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Only the Japanese yen has proved stronger than the greenback among G-10 currencies so far this year, with the Norwegian krone, euro, and Swiss franc falling sharply.

Already on thin ice financially, the city's pensions could take an even deeper hit in 2023 if the market rout continues to erode returns.

Nellie Liang, the U.S. Treasury Department's undersecretary for domestic finance, says that the need for a digital dollar doesn't currently exist and that the U.S. might adopt a CBDC several years from now, if a lot of other countries do so first.

After a decade of struggling to keep up with Wall Street, European banks are enjoying a rare period of outperformance, buttressed by four large interest rate increases in the span of just half a year.

France has accused Washington of pursuing a "Chinese-style" industrial policy that discriminates against non-U.S. companies and has said it may take the U.S. to the WTO over its new law.

A wave of fund redemptions by retail investors has fueled China's biggest credit selloff since 2015.