There is still room for Yuan to strengthen – Commerzbank
The Chinese yuan has been fluctuating between 6.86 and 6.98 against the US dollar for the past three weeks, but Commerzbank economists believe that there is still potential for the yuan to appreciate. The recent government reshuffle during the annual session of the National People’s Congress marked the end of the latest five-year political succession […]
Bitcoin Explodes 10% Daily on Positive SVB Developments, Binance $1B Injection: Market Watch
The cryptocurrency market has witnessed several developments recently that have caused uproars within the community. The most significant news was the assurance provided by the US Government, via the Federal Reserve, the Treasury, and the Federal Deposit Insurance Corporation (FDIC), that depositors in Silicon Valley Bank would be safe. Bitcoin’s price had taken a hit […]
US Treasury Sec. Yellen: No bailout for SVB, ‘system is safe'
es from the interview show a cautious and measured approach, as Yellen emphasized the need for continued economic support and the importance of managing inflation. Yellen’s interview comes at a pivotal moment for the US economy. The country continues to grapple with the ongoing effects of the COVID-19 pandemic, with many businesses and individuals still […]
Circle Striving To Find New Banking Partners For USDC Stablecoin
Circle Internet Financial, the company behind the USDC stablecoin, is facing challenges as its banking partners continue to shut down their services. On Sunday, federal regulators announced that depositors at Silicon Valley Bank would receive their cash back, which seemed to resolve Circle’s $3.3 billion reserve problem. However, Signature Bank was closed by New York […]
6.9375 vs. last close of 6.9195
The exchange rate of the Chinese yuan, also known as the renminbi, has been a hot topic of discussion in the financial world for quite some time. As the second-largest economy in the world, China has significant global economic influence, and the value of its currency often reflects its economic well-being. In recent trade, the […]
HSBC And JP Morgan Excited With The UK Silicon Valley Bank Acquisition
HSBC and JP Morgan are said to be seeking to acquire the British division of Silicon Valley Bank (SVB UK), which has been forced into an emergency sale process following the collapse of its US parent company. Other potential buyers include Barclays, Lloyds Banking Corporation, Oaknorth Bank, and the Bank of London. However, settlement discussions […]
$USDC Regains Its Peg After U.S. Treasury Department Says Depositers of SVB Will Be Made Whole
On Sunday, March 12th, the crypto market breathed a sigh of relief after U.S. Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg released a joint statement. Silicon Valley Bank (SVB), the 16th largest bank in the US with $175 billion in deposits, had […]