6 d. ago China’s central bank sets yuan at highest rate against US dollar in a year

China’s central bank has set the yuan’s daily reference rate against the US dollar at the strongest level in a year, as expectations grow that the US Federal Reserve will cut rates again this month. On Thursday, the People’s Bank of China (PBOC) set the yuan’s midpoint rate – also known as the daily fixing rate – at 7.0968 per US dollar, its strongest since October last year. Two days earlier, US Federal Reserve Chairman Jerome Powell said that America’s labour market and inflation outlooks were...

Economics

3 w. ago HSBC, Standard Chartered complete first yuan repo under new scheme

Hong Kong note-issuing banks HSBC and Standard Chartered on Monday completed trades at the launch of the city’s cross-boundary bond repurchase (repo) scheme, according to the two lenders. The cross-boundary bond repo business was launched by the Hong Kong Monetary Authority (HKMA) and the People’s Bank of China, alongside other mainland authorities, as the latest initiative to enhance the Bond Connect scheme, which would encourage more international investors to trade in yuan-denominated...

Politics

3 w. ago China opens digital yuan operations centre to bolster internationalisation

China is stepping up efforts to encourage the use of its digital yuan in cross-border payments and overseas markets, offering an alternative amid an international frenzy over stablecoins, as it aims to reshape the global financial architecture now dominated by the US dollar. China’s international operations centre for the digital yuan opened in Shanghai on Thursday, with the People’s Bank of China highlighting three platforms designed to accelerate the internationalisation of the digital Chinese...

Politics

3 w. ago ‘Inclusive, innovative’: China ups push for digital yuan internationalisation

China is stepping up efforts to encourage the use of its digital yuan in cross-border payments and overseas markets, offering an alternative amid an international frenzy over stablecoins, as it aims to reshape the global financial architecture now dominated by the US dollar. China’s international operations centre for the digital yuan opened in Shanghai on Thursday, with the People’s Bank of China highlighting three platforms designed to accelerate the internationalisation of the digital Chinese...

Politics

last month China expands ‘circle of friends’ as overseas investors boost domestic assets

China’s top financial officials said the country’s assets have become much more attractive to overseas capital in the past year at a high-profile press conference, adding Beijing would continue to prioritise domestic economic objectives even as interest rate cuts from the US Federal Reserve have created room for looser monetary policy. Adjustments to China’s monetary policy are “self-determined” and “data-based”, said Pan Gongsheng, governor of the People’s Bank of China, at the conference on...

Economics

last month People's Bank of China sets its 1 and 5 year Loan Prime Rate (LPR) rates unchanged

People's Bank of China sets its 1 and 5 year Loan Prime Rate (LPR) rates unchanged  investingLive

Politics