China has granted Pakistan a two-year rollover on a $2.4 billion loan, Islamabad said Thursday, giving the debt-saddled nation breathing space in its balance-of-payments crisis. Soaring inflation, shrinking dollar reserves and crippling foreign debt led Pakistan to the brink of default before a pivotal $3 billion IMF bailout was granted earlier this month. Finance Minister Ishaq Dar said China's EXIM …
China is prepping its yuan to become the next dollar and the global reserve currency. In the latest salvo fired at the dollar, China has told its state-owned banks to substantially reduce interest on dollar deposits, a Reuters report said. In China, interest rates offered by the banks on dollar deposits of $50,000 and above have been capped at 4.3 …
The company has remitted foreign currency equivalent to Rs 5551.27 crore to three foreign-based entities which include one Xiaomi group entity in the guise of royalty, the agency said New Delhi: The Enforcement Directorate has seized Rs 5551.27 crore of Xiaomi Technology India Pvt Ltd– a wholly-owned subsidiary of China-based Xiaomi group under the Foreign Exchange Management Act in connection …
The rupee on Wednesday surged by 47 paise to close at a nearly two-week high of 74.88 against the U.S. dollar on easing global crude oil prices and rising appetite for riskier assets. "Indian rupee gained the most among emerging market currencies, boosted by lower crude oil prices and dollar demand while market is expecting foreign fund inflows from scheduled …
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