The People's Bank of China (PBOC) has established the yuan’s daily reference rate, or “fix,” at 7.0796 per US dollar — the strongest level since October 2024 — signalling clear support for the Chinese currency as markets prepare for potential U.S. rate cuts. ([People's Bank of China][1])

The firm fixing comes after the offshore yuan briefly touched 7.0794 on Tuesday, an intraday high matching the on-shore midpoint. By midday Wednesday, the offshore rate strengthened further to around 7.078. ([Google][2])

Economists say this could mark the beginning of a gradual but sustained yuan appreciation cycle — especially if the Federal Reserve (Fed) lowers U.S. interest rates as expected at its December meeting. “In the absence of tangible improvements in China’s macro fundamentals, I tend to see this as a recognition of its geopolitical power,” said one senior economist. The combination of a firmer yuan fix and a weakening dollar could push the renminbi even higher. ([Reuters][3])

Analysts highlight that the strengthened fix and recent state-backed dollar-buying operations by Chinese banks signal a deliberate policy choice, not a market-driven move. This echoes previous episodes when China used exchange-rate management to stabilise the yuan under volatile global conditions. ([Reuters][3])

Despite sluggish domestic economic growth, depressed interest rates and persistent global uncertainty, the yuan looks increasingly attractive to international investors. Daily turnover in the USD/CNY pair has risen roughly 60 percent since 2022, reflecting growing global interest in the currency. ([Reuters][3])

The market now watches closely whether upcoming U.S. monetary policy moves — especially a potential Fed rate cut — will accelerate yuan gains, and if China will maintain its strong guidance amid capital-flow pressures. For the time being, the stronger fix suggests Chinese authorities are confident in the yuan’s rising status in global finance.

Former President Jair Bolsonaro of Brazil began serving his 27-year prison sentence yesterday, after his appeal was rejected and authorities confirmed his detention following an alleged attempt to remove his electronic ankle monitor.

The decision followed his conviction for planning a coup to remain in power after losing the 2022 election to Luiz Inácio Lula da Silva.

President Lula addressed the nation, saying Brazil had “given the world a lesson in democracy”.

He noted that never before in the country's history had a former president been sent to prison for plotting an armed coup.
The verdict marks a watershed moment — a formal assertion that democratic institutions take primacy over personal ambitions.

Bolsonaro, seventy years old, had been under house arrest since August.

On Saturday, authorities arrested him after he attempted to tamper with the ankle monitor — reportedly using a soldering iron.

He later told a judge the act resulted from a “psychotic episode,” induced by medication, claiming he believed the ankle tag was bugged.

A four-judge panel of the top court unanimously voted to keep him in custody, citing a clear risk of flight.

The original sentence, handed down in September, found Bolsonaro guilty on multiple counts including leading an armed criminal organisation, violent efforts to dismantle the democratic rule of law and a broader plot that included plans to eliminate top officials.

It was the first time in Brazil’s modern history that a former president received such a sentence on coup-related charges.

Supporters of Bolsonaro gathered outside the headquarters of the Federal Police in Brasília chanting for clemency, while others poured champagne and celebrated what they called “justice served”.

Some urged Congress to pass a pardon law; others insulted presiding Judge Alexandre de Moraes.

In preparing for prison, officials say Bolsonaro will be held in a private cell of roughly twelve square meters, with access to a bed, private bathroom, air conditioning, television and a writing desk.

He will have access to his doctors and lawyers, though any visit from outsiders will require special court approval.

His legal team has already announced plans to appeal again, arguing his fragile health — including ongoing effects from a 2018 stabbing and subsequent surgeries — merits house arrest rather than incarceration.

As of now, however, the Supreme Court appears resolute: the rule of law must prevail.

This moment underscores a deeper truth: in a world where public power and political myths too often eclipse institutions, Brazil has, for now, reaffirmed that no leader lies above the law.

Democracy, it seems, can still assert its authority — even at the highest level of governance.

A Hong Kong-invented set of electronic tap shoes made its public debut in an imaginative performance titled The Next Movement, marking a new step forward for the city’s home-grown dance technology. Created by tap dance group Step Out Studios, the shoes replace traditional metal plates with built-in sensors that generate sound electronically, allowing performers to produce rhythms without relying on physical impact against the floor.

The concept was developed during the Covid-19 pandemic, when dancers confined to small homes struggled to practise without disturbing neighbours. In 2023, Step Out secured government support under a development programme known as The Future Step, enabling the group to refine the technology and prepare it for stage presentation.

The performance opens with a short film documenting the development process, followed by an introduction from Step Out’s Zoe Chan and Cal Tang. They explain how each step triggers digital sound output and guide the audience in using wireless headphones to experience the full range of audio textures generated by the new footwear.

Segments of the show, including the lively Playtime, highlight how the technology can reshape tap choreography by expanding the sound palette and freeing dancers from the constraints of traditional acoustic tap. The cast—mainly young dancers closely involved in the project—perform with an infectious enthusiasm that reflects the years of experimentation behind the invention.

The production also underscores the value of public investment in local arts innovation. With Hong Kong pushing to position itself as a hub for creative technology, Step Out’s achievement demonstrates how grassroots artistic ambition, combined with institutional support, can yield fresh cultural breakthroughs. The Next Movement ultimately serves as both a milestone for the troupe and an intriguing glimpse of how dance performance may evolve in the digital age.