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Xi Jinping wants the yuan to become a global reserve currency. But he doesn't want to knock the dollar off its throne, and China's foreign-exchange controls help explain why. Every Chinese citizen can buy $50,000 worth of foreign currency a year. Since 2017, they must sign a form promising not to use it to buy property, stocks or life insurance abroad. If they borrow allowances from family members to move larger amounts abroad, they are put on a watch list. For the yuan to be the world's main re
1:55
Xi Jinping wants the yuan to become a global reserve currency. But he doesn't want to knock the dollar off its throne, and China's foreign-exchange controls help explain why. Every Chinese citizen can buy $50,000 worth of foreign currency a year. Since 2017, they must sign a form promising not to use it to buy property, stocks or life insurance abroad. If they borrow allowances from family members to move larger amounts abroad, they are put on a watch list. For the yuan to be the world's main re
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Binance co-CEO Richard Teng released a video statement on Friday (Oct 30) night to reassure platform users that their assets are safe. His statement comes after hackers stole US$6.3 billion from the world’s largest cryptocurrency currency exchange in what industry analysts are calling the largest cyber heist in digital asset history. He added that their tech and security team are “still deep in the investigation of the hack” and assured that they are doing everything “within our power to ensure
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The Philippine peso has hit an all-time low at more than P64 against the US dollar. What should Filipinos do? And what does this exchange rate mean for the Philippines' broader economic picture? Shay Du explains, based on a #Rappler article by economist JC Punongbayan. #tiktokph #tiktokphilippines #newsph
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