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China has been expanding the use of digital currencies as it promotes wider use of its yuan, or renminbi, to reflect its status as the world’s second-largest economy and challenge the overwhelming sway of the U.S. dollar in international trade and finance. However, restrictions on access to Chinese financial markets and limits on convertibility of the yuan, or peoples money, are big obstacles blocking its global use. Still, Hong Kong already has stablecoin regulations and some Chinese experts are pushing for regulations to prepare for a possible stablecoin pegged to the yuan. Officials at the People’s Bank of China and State Council Information Office in Beijing did not immediately respond to requests for comment on a Reuters report that the State Council, or Cabinet, is preparing to issue a plan for internationalizing the yuan that might include a yuan stablecoin. In the U.S., President Donald Trump has made cryptofriendly policies a priority for his administration. He signed a law, the GENIUS Act, last month regulating stablecoins. How stablecoins work Stablecoins are digital currencies whose value is linked to a specific currency such as the U.S. dollar. They can be used as a substitute in situations where currency transactions might be difficult or costly. They are different from cryptocurrencies like Bitcoin in that their only purpose is to be a means of payment, not an investment meant to be traded to gain value. Dollar stablecoins are typically bought and sold for $1 each. They are based on a reserve equal to their value, but are issued by private institutions, not central banks like the U.S. Federal Reserve. Stablecoins are not Digital Central Bank Currencies, which are digital versions of currencies issued by central banks. They are based on blockchain-based distributed ledgers. They are stable in the sense that their value is anchored to the currency they are based on. Critics of stablecoins say that since they are essentially a proxy for ordinary currencies that can bypass banking systems and safeguards set up to manage traditional financial transactions, they may be most useful for illegal purposes. China inches toward using digital currencies China launched its own digital yuan, the e-CNY issued by its central bank, on a trial basis in 2019, and McDonalds was an early participant in that project. Chinese regulators have banned mining, trading and other dealings in private, decentralized digital currencies like Bitcoin, while encouraging use of the digital yuan. The nearly universal use of electronic payments has facilitated use of the e-CNY in the Chinese mainland, with some cities using it to pay wages of civil servants. State media reported that as of July 2024, there were 7.3 trillion yuan worth of transactions using the currency in areas where it is being used on a trial basis. China has also been promoting use of e-CNY in Africa, as it expands business dealings on the continent. But e-CNY are not stablecoins. Experts say regulations are needed to safely manage use of stablecoins and to ensure they could be used smoothly with bank accounts and payment systems. Hong Kong’s role in digital currencies Hong Kong, a former British colony that has its own financial markets, currency and partly autonomous legal system, enacted a stablecoin law that took effect on Aug. 1. Aimed at attracting wealthy investors who want to use digital currencies and other financial products, it requires that a stablecoin linked to the Hong Kong dollar must be equal to the Hong Kong dollar reserves for that digital currency. As a global duty-free port and financial hub, Hong Kong has often served as a base for trying out paths toward liberalizing Chinese financial markets. But new regulations specifically governing yuan stablecoin would be needed if such a digital currency were issued for use in Hong Kong, Liu Xiaochun, deputy director of the Shanghai Institute of New Finance, recently wrote in a report on the Chinese financial website Yicai.com. China’s limits on cross-border dealings China’s currency is not freely convertible in world financial markets and its stringent controls on foreign exchange are the biggest hindrance toward making the yuan a global currency, experts say. According to the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, as of June, the yuan was the sixth most active currency for global payments by value, with a share of 2.88%. Its use peaked in July 2024 at about 4.7%. It’s used more often in trade financing, where it accounts for nearly 6% of such dealings, according to that report. The lions share of yuan transactions take place in Hong Kong. The U.S. dollar’s share as a global payment currency was over 47% as of June, followed by the euro, the British pound, the Canadian dollar and the Japanese yen, the report said. Elaine Kurtenbach, AP business writer AP Researcher Shihuan Chen contributed.
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E-Commerce
Johnson & Johnson said on Thursday it would invest $2 billion in North Carolina as it aims to expand its U.S. manufacturing presence amid looming drug import duties proposed by President Donald Trump’s administration. Major drugmakers, including Eli Lilly and AstraZeneca, have also committed to shell out billions of dollars to scale up their U.S. footprint in response to Trump’s efforts, including tariff threats. Earlier this month, Trump said he plans to impose phased-in tariffs for the pharmaceutical sector, which could start small and eventually rise to 250%. J&J said on Thursday it has reached a 10-year agreement with Tokyo-based contract drug developer Fujifilm Diosynth for its more than 160,000-square-foot manufacturing facility in Holly Springs, North Carolina, which would create about 120 new jobs. Fujifilm in April had signed a more than $3 billion deal with Regeneron to manufacture and supply drug products for the U.S.-based company at its North Carolina facility for a span of 10 years. J&J would also announce plans for additional manufacturing facilities in the U.S. and the expansion of current U.S. sites in the coming months. The healthcare conglomerate had said in March it would raise U.S. investments by 25% to more than $55 billion over the next four years, including a separate plant in Wilson, North Carolina. Mariam Sunny, Reuters
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E-Commerce
Many employers are demanding more from workers these days, pushing them to log as many hours as possible. Google, for example, told all its employees that they should expect to spend 60 or more hours in the office every week. Some tech companies are demanding 12-hour days, six days a week, from their new hires. More job applicants in healthcare, engineering, and consulting have been told to expect longer hours than previously demanded due to a weak job market. On the other hand, companies such as Cisco, Booz Allen Hamilton, and Intuit have earned a reputation for supporting a strong work-life balance, according to Glassdoor employee ratings. To promote work-life balance, they offer flexible work options, give workers tips on setting boundaries, and provide benefits to promote mental and physical well-being, including mindfulness and meditation training, and personal coaching outside of work. As a psychologist who studies workplace performance and well-being, Ive seen abundant evidence that overworking employees can actually make them less productive. Instead, research shows that when employees have the time and space to lead a fulfilling life outside worksuch as being free to spend time with their families or pursue creative hobbiesit improves their performance on the job. Falling prey to the “focusing illusion” For example, a team of researchers reviewed 70 studies looking at how managers support workers family lives. They found that when supervisors show consideration for workers personal roles as a family member, including providing help to workers and modeling work-family balance, those employees are more loyal and helpful on the job and are also less likely to think about quitting. Another study found that workers who could take on creative projects outside of work became more creative at work, regardless of their own personalities. This was true even for workers who didnt consider themselves to be very creative to start with, which suggests it was the workplace culture that really made a difference. When employers become obsessed with their workers productivity, they can get hung up on tracking immediate goals such as the number of emails sent or sales calls made. But they tend to neglect other vital aspects of employees lives that, perhaps somewhat ironically, sustain long-term productivity. Daniel Kahneman, the late psychologist whose research team won a Nobel Prize in economics, called this common misconception the focusing illusion. In this case, many employers underestimate the hidden costs of making people work more hours than they can muster while maintaining some semblance of work-life balance. Among them are mental health problems, burnout, and high turnover rates. In other words, overly demanding policies can ultimately hinder the performance employers want to see. Taking it from Simone Biles Many top performers recognize the value of work while also valuing the time spent away from it. At the end of the day, were human too, said Simone Biles, who is widely considered the best gymnast on record. We have to protect our mind and body, rather than just go out there and do what the world wants us to do. Elite athletes like Biles require time away from the spotlight to recuperate and hone their skills. Others who are at the top of their professions turn to hobbies to recharge their batteries. Albert Einsteins passion for playing the violin and piano was not merely a diversion from physicsit was instrumental to the famous and widely beloved scientists groundbreaking scientific insights. Einsteins second wife, Elsa Einstein, observed that he took short breaks to play music when he was thinking about his scientific theories. Taking a break Ive reviewed hundreds of studies that show leisure time isnt a luxuryit fulfills key psychological needs. Taking longer and more frequent breaks from your job than your workaholic boss might like can help you get more rest, recover from work-related stress, and increase your sense of mastery and autonomy. Thats because when employees find fulfillment outside of work, they tend to become better at their jobs, making their employers more likely to thrive. Thats what a team of researchers found when they studied the workforce at a large city hospital in the U.S. Employees who thought their bosses supported their family life were happier with their jobs, more loyal, and less likely to quit. Unsurprisingly, the happier, more supported workers also gave their supervisors higher ratings. Researchers who studied the daily leisure activities of 100 Dutch teachers found that when the educators could take some of their time off to relax and engage in hobbies outside work, they felt better and had an easier time coping with the demands of their job the next day. Another study of German emergency service workers found that not having enough fun over the weekend, such as socializing with friends and relatives, can undermine job performance the following week. Finding the hidden costs of overwork The mental health consequences of overwork, spending too many hours on the job, or getting mentally or physically exhausted by your work are significant and measurable. According to the
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E-Commerce
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