Issuing a stablecoin pegged to the offshore yuan in Hong Kong may be more feasible than in mainland China due to the latter’s capital controls, a central bank adviser has said. The comments from Huang Yiping, also dean of Peking University’s National School of Development, came as worries arise in Beijing’s policy circles that Washington could gain an upper hand through the cryptocurrency offshoot as a means of consolidating US dollar dominance. “As China’s capital account is not fully... Politics
China’s central bank seeks European lenders’ advice on low interest rates Financial Times Politics
When South Korea reportedly halted its digital currency pilot programme this week in favour of stablecoins – cryptocurrencies pegged to a reference asset, typically a fiat currency – it sent shock waves through central banks across the world. It also left China – a pioneer in central bank-backed digital currencies with its digital yuan, or e-CNY – with an important question to answer, namely whether it should continue to explore such digital assets or revisit the possibility of adopting the... Politics
China's central bank pledges to speed up policy response to economic conditions Reuters Economics
China is doubling down on its efforts to encourage domestic consumption, with the central government and the country’s wealthiest province rolling out policies aimed at providing structural financial support and on-the-ground incentives. Continued policy support is crucial to keep China’s domestic consumption afloat as trade uncertainties and unemployment pressures persist, analysts said. The People’s Bank of China (PBOC) said on Tuesday that a 500 billion yuan (US$69.68 billion) relending quota... Economics
China’s Central Bank Seeks Bigger Role for Yuan on Global Stage WSJ Politics
China’s central bank is launching a new connect programme with Hong Kong to facilitate cross-border payments – Beijing’s latest move to open up its financial sector and also leverage the southern financial centre to better connect with the rest of the world. The Payment Connect programme will link the mainland’s Internet Banking Payment System and Hong Kong’s Faster Payment System (FPS), allowing users to make payments and wire money faster and more conveniently. The programme will begin on... Politics
China’s central bank chief expects new global currency order Financial Times Politics
China's central bank buys gold for seventh straight month in May CNBC Economics
