(Bloomberg) — Global trading of the Chinese yuan has surged to $817 billion a day, extending a decade-long trend with volumes nearing those of the British pound, according to the Bank for International Settlements. The yuan now makes up 8.5% of global currency transactions, up from 7.0% in 2022, according to the BIS’s triennial survey. While it remains the fifth-most traded currency, it closed the gap with fourth-placed sterling, whose share fell from 12.9% to 10.2%. Most Read from Bloomberg Chinese of ...

By Amanda Cooper LONDON (Reuters) -The U.S. dollar held firm on Tuesday ahead of a likely U.S. government shutdown that could disrupt the release of the monthly jobs report this week, while the Australian dollar was the top-performing major currency of the day after the central bank sounded a cautious note on inflation. Investor focus is on the impending U.S. shutdown. Government funding expires at midnight on Tuesday (0400 GMT) unless Republicans and Democrats agree to a last-minute temporary spending ...

Group 1 - U.S. CPI data indicates a firmer trend, leading analysts to adjust forecasts to +0.2% month-over-month and a steady 2.9% year-over-year, supporting the Federal Reserve's potential easing cycle with a 25 basis points cut next week [1] - The labor market data has shown a significant downward shift, prompting discussions around a more aggressive 50 basis points cut, which could maintain market momentum if supported by dissenting votes [2] - Futures markets are pricing in 71 basis points of cuts by Christmas and 125 basis points by July, suggesting expectations for multiple rate cuts in upcoming meetings [3] Group 2 - Recent bond market movements have led to a quarter-point reduction in mortgage rates, with 10-year yields decreasing approximately 20 basis points over the past two weeks, indicating a need for the Fed to signal further easing [4] - The prospect of lower U.S. borrowing costs has enhanced liquidity in Asia, driving record highs in indexes across Japan, South Korea, and Taiwan, with the Kospi rising nearly 6% for the week [5] - The U.S. dollar has remained stable against major currencies despite falling yields, with the dollar index showing only a slight decline, while the Australian dollar and Norwegian crown have reached significant highs [6] Group 3 - Key market developments to watch include speeches from Bank of Spain Governor Jose Luis Escriva and ECB policymaker Olli Rehn, along with UK GDP and manufacturing output data for July, and final readings on EU CPI [7]