes the majority of the share, with 88% of all foreign exchange transactions being settled in it. Therefore, the usage of the USD in foreign exchange transactions is $6.6 trillion, which BRICS is aiming to overtake. On the other hand, BRICS member China’s local currency, the yuan, is used in only 7% of all global foreign exchange. The euro takes the second spot at 30.5% of all FX transactions yearly. The sum of volume can exceed 100%, indicating how often each currency is used on either side of a trade. Also Read: India Confirms BRICS De-Dollarization Efforts Despite Trump’s Pressure BRICS Falters in the Foreign Exchange Market, No Match for the USD Source: Getty Images The development indicates that the BRICS alliance must position their local currencies to be used more than $6.6 trillion in the foreign e...

BRICS member China has increased its quota on foreign investments as the country is receiving an influx of funds from institutional clients. Foreign funds have been entering the Chinese stock market in 2025 as the US dollar’s DXY index has fallen to a three-year low. The Communist country is reaping the benefits of a weak USD by allowing more funds from abroad to enter its markets. Also Read: BRICS To Discuss Rare Earth Supply & Exports at 2025 Summit The State Administration of Foreign Exchange (SAFE) raised the forex quota to $170.9 billion for qualified domestic institutional investors. The previous quota stood at $167.8 billion and will come into effect from July 1, 2025. That’s an increase of $3.1 billion in foreign investments just a week ahead of the BRICS 2025 summit in Brazil. China Hikes $3.1 Billion Foreign Investments Ahead of BRICS 2025 Summit Source: Gina Sanders / Fotolia via Wodicka China is leaving no stone unturned to make its economy robust and stronger ah...

The de-dollarization wave is now gaining rapid momentum, with central banks exploring ways to diversify their holdings beyond the US dollar. A new Reuters report confirms a stark reality of the dollar’s allure waning within the global banks as de-dollarization takes hold. In addition to this, global banks have now begun to eye other lucrative assets, such as the Chinese yuan, gold, and the euro, to back their reserves, thereby keeping the dollar at bay. Also Read: HSBC Sees Euro at 1.20 as De-Dollarization Accelerates Banks Want More Gold, Not the Dollar. Source: Watcher Guru According to a new report by the Official Monetary and Financial Institutions Forum (OMFIF), banks managing trillions worth of reserves have now started to ditch the dollar. The report further adds how one in three of such banks may accelerate their exposure to gold in the coming years, a change that is rapidly gaining momentum in the sector today. “After years of record-high central bank gold purchases, reserve m...

Ethereum failed to scale up in price after the Merge and fell to $1,200 levels days after the transition. The Ethereum network transitioned from proof-of-work to proof-of-stake last month and the development did nothing to boost its price. ETH finally had a breakthrough on Wednesday as the markets rallied and crossed the $1,500 mark. The second biggest crypto took nearly 40 days to climb above $1.5K after the Merge was complete. Also Read: Here’s the Top 3 Most Profitable Cryptos of October 2022 Now that ETH is above the $1.5K range, investors are bullish that its price could head north further. Pseudonymous crypto analyst Kaleo took to Twitter predicting that ETH could double in price in early 2023. The analyst predicted that ETH could break above the $3,000 level early next year. $ETH breaking above $3K again in early 2023 makes sense pic.twitter.com/BZVUXccWIG — K A L E O (@CryptoKaleo) October 27, 2022 Kaleo shared a chart on Twitter predicting, “ ...