The yuan has fallen 9.5% against the US dollar this year – Quartz

Good morning quartz readers!


Here’s what you need to know

The European Union has proposed a $140 billion tax on the profits of energy companies. the plan It aims to protect consumers and businesses amid the energy cost and supply crunch. France will Maximum power price By 15% next year.

The right-wing bloc in Sweden declared victory. The coalition won a majority in Parliament, and the far-right Swedish Democrats became the country The second largest party.

Chinese President Xi Jinping visited Kazakhstan. he is will meet with Russian President Vladimir Putin on the sidelines of the Shanghai Cooperation Organization summit First tour abroad Since the outbreak of covid.

South Korea has issued an arrest warrant for crypto developer Do Kwon. His company, Terraform Labs, is currently under investigation then 40 billion dollar crash code earlier this year.

Google has lost its appeal due to a hefty EU antitrust fine. However, the The fine has been reduced From 4.34 billion euros ($4.33 billion) to 4.125 billion euros ($4.121 billion).

The World Health Organization has said the end of Covid is “in sight”. The number of global deaths reached last week lowest point Since March 2020.

Starbucks will open 3,000 new stores in China. She plans to work 9000 stores in its second largest market by 2025, despite coronavirus restrictions affecting sales.



What to watch

Virtual reality enthusiasts attending the Tokyo Game Show, the video game industry’s annual trade fair that opens today, will be the first members of the general public to receive Sony’s second generation PlayStation virtual reality headset, PSVR2.

Once at the forefront of VR development, PSVR2 represents Sony Renewed commitment to virtual reality. When it released the original PSVR in 2016, it quickly surpassed competition headset sales like the Oculus Rift and was listed as one of Time’s best inventions of the year. But while it has had positive reviews, less than 5% of PlayStation owners actually purchased the device in the first three years after its launch. Sony CEOs seem to have lost interest in technology as sales slump in 2020. In October of that year, Sony PlayStation CEO Jim Ryan predicted that virtual reality wouldn’t be a meaningful part of gaming for years.

So it came as a surprise – and a relief to VR fans – when Sony announced it PSVR2 development In February 2021.


How worried is China about the yuan’s decline?

Chinese yuan It’s down 9.5% this year against the US dollar, close to what some analysts consider the important seven-dollar mark. An expected 75-point Fed rate hike next week could cause the yuan to fall even more.

One of the factors behind the weak performance of the yuan is high value of the dollar. Another problem is China’s continuing economic woes, from its faltering real estate sector to the turmoil caused by its strict no-virus policy.

So far, the Chinese authorities do not seem too alarmed. “In the future, the world will continue to strengthen the recognition of the renminbi,” Liu Guoqiang, deputy governor of China’s central bank, said at a policy briefing last week.

Mary Hoy


Check the progress of the sustainable development goals!

You will hear a lot about the Sustainable Development Goals – the Sustainable Development Goals – during the United Nations General Assembly, which kicked off this week in New York. And rightly so: in 2015, UN member states agreed to this A series of ambitious goals (Here’s a Helpful video explanationin Japanese) aims to reduce poverty, fight inequality and halt climate change by 2030.

Our latest limited email series, Need to Know: UNGA 2022, will track progress on some of the key Sustainable Development Goals. Let’s wet your whistle with a few numbers:

17: total sustainable development goals.

193: UN member states that have agreed to the goals.

169: Individual goals within the SDGs themselves, such as, “Reduce the neonatal mortality rate to at least 12 per 1,000 live births” or “Reduce and address the effects of ocean acidification.”

$176 trillion: Estimated cost of achieving all targets by 2030.

😬: Expected progress so far.

Will the world’s largest political summit surprise us by reporting impressive achievements on the Sustainable Development Goals? We can hope! Follow us Need to know: UN General Assembly 2022 emailGet updates every few days for the next two weeks.



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Surprising discoveries

La Niña is back again. Weather phenomenon formed For the third year in a row In the Pacific – only the third time this has happened since records began.

Our fellow mammals can teach us how to soothe crying babies. small animals becomes more voluntary When carried by a parent, this effect is known as the ‘transfer response’.

Exotic diamonds are harder than terrestrial species. Scientists complain Its unusual hexagonal structure has a relationship with him.

The capital of Kazakhstan will return to its former name. Astana Her name was changed to Nur-Sultan in 2019 to honor outgoing leader Nursultan Nazarbayev, but relations between him and his successor have since soured.

Chinese influencers look to IKEA lockers for an American high school vibe. fashion trend is all the rage On the social media platform Little Red Book (Xiaohongshu), but it can be difficult to get the original settings.


Best wishes for a fruitful day. Send any news, comments, treasury collections and exotic diamonds to hi@qz.com. Reader support makes Quartz available to everyone—Become a member. The daily summary of the day was provided by Sofia Lotto Persio, Mary Howe, Nicholas Rivero, Julia Malick and Susan Husson.

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