creating a social media platform, well, it s hard, but when it works, it really works. the reverse, however, is also true. and when communities leave a social media platform, they can do so pretty quickly. remember myspace? anyone? michelle fleury there. chinese officials are closely watching the performance of the renminbi, it has fallen by almost 5% against the us against the us dollar this year making it one of the worst performing currencies in the region. something to note china does not have a floating exchange rate determined by market forces. instead, it pegs the yuan to the us dollar. if you look at this chart, it shows how much yuan you can get for one us dollar in the last six months. the people s bank of china the central bank there sets the midpoint fixing for the currency. the yuan can trade within the 2% range. recently, that midpoint has been fixed higher to tackle the slide of the currency. earlier i spoke to galvin chia
tend to run into the same problems. silicon valley bank also had an arm here in the uk, this morning british multinational, hsbc, agreed to buy it forjust over one us dollar. it s a deal that involves no taxpayer money. the move will save thousands of british tech startups and investors from big losses and potential collapse. the bank of england said no other uk banks had been materially affected by svb s collapse. here s uk chancellorjeremy hunt. all those really important companies that had deposits with silicon valley bank uk can access their deposits and normal banking services as of this morning. it is a very important outcome. no taxpayer money has been used as a result of a lot of hard work. our business reporter katie silver explains what impact the bank s lananh nguyen, is the us finance editorfor the reuters news agency. the us government has stepped in to
and not putting all your eggs in one basket. when you look at other banks they have large holdings of similar things but there are rules in place to have much more diversified portfolios and unless you have to sell those investments you don t tend to run into the same problems. silicon valley bank also had an arm here in the us you in the uk and this morning the hsbc agreed to buy it forjust over one us dollar. in a deal that involves no taxpayer money. the move was save thousands of british tech startups and investors from losses and potential collapse. the banking systems had no other uk banks had been materially affected by sub collapse. here is the uk transferjeremy hunt. shill the uk transferjeremy hunt. all those the uk transferjeremy hunt. fill those really eating important companies that had deposits with silicon valley bank uk can access their deposits and normal banking services as of this morning. it is a
pain on everyday russians that they start to then consider whether or not this is a good idea to have the administration in russia in place and vladimir putin. the reason why i say this, the ruble becomes front and center in currency. let s put it this way. precrisis last fall it cost you 70 rubles to buy one u.s. dollar. that was the exchange rate. earlier today it spiked up to around 110 rubles to buy that same u.s. dollar. now, in essence what that does is in an import/export centric economy like russia where they have a lot of commodity exports, right oil and gas, wheat and grains and that sort of thing but they have to buy everything else from the world, if everything else became 30% to 40% more expensive including those for everyday russians and everyday goods they use, that s where you start to really feel kind of the impact of things. so this is not just about, guys, the oligarchs but it is also very much about everyday
investors say geopolitical risks they do abound, and they tend to ease over time. general petraeus mentioned some of the historic levels of financial market turmoil that have happened in russia. i mean, the words being used are, again, historic, collapsed, unprecedented, all of these things, especially when it comes to the currency. that russian ruble weakens to its worst level on record, at one point today, it cost around 110 rubles to buy just one u.s. dollar. to give you some context at the beginning of the year, it cost around 75 rubles to buy the same dollar. that s how weakened the currency has gotten, and it s that quick and massive depreciation that led the russian central bank to more than double interest rates to 20% from 9 1/2%, i mean, here we re talking about some of the turmoil that s being caused by the fed, looking to raise rates by 1/2 of 1%. all in an effort to stop the selling pressure on the ruble, and try to encourage people and