Financial Highlights from the Recent Week You Should Know About:
- CAPITAL MARKETS: More countries migrating to China’s CIPS system
Ten ASEAN countries and six Middle-East countries have fully-integrated China’s CIPS payment system.
Analysts predict this will lead to 38% increase in trade using the digital yuan, possibly surpassing the SWIFT system.
Not only this, but African countries such as Kenya, Angola and Ethiopia have converted their US-dollar debt to Yuan.
Not to mention, that countries such as Indonesia, Kazakhstan and Slovenia have all issued Yuan-denominated bonds. - FINTECH: Paypal relaunches in UK
Payment app, Paypal, has re-launched in the UK after two years of restructuring their operations due to Brexit.
Users in the UK will now be able to use Paypal to make purchases and payments again. - INVESTMENT MANAGEMENT: Michael Burry closes his hedge fund Scion Asset Management
In a surprising move, Michael Burry, made famous by the movie “The Big Short”, where he predicted the credit crunch which triggered the Global Financial Crisis in 2008, closed down his hedge fund Scion Asset Management.
The move has caused massive stir amongst investors trying to decipher what this may mean.
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