The US Federal Reserve and a group of major financial institutions will launch a 12-week digital dollar pilot program, months after US lawmakers called for the government to join a digital-asset "space race" to compete with China - a frontrunner in promoting the use of the digital yuan both at home and abroad.

A flurry of optimism prevailed on global markets ahead of the US Federal Reserve's announcement of its interest rate hike decisions for November, with markets anticipating that the pace of the hikes will ease next year given dismal economic data in the US.

The US Federal Reserve on June 15 raised its benchmark interest rate by 75 basis points

Despite the global market turning jittery amid multiple uncertainties like the rising commodity prices, escalating geopolitical tensions and US Federal Reserve's more rounds of interest rate hikes, international investors still hold a positive outlook on renminbi assets and retain good exposure to the Chinese stock market.