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13.08.25 - 16:54
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Bessent on Fed Rate Cuts, Nvidia Chips in China, Trump′s Summit With Putin (Bloomberg)
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US Treasury Secretary Scott Bessent says the Federal Reserve's benchmark interest rate should be at least 1.5 percentage points lower than it is now. He also talks about replacing Fed Chair Jerome Powell, possibly reaching a deal with China to let them use Nvidia chips, President Donald Trump's scheduled summit with Russia's Vladimir Putin and Trump's pick to lead the Bureau of Labor Statistics. He speaks on "Bloomberg Surveillance." (Source: Bloomberg)...
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12.08.25 - 02:21
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Ant Group Denies Rumors Of Plans For Rare-Earth-Backed Stablecoins With PBoC (ZeroHedge)
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Ant Group Denies Rumors Of Plans For Rare-Earth-Backed Stablecoins With PBoC
Authored by Cailan Quinn via Decrypt.co,
Chinese tech giant Ant Group has denied online rumors that it is working with the People's Bank of China (PBoC) to launch a rare earth-backed RMB stablecoin.
The company said over the weekend that several articles had misled investors by suggesting the project was in development.
"Ant Group has never had such plans with relevant institutions. The public is advised to pay attention and beware of being deceived," it wrote on Weibo Sunday night.
The denial comes amid a wave of interest from Chinese companies in stablecoin technology as other countries shore up their regulations.
The interest, for now, is strictly international and not targeting domestic audiences.
Chinese regulators sent out guidance to brokerages last month to cool off on publishing research and making public comments related to stablecoins amid concerns it was renewing domestic interest in cryptoc...
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