Friday☕️

Apr 28, 2023 • 3 min read

Trending:

Markets/Economies:

The Chinese Yuan:

The Chinese Yuan has surpassed the U.S. Dollar in Chinese cross-border transactions, with the Yuan's proportion increasing to a record high of 48% at the end of March.
This is partially attributed to China opening up its capital account, leading to increased inflows for China bonds and outflows for Hong Kong stocks. China's actions signal a desire to alter the global currency landscape.
However, despite the Chinese Yuan's increased usage in China's cross-border transactions, its overall presence in global transactions remains relatively unchanged. With the Yuan's share of international payments at 2.3% according to SWIFT, it has yet to significantly impact the US Dollar’s global dominance.

World's Oldest Newspaper:

The Austrian government passed a law stopping daily print circulation of Wiener Zeitung, the world's oldest active newspaper, founded in 1703.
The paper, which became Austria's official government newspaper in 1857, covered historical events like Mozart's rise, the fall of the Hapsburg Dynasty, and both World Wars.
Although it prints 20,000 daily copies, the government provides most of its funding. The Austrian government has decided to stop funding daily printing, pushing the paper to go online, stating that it's not their responsibility to finance a daily newspaper.

Statistic: