The People’s Bank of China set the daily yuan reference rate at 6.8184, below market forecasts of 6.7673, signaling potential depreciation pressure. The People’s Bank of China set the USD/CNY mid-point at 6.8184, weaker than the 6.7673 estimate. The yuan is permitted to tr
The Japanese Yen remains under pressure against the USD, nearing a one-month high despite warnings of potential intervention. The USD/JPY pair approached the 160.00 level during Wednesday’s Asian session, marking its highest point in a month. The yen’s decline continues as
SpaceX aims to raise $75 billion at a $135 share price, targeting a $1.75 trillion valuation ahead of its Nasdaq roadshow. SpaceX will sell 555.6 million shares at $135 each in its upcoming IPO, aiming to raise $75 billion and achieve a $1.75 trillion valuation. The roadsh
Treasury Secretary confirms direct takeover of crypto wallets tied to Iran, citing strategic missteps by Tehran. The U.S. has seized approximately $1 billion in cryptocurrency assets linked to Iran, according to Treasury Secretary Scott Bessent. The assets were taken throu
Business costs hit a 43-month high, halting 13 months of sector growth as Middle East disruptions and labor expenses rise. Japan’s services sector stagnated in May, with the PMI holding at 50.0, ending a 13-month expansion streak. The stall was driven by a record surge in
Tokyo approves ¥3.1 trillion supplementary budget to offset rising fuel and utility costs amid Middle East tensions. Japan’s cabinet passed a ¥3.1 trillion ($19 billion) supplementary budget to subsidize fuel and utility costs, targeting inflation driven by Middle East con
PBOC to set USD/CNY rate at 6.7673 The People’s Bank of China sets the daily USD/CNY reference rate, a key signal in Asian foreign exchange markets. The current trading band permits the currency to move plus or minus 2% from the official midpoint during onshore tradin
Warsh hires two conservative economic policy researchers Federal Reserve Chair Kevin Warsh has hired two conservative economic policy researchers to work with him at the central bank. The two researchers are Paul Winfree and Daniel Heil, who will work as temporary
Satsuki Katayama states authorities stand ready to act on yen movements if necessary, aligning with Bank of Japan policy. Japan’s Finance Minister Satsuki Katayama indicated readiness to intervene in foreign exchange markets if required. The statement underscores alignment
A House of Lords report cautions that strict Bank of England regulations could undermine the competitiveness of UK-issued stablecoins. A House of Lords committee has warned that proposed Bank of England (BoE) regulations on pound-denominated stablecoins risk making them un
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