Yuan

Russia is ready to increase settlements in yuan in its foreign trade, President Vladimir Putin said during talks with his Chinese counterpart Xi Jinping

The dollar index, which measures the currency against six major peers including the yen and euro, fell 0.2% to 104.47, having earlier touched its lowest level since June 29 at 104.36

The dollar gained broadly as protests against Covid restrictions in China stoked uncertainty and dented sentiment, sending the yuan sliding

The central bank hopes to spur more lending into the economy but analysts are sceptical it could achieve quick results, as new COVID outbreaks throw factories and households into lockdown

Talk of persistent rate hikes by US Fed officials also drags rupee lower

The rupee settled at 81.65 per US dollar on Thursday as against 81.31 per dollar at previous close

As geopolitical tensions rise, efforts for globalisation of CBDC take centre stage. But the financial system may face a significant interoperability problem in the near future

The yuan clearing arrangement is nothing new to Pakistan as the country has had a currency swap agreement with China since 2011

The rupee is expected at open around 82.76-82.82, compared with 82.7800 in the previous session. The local unit witnesses a late selloff on Monday

The offshore yuan weakened as much as 0.7% to 7.2782 per dollar Monday morning to approach a record low seen last week

The spending involved 360 million transactions in pilot areas in 15 provinces and municipalities, the People's Bank of China (PBOC) said

Ahead of the 20th National Congress, the fall of the yuan, also known as Renminbi, is embarrassing for China which always boasts of a strong currency as evidence of its economic stability

The People's Bank of China has already stepped up its currency defense, but it did little to stop the depreciation.

Financial institutions will need to hold 6% of their foreign-currency deposits in reserves starting from Sept. 15, the PBOC said in a statement on Monday-- lower than the current level of 8%

The yuan briefly extended gains against the dollar after the news, rallying to a session high.

The Chinese currency has weakened to two-year lows against the dollar this week, reacting to expectations of further aggressive interest rate hikes from the Fed and a domestic economic slowdown

China's yuan weakened to a two-year low, while sterling briefly touched its weakest since March 2020.

China's yuan dropped to its lowest in nearly two years after the central bank cut key lending rates.

The partially convertible rupee fell 0.1% to 79.875, having dropped to its lowest level since July 27 at 79.9125.

The safe-haven U.S. dollar hovered near a one-week high on Tuesday while the Aussie, euro and Chinese yuan remained under pressure as weak global economic data reignited recession fears.