China's CBDC will be distributed in Shenzhen as part of public trials

China's CBDC will be distributed in Shenzhen as part of public trials

In what is seen as the first public test of the country's official digital currency, China's central bank and the municipal government of the southern tech hub Shenzhen have finished handing out "digital yuan red packets" totaling RMB 10 million (USD 1.49 million), said local news outlet Xinhua. The currency retreated to 6.7320 per dollar, after closing on Friday at the strongest level since April 2019.

The Bloomberg Commodity Index fell 0.2%.West Texas Intermediate crude fell 2.8% to $39.47 a barrel.Gold weakened 0.3% to $1,924.35 an ounce. Australia's S, amp;P/ASX 200 was 0.1% higher and New Zealand's NZ50 crept up to a record peak. slipped 0.3%.

Optimism that more USA stimulus was in the offing came in spite of indications that talks in Washington had stalled again, leading the Trump administration to call on Congress to pass a less ambitious coronavirus relief bill.

Polls showing Democrat Joe Biden leading Donald Trump in the USA presidential race partly underpin that confidence, Strickland said, since the Democrats are pushing harder for spending.

U.S. President Donald Trump on Friday had offered a $1.8 trillion coronavirus relief package after urging his team on Twitter to "go big" in negotiations with the Democrats to reach a deal.

A new state-backed digital currency has been soft-launched in the city of Shenzhen and authorities have now begun giving away more than 10m yuan in a citizens' lottery to see whether it can help revive consumer spending after Covid-19 and aid China's efforts of creating a cashless economy. The PBOC's move to end the requirement for banks to set aside cash to cover yuan forward transactions would make it easier to short the yuan, said RBC's head of Asia FX, Alvin Tan. The offshore yuan was at 6.7109 per dollar, also down 0.3% on the day.

The MSCI Asia Pacific Index advanced 0.8%.

The down under dollars were both weaker against the greenback, with the Aussie last off 0.5% at AUD 1.3877, and the Kiwi retreating 0.15% to NZD 1.5044.

At 0743 GMT on Monday, the onshore yuan was down 0.3%.

Meanwhile, U.S. markets are also gearing up for the third-quarter earnings season, where the S&P 500 companies are expected to report 21% drop in earnings, according to Refinitiv data.

Gold held steep Friday gains at $1,929 an ounce as investors stuck with bets that US stimulus would eventually arrive and drive inflation to the benefit of bullion.

Related Articles

  • Barrett to Tell Senators That Making Policy Is Not Role of Court

    Barrett to Tell Senators That Making Policy Is Not Role of Court

    Barrett was born in Louisiana and attended Rhodes College, a liberal arts school in Memphis, Tennessee, as an undergraduate. No Democrat has criticized Barrett's religion since her nomination was announced late last month.
    Gal Gadot to play Cleopatra and fan reaction is split

    Gal Gadot to play Cleopatra and fan reaction is split

    Gal Gadot shared this image. "Please do better", one commented on Gadot's post on Twitter . "This is a disgrace", another wrote. Screenwriter Laeta Kalogridis appeared to address the controversy by reminding the public that Cleopatra was ethnically Greek.
    Active Covid-19 cases in India continue to fall

    Active Covid-19 cases in India continue to fall

    Maharashtra , the worst affected state , also leads the tally with almost 26,500 new cases of recovered patients. According to the MoHFW, the COVID-19 count in the country is at 7,053,807, including 867,496 active cases .
  • Apple will reveal the iPhone 12 on October 13th

    Apple will reveal the iPhone 12 on October 13th

    Last year, for some reason, Apple launched the iPhone 11 Pro/Pro Max starting with 64GB and then jumping to 256GB. Apple typically announces new iPhones in September but due to coronavirus pandemic supply was delayed.
    Apple To Launch iPhone 12 Series Next Week, Check Price, Rumored Specs

    Apple To Launch iPhone 12 Series Next Week, Check Price, Rumored Specs

    Apple Inc. today announced a new product launch event set for October 13, and it's expected to launch the iPhone 12 . Last month, Apple held an hour-long event that marked the debut of the Apple Watch Series 6 and new iPad Air .
    Apple will reveal the iPhone 12 on October 13th

    Apple will reveal the iPhone 12 on October 13th

    Last year, for some reason, Apple launched the iPhone 11 Pro/Pro Max starting with 64GB and then jumping to 256GB. Apple typically announces new iPhones in September but due to coronavirus pandemic supply was delayed.
  • Chinese mainland reports 21 new COVID-19 cases, all from overseas

    Chinese mainland reports 21 new COVID-19 cases, all from overseas

    The cases in the city were reported following China's Golden Week holiday in which millions travelled across the country. The number of new asymptomatic cases, which China does not classify as confirmed cases, rose to 39 from 15 a day earlier.
    Gal Gadot and Patty Jenkins to team up for 'Cleopatra' biopic

    Gal Gadot and Patty Jenkins to team up for 'Cleopatra' biopic

    Screenwriter Laeta Kalogridis appeared to address the controversy by reminding the public that Cleopatra was ethnically Greek. Cleopatra is one of the most famous people in ancient history. "She wasn't black, and Gal isn't white".
    Apple sets unveil for Oct 13 amid 5G iPhone speculation

    Apple sets unveil for Oct 13 amid 5G iPhone speculation

    The first product launch was in September and featured the new iPad Air , refreshed entry-level iPad and updated Apple Watches. This is the second product launch Apple is organizing this year and is different from its previous yearly product launches.
  • China's Qingdao orders city-wide COVID-19 testing following new infections

    China's Qingdao orders city-wide COVID-19 testing following new infections

    Hundreds of test centers have been opened and thousands of test staff have participated. China now has 85,578 virus cases and the death toll stands at 4,634.
    What to expect at Apple's 13 October iPhone event

    What to expect at Apple's 13 October iPhone event

    Now it's official: Apple invited people to present the new iPhone 12 models on October 13 under the tagline " Hi, Speed ". The " Hi, Speed " event is rumoured to give us the new iPhone 12, which will be Apple's first phone with 5G capability.
    Apple sends out invites for the launch of iPhone 12

    Apple sends out invites for the launch of iPhone 12

    We know that this will be the first iPhones to have a 5G connection, and that might be the "high-light" for the 12-gen iPhones. The tag line for the event is " Hi, Speed " which suggests that the devices unveiled at the event will be focusing on speed.