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The pandemic accelerated the shift away from notes and coins. But China and others are realising that transition has a price
One of the idiosyncrasies of China’s huge appetite for luxury goods has been the high sales of – a niche item in the west. Their popularity initially reflected not just the fondness of the newly rich for conspicuous consumption, but also the practical need to carry large wodges of banknotes in a country that hadn’t truly embraced credit cards. Early last decade, it was unremarkable to pay a quarter’s rent or buy a car in cash.
Yet even vegetable sellers in small markets, or people begging on the streets, now use QR codes. By 2020, 98% of people said they most commonly paid using smartphone apps. The advantage, for the consumer, is convenience. For the authorities it offers not only efficiency but oversight, in a country which is battling corruption and which closely surveils its citizens. Beijing has also been promoting a developed by its central bank.

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WASHINGTON (AP) — The White House has a new curator and Donna Hayashi Smith is the first Asian American to hold the post. The White House announced her appointment Wednesday, the start of Asian ...

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Luxury British brand expects challenging trading conditions in UK and China to continue
Mulberry, the luxury British brand best known for its leather handbags , has reported a 4% decline in annual sales, becoming the latest high-end company to warn of a slowdown in spending among the richest shoppers.
In a , Thierry Andretta, the chief executive, said: “While we achieved positive revenue growth in the first half, Mulberry has not been immune to the broader downturn in luxury spending experienced in recent months, particularly in the UK and Asia. This decline was partially offset by positive trading in the US, where we have benefited from increased brand awareness.