The Traderszone Network

HONG KONG/BEIJING (Reuters) – China’s long-awaited international payment system to process cross-border yuan transactions is ready and may be launched as early as September or October, three sources with direct knowledge of the matter told Reuters. The launch of the China International Payment System (CIPS) will remove one of the biggest hurdles to internationalizing the yuan and should increase global usage of the Chinese currency by cutting transaction costs and processing times.

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High-end electric vehicle maker Tesla Motors Inc (TSLA.O) on Monday said it is cutting jobs in China under a restructuring plan launched earlier this year, after missing a sales target in the world’s biggest car market. Tesla declined to specify how many jobs would be cut, and did not comment on a report in the Economic Observer newspaper last week that it was eliminating 30 percent of its staff or about 180 of its 600 employees in China.

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Greece’s finance minister has raised the temperature in Europe again, warning that his country could face a referendum or early elections.

Just one day after President Obama spoke in Selma, Alabama to mark the 50th anniversary of the “Bloody Sunday” police attack on the 1965 voting rights march, a video surfaced on Sunday showing a bunch of frat boys a few states over singing songs about lynching.
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Oil prices will reverse their recent gains, with U.S. crude likely to drop as far as $40 a barrel, Goldman Sachs said.

Gold suffered its biggest single-day drop since December 2013 on Friday, and analysts warn that further declines are likely.

Oil prices wobbled on Monday, as the dollar continued to hold recent gains and oil supplies stay elevated.
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