The Iranian rial has seen its value plummet against the dollar this past week amid rumors that the U.S. will impose a new round of economic sanctions in the coming days. Iranians have scrambled to exchange in their rials for dollars in recent months, not knowing what the future may hold for their economy. These transactions, along with the speculation of sanctions, have caused the currency to see a sharp decline in value year to date.
The trade war between the world’s two largest economies is entering its second round, and China is taking a beating. Bloomberg writes that China has recently ceded its position as the world’s second largest economy in terms of market capitalization to Japan, whose equities it eclipsed previously in 2014. Chinese equities dropped in value to $6.09 trillion USD slipping well below the Japanese equity market, which is currently valued at $6.17 trillion USD.