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The COVID-19 Cash Out (Project Syndicate, 4 min read) The high likelihood of banknotes transmitting the coronavirus will push faster adoption of card payments, particularly in Asia which already has well developed cashless infrastructure. Cultural and technological factors have kept cash dependency higher in the West but COVID-19 could well change this.
USD Funding Stresses Rise But This Is Not Like 2008 (Variant Perception, 1 min read) A less leveraged, more highly capitalised and tighter regulated banking system leaves the financial system more robust than in 2008. Moreover, today’s funding pressures are concentrated in offshore USD markets.