News

This week, the offshore Renminbi rose by approximately 340 points, an increase of 0.5%. In May, the offshore Renminbi rose by approximately 680 points, an increase of 0.99%.

Cynthia Lummis stated that if the CLARITY Act does not pass in the current Congress, U.S. digital asset legislation may not return to the agenda until 2030. (Cointelegraph)

The article is excerpted as follows: Various signs indicate that India's economic situation is not good. The Indian government had repeatedly claimed its intention to become the world's third largest economy, but now it has no choice but to face reality. At the end of April, the International Monetary Fund lowered its ranking among the world's major economies, with India slipping to sixth place, behind the United Kingdom. The main reason for this drop in ranking is the historic plunge of the rupee's exchange rate. As the IMF uses the US dollar as the benchmark for ranking, the depreciation of the rupee has directly caused India's GDP, when calculated in dollars, to shrink significantly. Since February 28, when the US and Israel launched a joint offensive against Iran, the Indian rupee has dropped nearly 5% against the US dollar. As the world's third largest oil importer, India has been hit first and foremost by the consequences of the closure of the Strait of Hormuz. The situation is already extremely serious, with Prime Minister Modi continuously issuing warnings and calling on the population to make sacrifices, particularly to limit overseas travel and to reduce consumption of cooking oil. It is widely believed that the series of tightening policies India introduced in early May will continue. In order to reduce the ever-growing import bill due to soaring oil and gas prices, the authorities in New Delhi first imposed tariffs on gold imports, and then had no choice but to raise retail prices of refined oil products—this is the first time in four years the country has taken such measures.