News

On July 3, the onshore RMB against the USD closed at 6.7804 at 16:30, an increase of 62 points from the previous trading day.

According to reports, due to the impact of the Iran war, the UK’s June services PMI final value dropped from 49.3 in May to 48.8, marking the lowest level since January 2023. The rate of decline in new business reached its fastest pace since November 2022, as companies express concerns about the successor to UK Prime Minister Starmer, fiscal policy, and global inflationary pressures.

Foresight News reports, according to PYMNTS, that Illinois' new crypto tax will take effect on January 1, 2027. The law firm Jones Day recommends that brokers with business in the state register in advance and review their record-keeping processes. The new tax rate is 0.2% and applies to the value of digital assets traded, transferred, or stored by clients in the state. It is to be collected by brokers with a physical presence in Illinois or total Illinois revenue of $100,000 or more. Even if this threshold is not met, brokers must complete registration before January 1, 2027. Jones Day noted that the bill may face constitutional challenges. The bill was signed by Illinois Governor JB Pritzker in June. The Crypto Council for Innovation called it "the toughest digital asset tax law in the country," and CFTC Chairman Michael S. Selig also commented that this move will put pressure on Chicago's status as a financial center.