NZDUSD on the rise despite gloomy business confidence; Chines banks will start selling investment funds and insurance using digital Yuan

New Zealand released its ANZ Business Confidence figure on Monday. The August reading landed at -14.2, sharply down from the -3.8 in July. However, despite the gloomy business confidence, NZDUSD has been on the rise recently, just breaking the 0.7 level and currently trading at 0.7042. The momentum has been primarily supported by the declining COVID cases and ease of lockdown restrictions. The government has just announced that lockdown measures in regions outside Auckland will be reduced. If the condition continues to improve, the rising risk appetite will greatly benefit the currency.

In China, major Chinese banks are working with fund administrators and guarantors to enable digital yuan transactions in finance. China Construction Bank, specifically, has cooperated with an investment portfolio to allow residents to make investments or even purchase insurance using the state-backed digital currency.