currency
Washington (AFP) - From a trade imbalance to technological competition, a host of economic flashpoints are boosting tensions between Washington and Beijing -- and these are among areas in which both Republicans and Democrats can agree. What's behind these concerns? American debtRepublicans in particular are worried about this issue, concerned that China holds too much American debt. The fear is that Beijing could use this to pressure Washington by threatening to resell its bonds, bringing down the value of holdings. While the American debt exceeds $34 trillion, only around $8 trillion is held ...
AFP
Washington (AFP) - The status of the US dollar as the world's reserve currency is likely to continue, despite threats posed by China's rise and the growth of cryptocurrencies, a US Federal Reserve official said Thursday. The dollar continues to be the most widely used currency for international transactions, and is top among the notes held by foreign investors as a store of value, Fed Governor Christopher Waller told a conference in the Bahamas, according to prepared remarks. "By standard measures of an international currency's use, there has not been any notable erosion in the dollar's domina...
AFP
Mexico City (AFP) - Rosario Crisostomo thought she had been cheated when she counted the money sent by her son from the United States. But there was no scam, only a Mexican currency going from strength to strength. Once a laggard of the international foreign exchange market, the peso is among the world's best performing currencies this year. A combination of high interest rates in Latin America's second-largest economy, financial stability as well as inflows of remittances and foreign investment have seen the Mexican currency post double-digit percentage gains against the dollar in 2023. "I th...
AFP
New York (AFP) - The dazzling rise of the US dollar, which has hit one record after another, is raising fears of a currency crash of a severity not seen since the 1997 Asian financial crisis reverberated around the world. The Federal Reserve's rapid, steep interest rate increases and the relative health of the US economy has caused investors to flood into the dollar, driving the greenback up and sending the British pound, Indian rupee, Egyptian pound and South Korean won and others to uncharted depths. "The moves are definitely getting extreme," said Brad Bechtel of Jefferies, warning that th...
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New York (AFP) - The rapid rise of the US dollar since the start of the year is a double-edged sword for American multinational companies, pushing some of them to decide whether to hedge or reposition their activities abroad to avoid fallout. For an importer, the surge in the greenback against the euro, yen or British pound is a plus, because it makes the products they buy cheaper. But for a US export company, products sold in dollars have become more expensive, which increases the risk of losing clients and seeing sales decline. And they also lose money when converting foreign revenue back i...
AFP
Washington (AFP) - An official US digital currency could offer potential benefits to American consumers and businesses, but it is not clear they would outweigh the potential risks, the Federal Reserve said Thursday. In a long-awaited report on central bank digital currencies (CBDC), the Fed stressed that it is not taking a position nor does the paper signal "any imminent decisions about the appropriateness of issuing a US CBDC." The global rise of cryptocurrencies like bitcoin as well as the growing use of digital payments has fostered interest in an official digital money, and major central b...
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New York (AFP) - Poet and activist Maya Angelou has become the first Black woman to appear on the US quarter, in a new version of the coin unveiled by the US Mint on Monday. Angelou, author of "I Know Why the Caged Bird Sings," will also be the first figure commemorated through the American Women Quarters Program, which was signed into law in January 2021. The US Mint "has begun shipping the first coins" with Angelou's likeness on the American quarter, a 25-cent piece, according to a press release from the agency. "It is my honor to present our nation's first circulating coins dedicated to cel...
AFP
Washington (AFP) - The current craze over all things digital, including calls for official crypto currencies, may have similarities with an unfortunate fashion fad, a top Federal Reserve official said Monday. While "America's centuries-long enthusiasm for novelty" has been mostly beneficial, Fed Vice Chair Randal Quarles warned that "when coupled with an equally American susceptibility to boosterism and the fear of missing out, it has also sometimes led to a mass suspension of our critical thinking and to occasionally impetuous, deluded crazes or fads." Central bank digital currencies (CBDCs) ...
AFP
Miami (AFP) - Thousands of people have descended on Miami for a massive two-day bitcoin conference that opened Friday -- a sign that the US city, in the midst of a tech boom, is hoping to become the next cryptocurrency hub. "I don't think there's anything more important in my lifetime to work on" than bitcoin, given the flexibility it offers, billionaire entrepreneur Jack Dorsey, the co-founder of Twitter and payments firm Square, told a crowded auditorium. "We don't need the financial institutions that we have today. We have one that is thriving, that is sound, that is owned by the community,...
AFP
New York (AFP) - Bitcoin and other crypto currencies took another leap towards the financial mainstream Thursday when Wall Street player BNY Mellon announced plans to accept digital currencies. BNY Mellon, which is known as the oldest US bank, said it will form a new digital assets unit to transfer, safeguard and issue digital assets in response to client demand. The move comes as bitcoin values continue to climb to new heights after receiving a legitimacy boost when Tesla and Mastercard announced they would accept the digital currency, even as many regulators remain skeptical of the volatile ...
AFP
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