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Yuan backed system developments are actually challenging the US dollar’s dominance right now through China’s strategic energy infrastructure and digital currency initiatives. Beijing is creating an electricity-based Yuan backed system that mirrors the petrodollar framework but uses renewable energy as the underlying asset instead. Also Read: SCO’s Tianjin Summit: 20+ Nations Embrace 80%+ Ruble-Yuan Trade Shift Yuan-backed stablecoins, China de-dollarization, AI, and EVs Reshape Global Finance Source: Watcher.Guru Energy Infrastructure Powers Yuan Backed System Strategy China’s de-dollarization efforts are being accelerated through massive energy projects that create new Yuan backed system dependencies. The Yarlong Tampoo mega dam in Tibet will generate around 300 billion kilowatt hours annually – that’s actually enough to power the entire United Kingdom and not only. Similar Yuan backed system projects are unfolding globally right now. In Laos, a $45 billio...

China is mulling the release of yuan-backed stablecoins to boost the global use of its currency, according to a report from Reuters. Citing unnamed sources “familiar with the matter,” Reuters says China is in the middle of a major pivot in its stance on digital assets. The sources – who asked not to be named because they’re not supposed to be talking to the media – say that China’s State Council will review and then potentially approve a roadmap later this month for launching the new product and working to catch up with the US on stablecoins. Details of the plan are expected to be publicly revealed in the coming weeks. The country’s regulators and its central bank, the People’s Bank of China (PBOC), are being assigned implementation duties, according to the sources. The global stablecoin market, which is almost entirely dominated by US dollar-pegged products, is at $281 billion. Some industry insiders have speculated that in th...

China’s vow to ”fight to the end” Donald Trump’s tariffs may lead to yuan depreciation and easing policies that will help boost Bitcoin, analysts said. China’s response came after US President Donald Trump said on April 7 that he would impose additional 50% tariffs on China imports if it does not reverse its 34% reciprocal tariffs on the US.  “The US threat to escalate tariffs on China is a mistake on top of a mistake,” China’s Commerce Ministry said in an April 8 statement. ” If the US insists on its own way, China will fight to the end.” China eased its grip on the yuan today, allowing it to depreciate to 7.2038 per dollar, the weakest it’s been since September.  The 7.2 level has been considered a line in the sand for China’s central bank for years, and the decision to let the currency weaken beyond this level could signal a shift to managed depreciation of the yuan. Bitcoin Could Surge Like In 20...

Europe is extending friendly ties with the BRICS alliance as Trump’s tariffs hit the market in February. Several European leaders have expressed displeasure at Trump’s decision to impose tariffs on close Western allies. BRICS member China is making use of the escalating tensions between the US and Europe and extending cordial relations. Also Read: When Is the BRICS Summit in 2025? Some countries in Europe are reconsidering their relations with BRICS member China, while others are aiming to diversify their partnerships with Japan and South Korea. Many other European nations are reaching out to India to procure goods. The widening rift between the US and Europe stems out of tariffs and its stance in the Ukraine war. Also Read: BRICS: Goldman Sachs Predicts US Dollar Will Experience a Boom US Tariffs: Will Europe Get Friendly With BRICS? Source: VCG However, the European Union faces a mixed approach with BRICS member China as some advocate for partnerships while others take a ...

The United States dollar (USD) has been the world’s reserve currency for the longest time. Several governments have previously challenged the dollar. But the United States only grew stronger, forcing a number of nations to jointly roll out a currency to uphold de-dollarization. Amidst this, China has been keeping at it, as the Chinese yuan is emerging as a prominent contender in the reserve currency race. Also Read: Can ASEAN Countries Make The Chinese Yuan An International Currency? The Rise Of The Chinese Yuan In The Global Economy Earlier this month, data from Bloomberg revealed that in April 2024, the Chinese yuan did better than the Euro. According to the most recent statistics available from the payment messaging system SWIFT, the value of the Chinese yuan was close to 6% in April 2024. Growth In Trade Payments June saw a 13.37% growth in trade payments in the Chinese yuan. The asset was right behind the dollar. However, it should be noted that 88% of foreign currency transaction...

Users of social media platforms like X and Instagram are accustomed to seeing crypto millionaires posting snapshots of their extravagant lifestyles. However, one nation’s millionaires are notably absent from the gaudy feed of crypto influencers: China. In an attempt to enforce communist culture on mainland residents, the country’s internet regulator recently outlawed extravagant displays of wealth on social media. China’s Cyberspace Administration attracted attention to the rule by deleting a number of popular celebrities’ social media accounts. These included the 4.3 million-follower account of ‘China’s Kim Kardashian’ Wang Hongquanxing, which now shows an inaccessibility notice for ‘violation of self-discipline.’ “Once materialism starts spreading, it can have a bad influence on teenagers,” wrote state-controlled Beijing News about the crackdown. ”Hence this trend of luxury on the internet needs to be stopped.” According to state-controlled publ...

BRICS member China’s largest real estate developer Evergrande has been ordered to liquidate $300 billion in assets by a Hong Kong court on Monday. The property giant Evergrande was unable to offer a concrete restructuring plan becoming the world’s most indebted real estate developer. Evergrande failed to provide restructuring plans despite months of delay in several court hearings. Also Read: BRICS: Morgan Stanley Predicts Future of the U.S. Dollar However, Justice Linda Chan ordered to liquidate more than $300 billion in liabilities after noting Evergrande’s lapses in restructuring plans. “It is time for the court to say enough is enough,” said Justice Chan during her final court verdict. Evergrande ’s business operations will now make it harder to focus on its revival. “It is not an end but the beginning of the prolonged process of liquidation, which will make Evergrande ’s daily operations even harder,” said Gary...

Both NFT Ethics and blockchain analytics account Lookonchain allege that the OpenSea exec played a key role in hyping the AnubisDAO project to investors. Welcome to the latest edition of Cointelegraph’s Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on nonfungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights. In this week’s newsletter, read about how an art gallery in Dubai plans to educate artists about nonfungible tokens (NFT) and Web3, and why NFT marketplace OpenSea said it’s unaware of any involvement of a former executive in a $60 million rug pull. Check out what happened with the Astrology-themed NFT series Lucky Star and, in other news, find out what a Chinese government-owned newspaper plans to do with its own NFT platform. First look: Art gallery in Dubai to educate artists on NFTs, Web3 The forthcoming art gallery 37xDubai, which plans to debut in October, aims to edu...

The US added trillions in stimulus spending, making the economy experience a “mini growth miracle.” The growth could become a burden in the coming years as federal spending and debt are added to the economy. The Rockefeller International chair, Ruchir Sharma, highlighted how the world thanked China for leading economic growth after the 2008 financial crisis. 15 years later today, the Chinese economy is in turmoil because of massive stimulus campaigns during the global financial crisis. Also Read: BRICS : Top Oil Producer Ditches US Dollar, Accepts Only Local Currency Debt weighed down the Chinese economy, and the US is now following the same downward path that China walked previously. Sharma wrote in the Financial Times that post-mini miracle growth, the US could face similar headwinds to China. Federal Spending, Debt, Reasons for US Economy To Slow Down Source: Wallpaperflare.com The Federal spending reached $8 trillion in 2021 with $6 trillion spent on the US m...

The e-CNY app now allows tourists to top-up their wallets using Mastercard and Visa payments with a “recharge first and use later” option. Tourists planning to visit the People’s Republic of China can now pre-charge their digital yuan wallets using Visa and Mastercard payment options as the nation continues to update the mobile app powering its central bank digital currency (CBDC) pilot. The e-CNY app, which is still in its pilot version, is available to iOS and China-based Google Play Store users. The application serves individual users, allowing them to open digital yuan wallets to use e-CNY. As per the latest iOS app update published on Sept. 22, version 1.1.1 supports its top-up service with international card options. The latest version of e-CNY app on the Apple App Store introduces the top-up service for international cards. Source: e-CNY app According to a number of local Chinese news outlets, the latest version of the e-CNY app coincides with the start of the Asian Games. A tu...

Ant Group Digital Technologies, linked to China’s Alibaba Group, has unveiled ZAN, a brand dedicated to providing blockchain development tools. Ant Group Digital Technologies, an affiliate company of the Chinese conglomerate Alibaba Group, recently announced the launch of ZAN. The new brand will offer a range of blockchain development products and services aimed at meeting the needs of both institutional and individual web3 developers. The announcement, made at this year’s Inclusion Conference on the Bund, emphasized resolving key issues that the emerging web3 sector faces, including regulatory compliance and security. For institutions, ZAN offers specialized solutions for issuing and managing real-world assets (RWAs) on the blockchain . These solutions aim to make the process compliant with local regulations, drawing on Ant Group’s previous experience of transferring RWAs onto blockchain platforms. We are excited to share that Ant Group Digital Technologies has of...