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Ukraine’s Economic Blockade Boosts Bitcoin Usage in Separatist East
“This is the first time in modern history when such a large swathe of territory with a pre-war population of 3.8 million people has been left with no banking services whatsoever. All business and...
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IMF says Chinese yuan on path to inclusion in SDR basket
“China’s economic reform plans, including opening up its capital account and deepening financial markets, should help Beijing meet the IMF’s criteria to join its Special Drawing Rights currency basket,...
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Russia’s new Eurasian Economic Union could get its own single currency
“The union is still in its early days, having formally begun only in January, but the bloc has tentatively agreed to bring in a single currency and a Eurasian Central Bank by 2025. Belarus’ Mikhail...
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Croatian Swiss franc debtors demand central bank governor resign
“Thousands of Croatians holding loans denominated in Swiss francs took to the streets of Zagreb on Saturday, demanding local banks to restructure the debts and the central bank governor to step down...
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Aussie, Kiwi And Loonie Under Commodity Currency Attack
“Recent actions and rhetoric from Commonwealth Prime Ministers, and their respective policy makers, have put their commodity sensitive currencies under pressure. In Australasia, the kiwi ($0.6592)...
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Argentine small businesses turning to bitcoin
“The prolonged use of capital controls in Argentina since 2011 has wreaked havoc for businesses operating in South America’s second-largest economy. Under the leftist government of President Cristina...
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China currency devaluation hits stocks; dollar gains on currency war fears
“China’s 2 percent devaluation of the yuan on Tuesday pushed the U.S. dollar higher and hit Wall Street and other global equity markets as it raised fears of a new round of currency wars and fed...
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China stuns financial markets by devaluing yuan for second day running
“With the bank having said on Tuesday that that day’s action was a ‘one-off depreciation’, the rapid two-day drop in the value of the currency of about 4% dealt a blow to investors. They fear a...
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The Yuan Drop Just Added $14 Billion to Asia Inc.’s Debt Burden
“The record devaluation of the yuan has dragged down almost every currency in Asia. As they drop, the foreign debt bills of the region’s companies are rising. Almost $1.6 trillion of bonds and loans...
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China Devaluation Is Blow to Cash-Strapped Argentina’s Reserves
“China’s devaluation couldn’t come at a worse time for Argentina. About a quarter of the country’s $33.7 billion of foreign reserves are now denominated in yuan, which suffered its biggest loss since...
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In Copenhagen, Apartment Prices Jump 60% After Rates Go Negative
“Denmark’s biggest mortgage bank says there’s a ‘real risk’ Copenhagen is heading into a property bubble. Property prices in Copenhagen have risen 40-60 percent since the middle of 2012, when the...
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Saudi Arabia Said to Ban Betting Against Its Currency
“Authorities this week ordered banks to limit traders’ ability to bet against the riyal, whose peg to the dollar has been a bulwark of the kingdom’s economic and financial stability since its...
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Saudi Arabia’s Secret Holdings of U.S. Debt Are Suddenly a Big Deal
“That question — unanswered since the 1970s, under an unusual blackout by the U.S. Treasury Department — has come to the fore as Saudi Arabia is pressured by plunging oil prices and costly wars in the...
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ISIS Fighters’ Salaries Halved After Loss Of Territory And Air Strikes
“The terror group’s ‘treasury’ released a document stating that they have decided to cut the salaries due to ‘exceptional circumstances.’ The document does not describe the reasons behind its...
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As China Dumps Treasuries, World Sees No Better Place for Refuge
“As the biggest overseas creditor to the U.S., China has bankrolled hundreds of billions of dollars in deficit spending, particularly since the financial crisis. And that voracious appetite for...
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Hedge Fund That Called Subprime Crisis Urges 50% Yuan Drop
“Mark Hart, the hedge fund manager whose bets against U.S. subprime mortgages and European sovereign debt proved prescient, said China should weaken its currency by more than 50 percent this year....
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After QE failure, BOJ’s Kuroda says no plan to ease policy now
“Bank of Japan Governor Haruhiko Kuroda said on Friday he had no plan to expand monetary stimulus now, blaming sharp declines in oil costs for keeping consumer inflation distant from the bank’s...
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Canadians Panic As Food Prices Soar On Collapsing Currency
“As Bloomberg reminds us, Canada imports around 80% of its fresh fruits and vegetables. When the loonie slides, prices for those goods soar. ‘With lower-income households tending to spend a larger...
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Mexican Peso’s Surprising Drop Spurs Speculation Banxico to Act
“The peso is this year’s second-worst performing major currency, as investors use Mexico’s highly liquid peso as a proxy for global emerging markets. Investors are also concerned that the outlook for...
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Only in Argentina: Where Minus 3% Bond Yields Are All the Rage [2015]
“While the bonds yield minus 3.1 percent, it’s a small price to pay in a country where capital controls have caused multiple black-market exchange rates to proliferate and rampant inflation has eroded...
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