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The Reserve Bank of Zimbabwe has introduced a foreign exchange and gold-backed “structured currency” to replace the struggling local currency. The structured currency banknotes will be “fully convertible into the reserve currency on demand.” The central bank has also reduced the annual interest rate from 130% to 20%. Structured Currency Supported by Solid Fundamentals The … Read more
A growing number of banking institutions in Russia are offering customers the option to save in Chinese yuan. The trend coincides with declining demand for U.S. dollar and euro deposits amid currency restrictions that triggered a flight of funds to bank accounts abroad. Demand for Dollar, Euro Accounts Expected to Drop Further, Requests for Yuan … Read more
The Canadian anti-money laundering agency, Fintrac, says it recorded official capital inflows originating from Hong Kong that totaled more than $34 billion in the past year. The outflows, which are the highest since 2012 when the earliest Fintrac records are available, “are the first evidence of a significant flight of capital overseas from the Asian … Read more
