Economy

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.

More news: India Inc welcomes govt stimulus to boost demand

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.



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