India starts the test of digital rupee
The Reserve Bank of India will start testing its central bank digital currency (CBDC) on December 1st. The testing will run in Mumbai, New Delhi, Bengaluru and Bhubaneswar. Some of the major banks, such as the State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank, will participate.
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OpenAI is launching a premium pilot subscription program called ChatGPT Plus for $20 a month. It will deliver faster response times and priority access to brand new features.
Germany’s GDP shrank by 0.2% in Q4 2022 after an upwardly revised 0.5% growth in the previous quarter. The annual GDP in Germany ended with just a 0.5% uptick as a result.
The US has been criticized by China regarding its debt ceiling. China has also said that the United States is “sabotaging” other countries’ efforts to reduce their debt. The US allegedly faces its most difficult debt limit struggle since 2011.
The Bank of Thailand has announced that it intends to open the door to virtual banking in Thailand. Supposedly, they’ll be ready to start offering their services by 2025.
For the first time since 1961, China’s population decreased in 2022, from 1.412 billion in 2021 to 1.411 billion. There were 9.56 million births in 2022, resulting in a record-low birth rate of 6.77 per 1,000 people, down from 10.41 in 2019. On the other hand, 10.41 million people have died, and the death rate is the highest since 1970.
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The Reserve Bank of Australia increased interest rates by 25 bps from 3.1% to 3.35%. The interest rates were raised for the ninth time in a row, bringing borrowing costs to a level not seen more than a decade.
“I envision a scenario in which inflation is dropping significantly and the economy is continuing to be strong,” Treasury Secretary Janet Yellen has remarked. “Having the lowest unemployment rate in more than 50 years and creating 500,000 new jobs doesn’t seem like a recession to me,” she added.
After almost falling to 100, the dollar index (DXY) surged above 103. This is for the first time since early January on rising hopes that the Fed will continue to hike interest rates. It was affected by the better-than-expected US jobs report.