EUROPEAN MIDDAY BRIEFING - Markets to End Week on -2-

05/27/2022 | 05:46am

BEIJING-China's industrial profit slid in April as the country grappled with Covid-19 lockdowns in Shanghai and other cities, which wreaked economic havoc.

Profits at China's industrial firms dropped 8.5% in April, reversing from 10.6% growth in March, the National Bureau of Statistics said Friday. Industrial profit increased 3.5% in the first four months of the year, slowing from 8.5% growth in the first quarter, the bureau said.

Digital Dollar Could Coexist With Stablecoins, Fed Vice Chairwoman Says

WASHINGTON-A U.S. central bank digital currency could one day provide consumers with a level of safety amid a proliferation of privately-issued digital assets such as stablecoins, Federal Reserve Vice Chairwoman Lael Brainard told House lawmakers Thursday.

Ms. Brainard told the House Financial Services Committee that in the future a central bank digital currency could coexist with and be complementary to stablecoins by providing a widely available, government-backed means of payment.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

05-27-22 0545ET

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