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...The reserve status of the US dollar won’t suffer. In the short term, English law will get a boost....
...Today on the show, we talk about how the strong dollar affects the rest of the world, pressuring importers, benefitting manufacturers, and causing capital to flow into the United States....
...The government also asked state-owned enterprises to limit their US dollar purchases....
...The South Korean won and Australian dollar weakened against the US dollar, while the yen is trading at ¥155.60 a dollar, its weakest level in decades....
...Over the past several months, the government has moved to harden the peg, and required state banks to intervene to support the renminbi close to about 7.25 to 7.3 to the dollar....
...The Biden administration has joined with Japan and South Korea in a bid to limit the dollar’s recent rise against Asian currencies after days in which markets have been hit by shifting interest rate expectations...
...at Z$36,000 to the dollar....
...In Cairo’s case oil-rich states are considered crucial to its attempts to ease the currency crisis and meet commitments to the IMF to sell off state assets....
...“The main trigger is still the Fed and a stronger dollar,” said a Shanghai-based renminbi trader at a Chinese state bank....
...But the resumption of those payments in 2023 exacerbated a sharp economic downturn in Angola’s economy and hit its currency, the kwanza....
...The dollar has climbed 4.7 per cent against a basket of six peer currencies this year, while in the same period Wall Street’s benchmark S&P 500 has added 7 per cent....
...Local currency EM bonds have suffered more than their dollar-denominated peers....
...The rupiah has shed nearly 5 per cent of its value against the dollar this year as the rising dollar has dented emerging market currencies in the region....
...Hong Kong’s stock market led gains in Asia on Tuesday afternoon, with a state-owned mainland bank notching the largest gains....
...And so an entire tech industry would be profoundly killed in the United States.”...
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...But the biggest short-term impact has come from a $35bn deal with the United Arab Emirates to buy development rights of prime land on Egypt’s Mediterranean coast in the Ras al-Hekma area....
...Tether is pegged to the US dollar and allows traders to move in and out of crypto trades, unlike cryptocurrencies such as bitcoin that are not pegged to hard currencies and are predominantly used for speculation...
...The deal included an investment of $24bn of fresh money in addition to the conversion of $11bn of UAE deposits in the central bank to local currency to be used in projects in Egypt....
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...“This isn’t some revolutionary idea; all of us have financial privacy when we pay for a meal in cash or drop a few dollars in a donation jar,” said Rainey Reitman, civil liberties advocate who sits on the...
...An additional $447bn of investment has since been announced in 83 separate projects across 25 states....
...New York lawmakers have moved to limit how much creditors can recover from defaulted sovereign debt in the state’s jurisdiction, proposing to rewrite the law that governs about half of the foreign currency...
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