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Daily Dispatches
Yuan exceeds dollar in China's bilateral trade for first time
Submitted by admin on Tue, 2023-07-25 22:23 Section: Daily DispatchesFrom Nikkei Asia, Tokyo
Tuesday, July 25, 2023
The yuan was used in 49% of China's cross-border transactions last quarter, topping the dollar for the first time, a Nikkei analysis shows, mainly due to a more open capital market and more yuan-based trade with Russia.
How right-wing news powers the 'gold IRA' industry
Submitted by admin on Tue, 2023-07-25 21:30 Section: Daily DispatchesYes, the gold IRA business has some grifters, but not nearly as many as reside in central banking. The gold world awaits the Washington Post's first critical question directed to a central banker. A few such questions might be suggested by the documents compiled and summarized here:
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By Jeremy B. Merrill and Hanna Kozlowska
The Washington Post
Tuesday, July 26, 2023
China state banks sell dollars to support yuan, sources tell Reuters
Submitted by admin on Tue, 2023-07-25 21:19 Section: Daily DispatchesFrom Reuters
Tuesday, July 25, 2023
China's major state-owned banks were seen selling U.S. dollars to buy yuan in both onshore and offshore spot markets today in early Asian trade, three people with direct knowledge of the matter said, moves aimed at supporting the Chinese currency.
China's state banks usually trade on behalf of the central bank in the country's foreign exchange market, but they can also trade on their own behalf.
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China's gold consumption reaches 555 tons in first half of 2023, up 16.4%
Submitted by admin on Tue, 2023-07-25 21:12 Section: Daily DispatchesFrom Global Times, Beijing
Tuesday, July 25, 2023
China consumed 554.88 tons of gold in the first half of 2023, up 16.37% year-on-year, data from the China Gold Association showed today, as Chinese citizens' income continues to rise steadily.
The "gold rush" is partly fueled by the investors' growing risk aversion in buying equities and bonds, over concerns about volatile global financial environment, which is exacerbated by the U.S. bank financial crisis and the U.S. debt ceiling issue.
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Pam and Russ Martens: Trillions in uninsured deposits are threat to Wall Street mega-banks
Submitted by admin on Tue, 2023-07-25 12:05 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Tuesday, July 25, 2023
In June, Reuters reported that JPMorgan Chase was expanding the reach of its commercial bank into two additional foreign countries -- Israel and Singapore -- bringing its foreign commercial bank presence to a total of 28 countries. Those plans could add billions of dollars more to its already problematic uninsured deposits.
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UK government faces L150 billion bill to cover Bank of England's QE losses
Submitted by admin on Tue, 2023-07-25 11:51 Section: Daily DispatchesBy Delphine Strauss
Financial Times, London
Tuesday, July 25, 2023
https://www.ft.com/content/ee8e33ee-e16e-459b-af32-5709db6874de
The Bank of England has estimated that it will require the UK Treasury to transfer a total of L150 billion by 2033 to cover expected losses on its bond-buying quantitative easing programme, if interest rates follow the path implied by market pricing.
Banks must face class action in UK over forex rigging
Submitted by admin on Tue, 2023-07-25 11:21 Section: Daily DispatchesBy Katharine Gemmell
Bloomberg News
Tuesday, July 25, 2023
Banks including JPMorgan Chase & Co, Barclays, and Citigroup Inc will face a class-action suit over allegations of foreign exchange manipulation after a London judge gave a full trial the go-ahead.
The FX collusion claim, which is also being brought against NatWest Group, UBS Group, and Mitsubishi UFJ Financial Group, could be worth as much as $3.5 billion, according to estimates from lawyers Hausfeld running the suit.
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Fed to hold open meeting on Basel III endgame proposal
Submitted by admin on Sun, 2023-07-23 11:49 Section: Daily DispatchesBy Kyle Campbell
American Banker, New York
Friday, July 21, 2023
The Federal Reserve Board of Governors will hold an open meeting next Thursday to discuss a forthcoming proposal related to the final implementation of the Basel III international regulatory framework.
The meeting will be held at 1 p.m. at the Martin Federal Reserve Board Building in Washington and streamed live on the Fed's website, according to a notice published by the Fed.
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BRICS currency not on summit agenda, S. African official says
Submitted by admin on Thu, 2023-07-20 19:24 Section: Daily DispatchesBy Rachel Savage and Carien du Plessis
Reuters
Thursday, July 20, 2023
JOHANNESBURG, South Africa -- A BRICS currency will not be on the agenda of the bloc's summit in South Africa next month, but Brazil, Russia, India, China, and South Africa will continue to switch away from the U.S. dollar, South Africa's senior BRICS diplomat said today.
Jan Nieuwenhuijs: China's central bank manipulates Shanghai gold price
Submitted by admin on Thu, 2023-07-20 16:06 Section: Daily DispatchesBy Jan Nieuwenhuijs
Gainsville Coins, Lutz, Florida
Thursday, July 20, 2023
By obstructing gold imports and exports, the People's Bank of China greatly amplifies the gold premiums or discounts on the Shanghai Gold Exchange relative to metal traded in London.
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