De-dollarisation - Digital renminbi RMB, (数字人民币 Chinese Yuan)

 

 

Digital renminbi 

BIG BREAKING

the People's Bank of China suddenly announced that the digital RMB (Renminbi, Chinese Yuan) cross-border settlement system will be fully connected to the ten ASEAN countries and six Middle Eastern countries, which means that 38% of the world's trade volume will bypass the SWIFT system dominated by the US dollar and directly enter the "digital RMB moment". This financial game, which The Economist called the "Bretton Woods System 2.0 Outpost Battle", is rewriting the underlying code of the global economy with blockchain technology.

While the SWIFT system is still struggling with the 3-5 day delay in cross-border payments, the digital currency bridge developed by China has compressed the clearing speed to 7 seconds. In the first test between Hong Kong and Abu Dhabi, a company paid a Middle Eastern supplier through digital RMB. The funds no longer went through six intermediary banks, but were received in real time through a distributed ledger, and the handling fee dropped by 98%. This "lightning payment" capability makes the traditional clearing system dominated by the US dollar instantly look clumsy.

What makes the West even more frightened is the technical moat of China's digital currency. The blockchain technology used by the digital RMB not only makes transactions traceable, but also automatically enforces anti-money laundering rules. In the China-Indonesia "Two Countries, Two Parks" project, Industrial Bank used digital RMB to complete the first cross-border payment, which took only 8 seconds from order confirmation to funds arrival, 100 times more efficient than traditional methods. This technical advantage has enabled 23 central banks around the world to actively join the digital currency bridge test, among which Middle Eastern energy traders have reduced settlement costs by 75%.

The deep impact of this technological revolution lies in the reconstruction of financial sovereignty. When the United States tried to sanction Iran with SWIFT, China had already built a closed loop of RMB payments in Southeast Asia. Data shows that the cross-border RMB settlement volume of ASEAN countries exceeded 5.8 trillion yuan in 2024, an increase of 120% over 2021. Six countries including Malaysia and Singapore have included RMB in their foreign exchange reserves, and Thailand has completed the first oil settlement with digital RMB. This wave of "de-dollarization" made the Bank for International Settlements exclaim: "China is defining the rules of the game in the era of digital currency."

But what really shocked the world was China's strategic layout. Digital RMB is not only a payment tool, but also a technical carrier of the "Belt and Road" strategy. In projects such as the China-Laos Railway and the Jakarta-Bandung High-Speed Railway, the digital RMB is deeply integrated with Beidou navigation and quantum communication to build a "Digital Silk Road". When European car companies use digital RMB to settle freight through the Arctic route, China is using blockchain technology to increase trade efficiency by 400%. This virtual-real strategy makes the US dollar hegemony feel a systemic threat for the first time.

Today, 87% of countries in the world have completed the adaptation of the digital RMB system, and the scale of cross-border payments has exceeded 1.2 trillion US dollars. While the United States is still debating whether digital currency threatens the status of the US dollar, China has quietly built a digital payment network covering 200 countries. This silent financial revolution is not only about monetary sovereignty, but also determines who can control the lifeline of the future global economy!


👉 This is very big news  It means De-dollarisation in a big way. It can completely re-set the world

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HAPPINESS IS A HABIT TO BE NURTURED

The Practice and Habit of Happiness

How to Be Happy: 12 Habits to Add to Your Routine

 IF you do an online search of the question, “What is happiness?”, there’s every chance your search engine will request emergency leave for the rest of the day. This deceptive and slippery question assumes happiness is singular and definable, ignoring its subjectivity, cultural differences, and transient nature.

Happiness can be a fleeting emotion from a burst of joy when receiving good news. Other times, it’s a mood – a general sense of positivity that lasts for hours or days. More broadly, it can be a state of being influenced by life circumstances, personal values, and our environment.

Some people assume happiness is a feeling that comes and goes, rather than something we can create for ourselves. A new book on the topic invites us to question this assumption. Written by Prof Alvin Ng and Janessa Tan, Happiness: Mastering the 5Gs For an Enhanced You (2025), serves as an insightful companion on how we can create “micro moments of joy” and build our personal happiness fund.

The “5Gs of happiness” are greeting, giving, gratitude, glorifying skilfulness in others, and giggling. At first glance, these seem obvious. Say “Hello” to people. Be generous. Express thanks. Acknowledge others’ strengths. Laugh more. It sounds simple, but nowadays we’re often so caught up in the busyness of living that we forget these qualities that are crucial to maintaining connections, friendships, and our well-being.

When did you last enjoy a genuine laugh? Not the polite kind, but the deep, unrestrained kind that momentarily dissolves life’s worries. When was the last time you expressed admiration to a colleague, friend, or your partner? These micro moments of joy add up, subtly influencing how we engage with others.

At the book launch last month, Ng spoke about these ideas with his trademark dry wit. He, like me, doesn’t consider himself the most naturally joyful person. But we both recognise the value of creating and sharing moments of happiness.

Giggling, for example, might seem like a small thing, but it has profound effects. Laughter isn’t just a social nicety; it helps relieve stress and tension. During the launch, I was thinking about the importance of laughter and playfulness. Play isn’t just for children. Psychologists like Donald Winnicott and Mihály Csíkszentmihályi have shown that play fosters creativity, reduces stress, and enriches engagement with life. We lose something essential when we take life too seriously.

Many of us have been conditioned to see happiness as secondary to productivity. We prioritise deadlines, responsibilities, and efficiency, often at the cost of connection. But happiness and success aren’t mutually exclusive. Research shows that positive emotions increase creativity, resilience, and workplace performance.

The challenge is that happiness isn’t passive – it requires effort. This is where Ng and Tan’s book comes in handy. It’s a practical guide to integrating well-being into everyday life. It doesn’t promise a life without hardship. Instead, it offers a roadmap to finding moments of joy amid the ups and downs.

Giving is a prime example. Even a small act – checking in on a friend, buying someone a coffee, offering a word of encouragement – can create a ripple effect. Generosity fuels connection, and connection is central to well-being.

Glorifying skilfulness in others is another overlooked aspect of happiness. In competitive environments, we often focus on our own achievements. But when we take the time to recognise others’ strengths, we build relationships focused on appreciation rather than rivalry.

Gratitude is perhaps the most familiar of the 5Gs. But knowing its importance and practising it are two different things. Studies suggests that actively expressing gratitude – not just feeling it – increases life satisfaction. A simple “Thank you” can strengthen connections and shift our focus from what we lack to what we have.

Then there’s greeting. In a digital age where communication is often reduced to texts and emails, a sincere, in-person greeting carries weight. It signals recognition, fosters warmth, and strengthens bonds. Offering a smileora friendly nod can brighten someone’s day.

Given the rise in rates of loneliness and disconnection over the past decade,

Happiness is a timely reminder that these problems won’t fix themselves. Reading this book is a reminder that happiness isn’t a luxury – it’s a necessity, and it’s something we can create.

Of course, life will never be free from difficulty. Stress and setbacks are part of our experience – and that’s precisely why these moments of happiness matter. They don’t erase hardships, but they provide balance. They remind us that even in difficult times, joy is still possible.

For those sceptical about selfhelp books, this one is refreshingly down-to-earth. Ng and Tan don’t offer unrealistic promises of enduring bliss. Instead, they acknowledge that happiness is a practice – a habit to be nurtured. Their reflections, drawn from psychology, personal experience, and Buddhist philosophy, offer a realistic approach to well-being.

But just reading their book won’t change much. By applying and sharing the ideas found in Happiness, perhaps we can become happier over time, not just in fleeting bursts, but in ways that last.- -   Sandy Clarke

Sandy Clarke has long held an interest in emotions, mental health, mindfulness and meditation. He believes the more we understand ourselves and each other, the better societies we can create. If you have any questions or comments, e-mail lifestyle@thestar.com.my. The views expressed here are entirely the writer’s own.

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Trump tariffs pile stress on ailing world economy; China to impose tariffs of 34% on all US goods from April 10

US President Donald Trump. — Reuters

The latest round of US trade tariffs unveiled on Wednesday will sap yet more vigour from a world economy barely recovered from the post-pandemic inflation surge, weighed down by record debt and unnerved by geopolitical strife.

Depending on how President Donald Trump and leaders of other nations proceed now, it may also go down as a turning point for a globalised system which until now had taken for granted the strength and reliability of America, its largest component.

“Trump’s tariffs carry the risk of destroying the global free-trade order the United States itself has spear-headed since the Second World War,” said Takahide Kiuchi, chief economist at Nomura Research Institute.

But in coming months it will be the plain and simple price-hiking – and therefore demand-dampening – effects of new levies applied to thousands of goods bought and sold by consumers and businesses across the planet that will prevail.

“I see it as a drift of the US and global economy towards worse performance, more uncertainty and possibly heading towards something we could call a global recession,” said Antonio Fatas, macroeconomist at the Insead business school in France.

“We are moving into a world which is worse for everyone because it is more inefficient,” said Fatas, who has acted as a consultant for the International Monetary Fund (IMF) and World Bank.

Speaking in the White House Rose Garden, Trump said he would impose a 10% baseline tariff on all imports and held up a chart showing higher duties on some of the country’s biggest trading partners, including 34% on China and 20% on the European Union.

A 25% auto and auto-parts tariff was confirmed earlier.

Trump said the tariffs would return strategically vital manufacturing capabilities to the United States.

Under the new global levies imposed by Trump, the US tariff rate on all imports jumped to 22% – a rate last seen around 1910 – from just 2.5% last year, said Olu Sonola, head of US economic research at Fitch Ratings.

“This is a game changer, not only for the US economy but for the global economy,” Sonola said. “Many countries will likely end up in a recession.”

IMF managing director Kristalina Georgieva told a Reuters event this week she did not see global recession for now.

She added the IMF expected shortly to make a small downward “correction” to its forecast of 3.3% global growth this year.

Different impact

But the impact on national economies is set to diverge widely, given the spectrum of tariffs ranging from 10% for Britain to 49% to Cambodia.

If the result is a wider trade war, that would have even larger repercussions for producers like China, which would be left hunting for new markets in the face of wilting consumer demand across the globe.

And if the tariffs push the United States itself towards recession, that will weigh heavily on developing countries whose fortunes are closely tied to those of the world’s largest economy.

“What happens in the United States doesn’t stay in the United States,” said Barry Eichengreen, professor of economics and political science at the University of California, Berkeley.

“The economy is too big and too connected to the rest of the world via trade and capital flows for the rest of the world to be unaffected.”

The knock-on effects for policy-makers in central banks and governments are also potentially large.

An unravelling of the supply chains which for years kept a lid on prices for consumers could lead to a world in which inflation tends to run “hotter” than the 2% which central bankers currently agree is a manageable target to aim for.

That would complicate decisions for the Bank of Japan, which may face pressure to combat too-high inflation with more interest rate hikes just as its major counterparts eye cuts, and as its export-reliant economy takes a hit from US duties.

Auto exporters Japan, hit with a 24% reciprocal tariff rate, and South Korea, which was imposed a 25% rate, have signalled plans to take emergency measures to support businesses hit by the higher US levies.

Economies with weaker output growth would leave governments struggling even more to pay down the world’s record US$318 trillion debt load and find money for budget priorities ranging from defence spending to climate action and welfare.

And what if the tariffs do not bring about Trump’s oft-stated goal of encouraging business to invest in domestic US manufacturing, given the domestic labour shortages already facing a country with close to full employment?

Some see him seeking other ways to remove the US global trade deficit that riles him so much – for example by demanding that others join in a re-balancing of foreign exchange rates to the advantage of US exporters.

Risky moves

“We are going to continue to see him putting out there potentially more risky ways of dealing with the continuous strength of the US dollar,” said Freya Beamish, chief economist at investment strategy firm TS Lombard.

Such moves could jeopardise the privileged position of the US dollar as the world reserve currency of choice – an outcome few predict, if only because there are for now no real alternatives to the US dollar.

Nonetheless, European Central Bank president Christine Lagarde on Wednesday told an event in Ireland that Europe needed to act now and accelerate economic reforms to compete in what she called an “inverted world”.

“Everyone benefited from a hegemon, the United States, that was committed to a multilateral, rules-based order,” she said of the post-Cold War era of low inflation and growing trade in an open global economy.

“Today we must contend with closure, fragmentation and uncertainty.” — Reuters

Mark John, Francesco Canepa and Leika Kihara write for Reuters. The views expressed here are the writers’ own.

China to impose tariffs of 34% on all US goods from April 10

The Chinese national flag is seen in Beijing, China April 29, 2020. REUTERS/Thomas Peter/File Photo

BEIJING: China on Friday announced a slew of additional tariffs and restrictions against U.S. goods as a countermeasure to sweeping tariffs imposed by U.S. President Donald Trump.

The Finance Ministry said it would impose additional tariffs of 34% on all U.S. goods from April 10.

Beijing also announced controls on exports of medium and heavy rare-earths, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium to the United States, effective April 4.

"The purpose of the Chinese government's implementation of export controls on relevant items in accordance with the law is to better safeguard national security and interests, and to fulfill international obligations such as non-proliferation," the Commerce Ministry said in a statement.

It also added 11 entities to the "unreliable entity" list, which allows Beijing to take punitive actions against foreign entities. - Reuters 

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Cheng Ming Festival – April 4, 2025

 

This year, the Ching Ming Festival will be marked on April 4. The festival is usually observed 15 days after the spring equinox, calculated from the traditional lunisolar Chinese calendar. It falls on day one of the fifth solar term. The day is also called Chinese Memorial Day, Tomb-Sweeping Day, and Ancestors Day. On this day, Chinese families visit and clean the tombs of their deceased family members. A few festival activities include tomb cleaning, praying to the ancestors, burning joss sticks and paper, and making ritual offerings. Read on to learn more about this cultural  significant holiday 

Qing Ming : A Heartfelt Homage to Our Loved Ones

Qing Ming falls on April 4th this year, while Chun-She is on March 20th.

Some families have already begun preparing for tomb-sweeping and ancestor worship. Especially for new interments (less than 1 year), it is considered an ideal time for families to visit the grave and pay homage from March 8th to 19th.

Xiao En Memorial Park Nilai is open all year round! Families who wish to pay their respects earlier are welcome to visit. Thoughtful planning for Qing Ming allows for a calm and meaningful experience, reminding us that our bond with our loved ones transcends life and death.

Qing Ming Prayer Schedule

Since Qing Ming is not a public holiday in Malaysia, we recommend avoiding peak periods or visiting outside the 10 days before and after Qing Ming for a smoother experience.

Important Notice: Hari Raya falls on March 31st – April 1st, and major highways are expected to be congested during the weekends surrounding these dates. We encourage early planning to ensure a smooth journey.

With the recent hot and rainy weather, please remember to bring an umbrella and hat, stay hydrated, and wash hands frequently.

Intel CEO says priority is to recruit, retain talent

 

Intel Corp chief executive officer Tan Lip Bu. — Bloomberg

Las Vegas: Intel Corp chief executive officer Tan Lip Bu says one of his priorities will be to restock the chipmaker with some of the talent that it has lost over the years. 

Tan, making his first public appearance at the Intel Vision conference in Las Vegas, said the company needs to recruit capable engineers and retain those that work for it.

The semiconductor veteran is trying to restore the fortunes of a company that dominated an industry for decades, but now finds itself chasing rivals in most of the areas that define success in the field.

A key question confronting its leadership is whether a turnaround is best served by the company remaining whole or splitting up its key product and manufacturing operations. 

“We have a lot of hard work ahead,” Tan said, addressing the conference audience.

“There are areas where we’ve fallen short of your expectations.” 

The appointment of Tan, 65, who assumed the role on March 18, first sparked optimism and lured some investors back to the stock.

But since then, the shares have declined along with a general sell-off in technology shares.

In an initial memo to Intel employees, Tan said he’s confident he can turn the business around but that it won’t be easy.

Tan’s predecessor, Pat Gelsinger, was pushed out by the board for a perceived failure to rejuvenate Intel’s product lineup.

One of the most glaring challenges: creating an artificial intelligence (AI) accelerator chip that can rival the products of Nvidia Corp.

That company, once in Intel’s shadow, has seen its revenue and valuation skyrocket over the past two years due to the AI computing boom. — Bloomberg

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What is driving the acceleration of China’s unicorn enterprises

What is driving the acceleration of China’s unicorn enterprises

Boao forum conveys powerful roar of Asian engine

What is driving the acceleration of China’s unicorn enterprises

https://www.zgcforum.com.cn/uploads/2025-03-23/6ae305e1-a9af-4f3a-88d0-1f175799adde1742709825278.png
 The view of the Yangtze River Bridge in Southwest China's Chongqing. Photo: VCG

The China Unicorn Enterprise Development Report (2025), released at the Second Global Unicorn Company Conference, reveals that China currently has 409 unicorn enterprises with a total valuation of approximately $1.5 trillion. This accounts for nearly 30 percent of the global unicorn firms and ranking China second worldwide. At the same time, international capital is demonstrating its confidence in China's technological innovation and economic growth through concrete actions. Foreign media, including Fortune magazine, have noted the significant inflow of international capital into China, emphasizing the immense appeal of the country's tech companies and their innovative potential. These developments send an increasingly clear message to the world: walking alongside China means walking with opportunities, believing in China means believing in the future and investing in China means investing in tomorrow.  

In 2013, American venture capitalist Aileen Lee coined the term "unicorn" to describe tech startups valued at over $1 billion that are not listed on a share market, drawing inspiration from the mythical creature known for its rarity and value. While unicorn enterprises are no longer as scarce as they were a decade ago, they continue to represent highly innovative and fast-growing companies, widely regarded as key indicators of the latest technological revolutions and industrial transformations. Compared to the 369 unicorn enterprises listed in last year's report, the number and geographical distribution of Chinese unicorns have further expanded this year. Additionally, according to another report released last year, from 2016 to 2023, the number of unicorn enterprise sectors in China increased from 22 to 39, shifting from a focus on business model innovation to one increasingly driven by technological advancements. Unicorn enterprises are playing an increasingly prominent role in China's economic transformation and upgrading.

With breakthroughs in cutting-edge technologies such as artificial intelligence (AI), quantum computing and biotechnology, China's innovative tech enterprises undoubtedly are set to play an increasingly significant role in the global unicorn enterprise landscape. The deep integration of the digital and real economies, the construction of an innovation ecosystem, and the deepening of capital market reforms will all help more startups with disruptive innovation capabilities to quickly grow into unicorn enterprises. 

Moreover, what is becoming increasingly evident to the world is the value of China as a fertile ground for the growth of innovative technology enterprises. From the national level to local governments, a multi-tiered and comprehensive support system enables these enterprises to face market competition and unknown territories with greater confidence, allowing them to continuously catch up with and even lead the forefront of the world.

China's development approach, which focuses on handling its own affairs well, fundamentally ensures that the country's technological innovation remains a process of continuous self-breakthrough. Take unicorn enterprises as an example: The meeting of the Political Bureau of the CPC Central Committee last July called for strong and effective support for gazelle companies and unicorn firms and this year's two sessions reaffirmed this commitment, from which people see the momentum for development in China that demands urgent actions to seize every opportunity. While trade wars, regional conflicts, and climate disasters continue to challenge the international community, China has remained steadfast in its direction and is forging ahead on its chosen path.

China, with its massive market of over 1.4 billion people, has seen its tech companies innovate through competition, transforming people's lifestyles and, to some extent, redefining the era. Today, China's mobile payment, e-commerce, and sharing economy models have been widely studied in regions such as Southeast Asia, Africa, and Latin America. Breakthroughs in fields like 5G, AI, and biomedicine are also providing new options for optimizing global supply chains and improving healthcare. When China's convenient, efficient, and low-cost lifestyle leaves a deep impression on foreign vloggers visiting the country, and when DeepSeek amazes the world with the new opportunities brought by AI, people believe that this is far from the endpoint of "Made in China" reshaping global imagination.

There is a viewpoint that 2025 could be the year when Chinese tech firms stun the world. In fact, this serves as yet another higher starting point for the idea that "investing in China is investing in the future." Data shows that in the past five years, the return rate of foreign direct investment in China is around 9 percent, which is at relatively high level in the world. Additionally, China is actively addressing the issues faced by foreign enterprises operating within the country and is willing to share vast development opportunities. Looking back, there is a solid foundation for cooperation; looking forward, there are positive expectations for development. Oliver Zipse, chairman of the board of management of BMW Group, stated that as long as the spirit of cooperation is upheld, new growth potential will be unleashed, which reflects the common sentiment of both Chinese and foreign enterprises in the face of opportunities.

The way a country views technological development and competition often reveals its aspirations and character. From substantial investments of international capital to widespread enthusiasm for the global sharing of technological achievements, it is clear that open cooperation is a common desire among the people and a prevailing trend of the times. China will continue to demonstrate through action that technological innovation will further flourish in this vibrant land, as it not only has a vast market, strong policy support, and a dynamic talent ecosystem, but also a steadfast commitment to pursuing development in collaboration with the world.

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By Global Times | 2025/3/19 10:33:59