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China's Ambition to Replace the Dollar with Yuan Faces Major Hurdles

China's Ambition to Replace the Dollar with Yuan Faces Major Hurdles

Chinese President Xi Jinping has expressed a desire to replace the U.S. dollar with the Chinese renminbi (yuan) as the world's leading global reserve currency. This ambition comes amid a backdrop of the dollar's value slipping to a four-year low and gold reaching an all-time high, influenced by various geopolitical and economic factors, including President Trump's tariffs and threats to Federal Reserve independence. Despite China's economic and military strength, the yuan currently accounts for only 2% of global reserves, compared to the dollar's 57%. China is attempting to expand its financial network, CIPS, to rival the Western-led SWIFT system, but CIPS still heavily relies on SWIFT for transactions. Efforts to promote the yuan within the BRICS nations have also faced challenges, particularly after President Trump threatened tariffs on countries adopting a BRICS currency.

Treasury Secretary Bessent Asserts China's Compliance with Trump Trade Deal, Predicts Economic Growth

Treasury Secretary Bessent Asserts China's Compliance with Trump Trade Deal, Predicts Economic Growth

Treasury Secretary Scott Bessent has stated that China has adhered to the trade agreement established with President Trump, which includes commitments to purchase American products. This deal, announced by the White House in November, aims to enhance trade relations between the U.S. and China. Bessent highlighted China's completion of its soybean purchase commitments as part of the agreement. He also expressed optimism about the U.S. economy, forecasting strong economic growth in 2026. Bessent's comments were made during an interview on Fox News, where he also praised the appointment of Kevin Warsh as the head of the Federal Reserve. The trade deal and economic indicators, such as the Dow Jones reaching a new milestone, are seen as positive signs for the U.S. economy, despite some concerns about unemployment and inflation rates.

Migrants languish in US detention centers amid dire conditions and prolonged waits

Migrants languish in US detention centers amid dire conditions and prolonged waits

Prolonged detention has become more common in President Donald Trump’s second term, at least partly because a new policy generally prohibits immigration judges from releasing detainees while their deportation cases wind through backlogged courts

Texas Agriculture Commissioner Advocates for 'America First' Beef Policy Amid Declining Cattle Herds

Texas Agriculture Commissioner Advocates for 'America First' Beef Policy Amid Declining Cattle Herds

Texas Agriculture Commissioner Sid Miller has called for an 'America First' beef policy in response to the declining U.S. cattle herd, which has reached its lowest level in over 75 years. Miller attributes this decline to persistent drought conditions and previous federal trade policies, which he claims have put significant pressure on ranchers and led to increased beef prices for consumers. He criticized recent agreements to expand beef imports from Argentina, arguing that they should only be temporary measures. Miller praised President Trump for reopening global markets but emphasized the need to focus on rebuilding domestic herds and processing capacity. His proposed policy includes a federal heifer retention tax credit, expanded drought relief, and stronger market transparency, aiming to prioritize American ranchers and domestic beef production.

Treasury Secretary Bessent Highlights China's Compliance with Trade Deal and Predicts Strong U.S. Economic Growth

Treasury Secretary Bessent Highlights China's Compliance with Trade Deal and Predicts Strong U.S. Economic Growth

Treasury Secretary Scott Bessent has stated that China has fulfilled its obligations under the trade agreement with President Trump, which includes purchasing significant quantities of American soybeans. Bessent expressed optimism about the U.S. economy, predicting strong economic growth, job gains, and real income growth in 2026. The trade deal, announced in November, aims to enhance the economic relationship between the U.S. and China. Despite some criticism regarding labor market figures and inflation rates, Bessent remains confident in the economic outlook, citing the Dow Jones' recent milestone and other positive indicators. He also praised the nomination of Kevin Warsh as the new Federal Reserve Chair, emphasizing his independence and accountability to the American people.

Texas Agriculture Commissioner Sid Miller Faces Republican Backlash Amid Corruption Allegations

Texas Agriculture Commissioner Sid Miller Faces Republican Backlash Amid Corruption Allegations

Texas Agriculture Commissioner Sid Miller, once a prominent ally of President Trump, is facing significant opposition from within his own party as he seeks a fourth term. Miller, who has been a controversial figure due to past scandals, is now being challenged by Nate Sheets, a former supporter turned critic. Sheets has outpaced Miller in fundraising, raising three times more since the start of 2025. Key Republican figures, including Texas Governor Greg Abbott, have publicly criticized Miller, accusing him of corruption and ineffectiveness. Abbott has endorsed Sheets, citing Miller's alleged failures and character flaws. Miller's tenure has been marred by investigations and accusations, including the hiring of a political consultant indicted for bribery. Despite these challenges, Miller remains a formidable candidate due to his incumbency and connections within the agricultural community.

Voters are worried about the cost of housing. But Trump wants home prices to keep climbing

Voters are worried about the cost of housing. But Trump wants home prices to keep climbing

The White House is trying to show it's lowering the cost of living, but President Donald Trump has said he doesn't want to see the price of homes come down

President Trump Calls for New Nuclear Pact with Russia Following Treaty Expiration

President Trump Calls for New Nuclear Pact with Russia Following Treaty Expiration

President Trump has announced his intention to negotiate a new strategic-arms treaty with Russia after the expiration of the previous major nuclear agreement. This announcement comes amid a backdrop of warming relations between the U.S. and Russia, as evidenced by the recent agreement to reestablish high-level military dialogue. The previous treaty, which was a cornerstone of nuclear arms control, lapsed without a replacement, raising concerns about the future of nuclear arms regulation. President Trump has not yet detailed how he plans to address the nuclear capabilities of Russia, China, and the U.S. in the proposed new treaty.

After years-long legal battle, Hong Kong media tycoon Jimmy Lai arrives at day of sentencing

After years-long legal battle, Hong Kong media tycoon Jimmy Lai arrives at day of sentencing

HONG KONG, Feb 9 (Reuters) - Hong Kong media tycoon Jimmy Lai is set to be sentenced on Monday in the financial hub's most high-profile national security case, amid growing calls to free the longstanding critic of the Chinese Communist Party whose health is frail.

Appeals court affirms Trump policy of jailing immigrants without bond

Appeals court affirms Trump policy of jailing immigrants without bond

A federal appeals court has ruled that President Donald Trump's administration can continue detaining immigrants without bond

Analysis-ECB's safety net is part of EU plan to court new allies

Analysis-ECB's safety net is part of EU plan to court new allies

By Francesco Canepa and Balazs Koranyi FRANKFURT, Feb 6 (Reuters) - The ECB’s plan to make it easier for foreign central banks to secure funding in euros is the latest part of Europe’s emerging strategy to win trade and political friends and hold its own against the United States and China.

UN Security Council to exempt sanctions on humanitarian aid for North Korea, source says

UN Security Council to exempt sanctions on humanitarian aid for North Korea, source says

By Heejin Kim SEOUL, Feb 6 (Reuters) - A United Nations committee has approved exemptions from wide-reaching sanctions against North Korea to allow fresh humanitarian aid to reach the country, a diplomatic source said on Friday, amid a push by Seoul and Washington to engage Pyongyang.