Credit Suisse is booking a $4.7 billion write-down from dealings with Archegos Capital Management and is replacing several executives. Among those leaving are Chief Risk Officer Lara Warner and Brian Chin, who leads Credit Suisse's investment bank.

China's digital yuan is aimed toward international use as it tries to get a jump on future technologies. The digital yuan is also meant to ease the grip the US dollar has on the global financial system.

US Treasury Secretary Janet Yellen's proposal for a minimum corporate tax rate for major economies is likely to be a discussion topic at this week's International Monetary Fund and World Bank meetings. Yellen says she wants to stop a "30-year race to the bottom" in which countries attract companies by lowering taxes.

The total cryptocurrency market value has surpassed $2 trillion for the first time, with bitcoin making up more than half the total value. The increase in demand has been attributed to growing interest from institutional investors.

High-yield bonds have delivered returns of more than 23% during the past year. Bonds issued by pandemic-hit companies have proved particularly lucrative.

A spokesperson for Senate Majority Leader Chuck Schumer, D-N.Y., says the Biden administration's infrastructure plan can be enacted without Republican support in light of a ruling by Senate parliamentarian Elizabeth MacDonough. The ruling approves use of the reconciliation process, which lets a bill be passed by a simple majority if it is treated as a revision of budget legislation.

Clubhouse, a fast-growing social audio app, is rolling out a facility that will enable listeners to send money instantly and directly via Stripe to individual creators of content on the app, which could prove to be a breakthrough in social media monetization. The app aims to solve a problem perceived by Clubhouse that "creators were building a big audience on certain social media platforms but then having to move off of those platforms to actually monetize that audience," says Clubhouse influencer Josh Constine.

This week's meetings of the International Monetary Fund and the World Bank could lead to actions comparable to those taken at the Bretton Woods conference in 1944, which established the system that runs today's global economy, US Treasury Secretary Janet Yellen says. "Our current juncture is no less significant -- what we do in the coming months and years will have profound impacts on the trajectory of our country and on the global economic order," Yellen says.

Foreign investors offloaded a net $3.18 billion in stocks from several Asian markets in March, marking the third consecutive month of foreign investors being net sellers. Asia's promising performance at the start of the year has been hampered by higher US bond yields and a strengthening US dollar.

The percentage of borrowers with low credit scores who are more than 60 days late with car-loan payments is rising steadily, reaching 10.9% in February, compared with 10.7% in January and 8.7% in February 2020, according to TransUnion. Car loans are viewed as a barometer of subprime borrowers' financial standing, as they frequently represent the largest monthly expense.

Scott Minerd, chairman of Guggenheim Investments, says it is "highly likely" that the demise of Archegos Capital Management will be replicated by the collapse of another firm that will reverberate through the financial system. "I just see us as being very, very vulnerable to something coming out of the blue that nobody is really anticipating," Minerd said.

How to power our future is a key part of any sustainability conversation. That's why SmartBrief has launched a new podcast that focuses specifically on the people, technologies and trends that are powering the energy transition. In this first episode of the Renewable Energy SmartPod, Federal Energy Regulatory Commission Chairman Richard Glick shares his thoughts on maintaining fair and just energy markets, the continued fallout from the Texas power crisis and the role the government can play in the build out of the infrastructure needed to power a more renewable energy future.

Trading volumes for bitcoin derivatives reached record highs in March, according to The Block Research. Bitcoin futures volumes grew 1.9% from the previous record in January to reach $2.13 billion, while bitcoin options volumes reached $28.63 billion, a 16.19% monthly rise.

The Institute for Supply Management's services industry index reached a reading of 63.7 in March, representing the fastest month-over-month expansion since 1997. The February figure of 55.3 reflected a nine-month low as harsh wintry weather slowed activity.