Tuesday☕️

Mar 28, 2023 • 4 min read

Trending:

Markets/Economies:

BRICS:

In 2009, the first BRIC summit was held in Yekaterinburg, Russia, attended by Brazil, Russia, India, and China. Later, South Africa was added, and the group became known as BRICS. Recently, there has been a trend toward using the Chinese Yuan for trade settlements among the BRICS countries.
The US dollar is currently the world's reserve currency. Many believe if the Yuan becomes the world's reserve currency, destabilization of the dollar, including a significant increase in inflation, will occur.
Overall, while a shift towards using the Yuan as a global reserve currency or could potentially lead to increased inflation, and currency destabilization, the actual effects will depend on a range of economic and geopolitical factors.

Silicon Valley Bank:

First Citizens Bank has acquired Silicon Valley Bank after regulators seized the bank following its collapse. As per the agreement, First Citizens will assume $56 billion in deposits and $72 billion in loans from Silicon Valley Bank.
The government remains responsible for $90 billion in SVB assets, and the FDIC has agreed to an 8-year loss-sharing agreement on loans that First Citizens has taken over.
The failure of Silicon Valley Bank is expected to cost the FDIC approximately $20 billion, representing approximately 15% of its funds.
All Silicon Valley Bank depositors will remain protected/insured.

Binance:

The CFTC is suing Binance (the largest crypto exchange) regarding crypto derivatives being used by US citizens.
Opening statement from Binance CEO: Today, the CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years.
Binance is the largest crypto exchange in the world. Binance's past 24-hour derivative volume is $54 billion, and its exchange volume was $11 billion. Binance US is a separate exchange for US citizens due to global regulatory differences.
Statement link from Binance CEO: