Digital currency focus: China’s yuan is a first for a major economy – expert insights
Professor Sarah Hall spoke to BizNews about the digital yuan. China has created its own digital currency, a first for a major economy.
Professor Sarah Hall spoke to BizNews about the digital yuan. China has created its own digital currency, a first for a major economy.
A cyber yuan stands to give Beijing power to track spending in real time, plus money that isn’t linked to the dollar-dominated global financial system.
The rand should be trading at R5.20 to the dollar, according to the latest Big Mac Index by The Economist.
Demand for cryptocurrency Bitcoin has soared in the last week with prices surging just over 20% on South African linked exchange BitX.
China’s GDP growth slowed to 6.9 percent in 2015, the weakest annual rate in a quarter of a century for the world’s second-largest economy.
The US’s S&P 500 Index has fallen sharply in the first four trading sessions of 2016 as investors fret about the continued economic slump in China and a host of other worries.
The selloff in riskier assets gained pace as a preliminary Chinese manufacturing gauge plunged to the lowest level since the depths of the global financial crisis, sending stocks and commodity currencies tumbling and boosting sovereign bonds.
China is tightening capital controls following a devaluation of its yuan currency, the Financial Times reported, as worries about fund outflows rise.