Chinese Investors' FX Pile Hits $1 Trillion Amid Low Local Rates
Total foreign-currency deposits onshore rose to $1.02 trillion in June, the highest since March 2022, according to data from the People's Bank of China released Monday. The net increase in the first half of the year was $165.5 billion, the biggest jump in data going back to 2005.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 hours ago
- Yahoo
Experts Share How Much Savings You Really Need To Retire in Hawaii
Hawaii seems like the perfect retirement, but it's also the most expensive state to live in. According to an index developed by the Bureau of Economic Analysis (BEA) and as reported by Yahoo Finance, Hawaii's cost of living is 8.6% higher than the national average. This is due to the state's remote location, which requires goods to be imported, thereby increasing prices. The limited availability of land and high demand for houses also contribute to a higher cost of living. Read More: Find Out: 'As a word of caution to anyone considering relocating to Hawaii, do not discount the fact that Hawaii has a unique culture that inherently looks down upon uninitiated emigrants,' said J.R. Robinson, owner and founder of Financial Planning Hawaii. 'It very definitely helps to have a local connection.' Here's what you need to know about retiring in Hawaii. How Much You Need To Retire in Hawaii Daniel Gleich, CEO and President of Madison Trust Company, said Hawaii's high cost of living makes it the most expensive state to retire in comfortably. According to a Madison Trust Company report, residents should aim to save $2,212,084 by age 65. This figure includes basic living expenses and discretionary spending. This takes into consideration expenses such as groceries, housing, transportation, health care, utilities and supplemental funds for extracurriculars. However, there's no one-size-fits-all answer. 'There is no specific nest egg value to answer this question. It depends upon the consumer's income needs and standard of living,' said Robinson. But there are also some important considerations to make. 'First, in terms of the cost of living, Hawaii is akin to San Francisco, New York and Boston in terms of housing costs and general cost of living,' he explained. 'Real estate prices are comparable, while grocery expenses tend to be higher in Hawaii.' While real estate prices are comparable, Robinson noted that real estate costs are commonly underestimated. Many retirees are drawn to affordable older condominiums, only to be hit with major assessments for renovations. 'There is a common saying among Hawaii realtors that residential real estate in Hawaii has historically been a good investment, but that consumers would be better served by renting than buying when it comes to condos,' he said. Discover Next: How To Financially Prepare for Retirement in Hawaii Retiring in a high-cost area like Hawaii requires some extra planning. It's also important to keep in mind that Hawaii has a state income tax rate that caps out at 11% — one of the highest in the U.S. 'At the same time, Hawaii is surprisingly progressive with respect to taxing retirees' income,' Robinson added. 'The state does not tax Social Security or pensions or even distributions from rollover IRAs or 401(k)s that can be attributed to employer contributions.' While Hawaii may offer tax advantages for retirees, especially when it comes to exempting certain retirement income, planning for a financially secure future often involves more than just understanding state tax laws. For many, it also means rethinking where and how their savings are invested. 'Many individuals consider exploring long-term retirement strategies that go beyond standard Wall Street options like stocks and bonds and explore self-directed IRAs as a way to diversify their portfolios,' Gleich said. A self-directed IRA allows individuals to invest in alternative assets like real estate, private lending or private equity to generate passive income and help offset the higher living expenses. 'A self-directed IRA can help provide an added layer of control, diversification, and possible passive income for those planning retirement in higher-cost states,' he added. Ultimately, the decision to retire in Hawaii should be based on your interests. 'If the consumer leans toward cosmopolitan, then Honolulu is probably a good fit. If lower-cost real estate and more country living is an objective, then any of the outer islands may be appropriate,' Robinson recommended. More From GOBankingRates 5 Cities You Need To Consider If You're Retiring in 2025 This article originally appeared on Experts Share How Much Savings You Really Need To Retire in Hawaii Sign in to access your portfolio
Yahoo
3 hours ago
- Yahoo
White House officials defend firing of labor official as critics warn of trust erosion
By Doina Chiacu and Jasper Ward WASHINGTON (Reuters) -Top White House economic advisers on Sunday defended President Donald Trump's firing of the head of the Bureau of Labor Statistics, pushing back against criticism that Trump's action could undermine confidence in official U.S. economic data. U.S Trade Representative Jamieson Greer told CBS that Trump had "real concerns" about the data, while Kevin Hassett, director of the National Economic Council, said the president "is right to call for new leadership." Hassett said on Fox News the main concern was Friday's BLS report of net downward revisions showing 258,000 fewer jobs had been created in May and June than previously reported. Trump accused BLS Commissioner Erika McEntarfer of faking the jobs numbers without providing any evidence of data manipulation. The BLS compiles the closely watched employment report as well as consumer and producer price data. The BLS gave no reason for the revised data but noted that "monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors." McEntarfer's firing added to growing concerns about the quality of U.S. economic data published by the federal government and came on the heels of a raft of new U.S. tariffs on dozens of trading partners, sending global stock markets tumbling as Trump presses ahead with plans to reorder the global economy. "I think what we need is a fresh set of eyes at the BLS, somebody who can clean this thing up," Hassett said on "Fox News Sunday." In an interview with CBS' "Face the Nation," Greer acknowledged there were always revisions of job numbers, "but sometimes you see these revisions go in really extreme ways." 'PREPOSTEROUS CHARGE' Critics, including former leaders of the BLS, slammed Trump's move and called on Congress to investigate McEntarfer's removal, saying it would undermine trust in a respected statistical agency. There was no way a commissioner could rig the jobs numbers, said William Beach, a former BLS commissioner and co-chair of the group Friends of the BLS. "Every year we've revised the numbers. When I was commissioner, we had a 500,000 job revision during President Trump's first term," Beach said on CNN's "State of the Union. "And why do we do that? Because firms are created or firms go out of business, and we don't really know that during the course of our of the year, until we reconcile against a real full count of all the businesses." Democrats and at least two Republican senators also criticized the firing. "This is a preposterous charge. These numbers are put together by teams of literally hundreds of people following detailed procedures that are in manuals," former Treasury Secretary Larry Summers said Sunday on ABC's "This Week." "What does a bad leader do when they get bad news? Shoot the messenger," Senate Minority Leader Chuck Schumer said in a speech on the Senate floor on Friday. The firing came amid a flurry of economic upheaval last week. Just hours before the tariff deadline on Friday, Trump signed an executive order imposing duties on U.S. imports from countries including Canada, Brazil, India and Taiwan, in his latest round of levies as countries attempted to seek ways to reach better deals. Greer and Hassett said on Sunday the bulk of those tariffs are likely to stay in place rather than be cut as part of continuing negotiations. India pushed back on Trump's threats of an additional penalty if it kept purchasing oil from Russia, two Indian government sources told Reuters on Saturday. Trump imposed a new 25% tariff on Indian goods.
Yahoo
3 hours ago
- Yahoo
OPEC+ agrees to hike oil production amid threat to Russian supply
Members of the oil producers' group OPEC+ agreed to raise production as concerns grow over possible disruptions to Russian supply. The group has been hiking production since April in a bid to cushion the market against geopolitical tensions, and the decision to increase oil output by 547,000 barrels per day would fully reverse a 2023 2.2 million-barrel cutback aimed at shoring up prices. The move comes after US President Donald Trump threatened to put tariffs on buyers of Russian oil, which could drive up crude prices and severely impact India and China, Moscow's biggest customers. Some Indian refiners have already reportedly stopped buying Russian oil, turning to Middle East and West African suppliers instead. — J.D. Capelouto Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
