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China Telecom has noted that the establishment of a quantum tech hub is in line with President Xi Jinping’s long-term tech adoption. China Telecom Corp Ltd (Hong Kong: 728), a Chinese telecommunications company, has announced plans to venture into the supercomputer quantum industry to streamline its services. According to the company’s
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The PBOC's managed float allows the yuan to fluctuate 2% on either side of daily fix, and the bank manages that band via active buying and selling of yuan. If USD/CNY threatens to rally beyond the 2% limit, for instance, the PBOC sells the dollar and buys yuan to shore
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Earlier this year KuCoin closed a $10 million funding round into CNHC. Source
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Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue, Bolivia mulls using the Chinese yuan in international trade settlements, inflation reaches 108.8% in Argentina, and Steve Hanke states he can eliminate Venezuela’s inflation in
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Personal finance expert and best-selling author Dave Ramsey has dismissed de-dollarization concerns and the prospects of a BRICS currency, the Chinese yuan, or the Russian ruble displacing the U.S. dollar in international trade. “They don’t have the muscle to take down the dollar,” he stressed. Dave Ramsey on De-Dollarization and
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Bank of America has warned that the key threats to the U.S. dollar’s dominance are largely domestic, as opposed to competition from other currencies, including a BRICS currency. “U.S. fiscal brinkmanship, with risks for government shutdown, or even worse a default, keeps coming up during debt ceiling discussions,” the bank’s
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The French bank BNP Paribas is collaborating with the Bank of China (BOC) to promote China's digital currency, the digital yuan, to its corporate clients, the South China Morning Post reported. The partnership will enable BNP Paribas China's corporate clients to connect with the BOC system, allowing users to manage their
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Russia will start to purchase Chinese yuan for its international reserves as soon as this month, according to reports from Russian economists. While analysts state that the purchases will be small and symbolic in the beginning, these will supposedly demonstrate a turnaround in the economy of the country. Russia to Purchase
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BRICS nations can lead efforts to abandon the U.S. dollar in international settlements, according to President Bashar Assad of Syria. At a meeting with China’s top diplomat for the region, the leader of the war-torn Middle Eastern country called for using the Chinese yuan for cross-border trade. Economic Clash With West
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