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May 26 Financial Breakfast: Expectations of a US-Iran peace agreement cause the US dollar to decline, supporting gold prices; US oil dips towards the 90 mark; be cautious of renewed fighting risks amid negotiations

```htmlGolden Ten Data reported on May 26 that a recent research report by Goldman Sachs indicates the internationalization and application level of the renminbi has improved, with ample growth potential for the future. According to the report, over the past two years, the proportion of renminbi in the global payment system has remained between 3% and 4%; by 2025, the renminbi is expected to account for about 2% of global official foreign exchange reserves. The report suggests that in the next phase, renminbi internationalization will likely be led by offshore markets, with Hong Kong as the core hub. The process will not prioritize a full opening of the capital account but will advance steadily by leveraging the gradual opening of the onshore market and deep expansion of offshore markets. Supported by renminbi appreciation, policy incentives, and mechanisms such as central bank currency swaps and offshore clearing banks, the cost of offshore renminbi funds continues to decline and liquidity is steadily increasing. Additionally, sustained renminbi appreciation helps to gradually narrow the price spread between onshore and offshore funds.```

This quarter, JOYY's revenue reached $555.7 million, a year-on-year increase of 12.4%, marking the highest growth rate in recent years. In this financial report, JOYY Group disclosed its performance for the first time according to three main business segments: social entertainment, ad technology BIGO Ads, and e-commerce SHOPLINE, all of which achieved year-on-year growth. The social entertainment business, which serves as the strategic cornerstone, generated $400.4 million in revenue, up 3.2% year-on-year, continuously providing a stable cash flow foundation for the group. The ad technology business BIGO Ads and e-commerce business SHOPLINE, both serving as the second growth curve, maintained strong growth momentum: BIGO Ads revenue reached $124.8 million, an increase of 55.6% year-on-year; SHOPLINE's revenue hit $30.5 million, with a year-on-year growth rate of 16.1%.