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(total reading time: 2 mins)
For our Deep Dive today, we review a new BoE paper looking at how China has used swap lines to try topple the dollar.
We also update our latest COVID tracker highlighting Brazil’s 35,000 new cases yesterday and the latest outbreak of cases in China.
Enjoy!
Bilal
China’s Strategy To Make CNY The Dominant International Currency (7 min read) In 2016, the IMF included the Chinese renminbi (RMB) in the Special Drawing Rights (SDR) basket with a weight of 10.9%. Prior to its inclusion, this basket of international currencies consisted of the US dollar, euro, Japanese yen and British pound. The IMF’s rationale was ‘China’s expanding role in global trade and the substantial increase in the international use and trading of the renminbi’…
( Sam van de Schootbrugge │ 17th June, 2020)
Global COVID-19 Tracker – DM Daily Deaths Increase / Brazil And India Particularly Hit (2 min read) In the DM world, we see Sweden leading with a 2% increase in cases, followed by US and Portugal with 1%. Especially in US, we have new cases nearly doubling in Alabama and South Carolina, while large increases were also seen in Arkansas, Arizona, and Louisiana…
( Bilal Hafeez, Stefan Posea │ 17th June, 2020)
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