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Chinese finance guru Zhu Hexin to take over as head of forex

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Zhu Hexin to take over forex

Chinese finance guru Zhu Hexin to take over as head of forex. Zhu is also likely to be named a deputy governor of the PBOC. The move comes as China faces economic challenges. China is expected to announce the appointment of Zhu Hexin, the chief of state-run financial conglomerate CITIC Group and a veteran banker, … Read more

China maintains its lending criteria, concerned of policy divergence risks

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China

Policymakers are wary of the risks that the yuan will depreciate and capital outflows if further easing is undertaken. The one-year loan prime rate (LPR) was kept at 3.70%, and the five-year LPR was unchanged at 4.45% on Thursday, September 19. China sat tight on its benchmark loaning rates for corporate and family credits, true … Read more

Chinese currency to remain safe haven for investors

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chinese currency

BEIJING: The Chinese yuan is likely to hold its strength as a safe haven for global investors seeking shelter against geopolitical conflicts, leaving more policy space for China’s central bank to support the economy, experts said on Thursday. The currency is expected to stay appealing even amid the looming interest rate hikes by the US … Read more

China’s central bank injects liquidity into market in January

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China's central bank

BEIJING – China’s central bank said Monday that it pumped cash into the money market in January to meet the liquidity demand from financial institutions. A total of 700 billion yuan (about 110 billion U.S. dollars) was injected into the market via the medium-term lending facility (MLF) last month to maintain liquidity in the banking … Read more

China cuts reverse repo rate by 10 basis points to maintain liquidity

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china central bank

BEIJING: China’s central bank on Monday lowered the rate of its 14-day reverse repos by 10 basis points for the first time since June 2020, to maintain stable liquidity in the banking system ahead of the Spring Festival. The People’s Bank of China (PBOC) injected 150 billion yuan ($23.7 billion) worth of reverse repos into … Read more

China’s central bank cuts relending rates for agriculture, small firms

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China’s central bank

BEIJING: China’s central bank on Tuesday announced that it has decided to lower relending rates for the agriculture sector and small enterprises by 0.25 percentage points starting from December 7. After the reduction, the interest rates of three-month reloans supporting the development of agriculture and small firms stood at 1.7 per cent, six-month at 1.9 … Read more

Chinese regulators say Evergrande default an individual case, impact controllable

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Evergrande

BEIJING: The recent default of property developer China Evergrande Group is an individual case and will pose little impact on the market, the country’s regulatory authorities said. Evergrande’s problem was mainly caused by its own mismanagement and break-neck expansion, an official with the People’s Bank of China told the press when asked to comment on … Read more

Alibaba will stop selling specialized mining equipment on its platforms

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Alibaba

From Oct. 8, E-commerce hulk Alibaba will stop selling specialized mining equipment on its platforms. Alibaba stated its decision was in reply to the most recent People’s Bank of China (PBoC) policy circular on cryptocurrency trading as well as a 2017 circular. The notice, signed by some of China’s top financial regulators and issued, banned … Read more

Bitcoin is now considered virtual property by a Shanghai court

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Bitcoin

The Minhang District Court of Shanghai confirmed Bitcoin to be a virtual asset under Chinese law. This isn’t the first time that the court has ruled that cryptocurrency assets should be protected in regard to Chinese regulations on property ownership.

As per the court, cryptocurrency meets the virtual property condition since it is precious, scarce, transferable, and disposable.

This time, the court case involved a litigant who purchased Bitcoin mining machines from the defendant through the Internet. But with the People’s Bank of China (PBOC) cracking down on cryptocurrency mining, the litigant believed the transaction was illegal. The litigant then asked for a refund claiming that the contract was invalid.

Now, the court case involved a litigant who bought bitcoin mining machines from the defendant via the Internet. But the People’s Bank of China (PBOC) cracked down on corrupt crypto mining, claiming the transaction was illegal. The litigant then demanded a refund, claiming that the agreement was invalid.

But the court said the bitcoin had virtual commodity features, so the sale and purchase agreement was valid, and the court prohibited the litigant’s claim.

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Bitcoin ” versus “ the Chinese Digital Yuan

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Bitcoin

Over 80 governments throughout the world (representing 90% of global GDP) are researching or experimenting with central bank digital currencies at the moment (CBDCs).

Only five nations had launched CBDCs as of July 2021. The Bahamas, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia, and Grenada are all Caribbean island nations.

With its digital yuan, commonly known as the e-RMB or the Digital Currency, Electronic Payments, China has made the most progress toward becoming a fully-fledged CBDC of all major economies (DCEP).

CBDCs are digital currency managed by the government. In China’s case, the CBDC would be a digital counterpart of the yuan, the country’s currency (hence, e-RMB). CBDCs are comparable to stablecoins, which are tied to a fiat currency at a 1:1 ratio.

So the digital yuan is essentially the digital version of China’s physical currency: instead of carrying a physical banknote in your pocket, you digitally save the fiat in a mobile wallet. Each issued digital yuan token has the same unique identification as each real banknote printed by the central bank.

CBDCs, unlike cryptocurrencies, aren’t usually built on a decentralized blockchain since the central bank wants to keep control of the ledgers.

The digital yuan, which was first proposed in 2017, has been in the experimental stage since April 2020.

The People’s Bank of China (PBoC) began airdropping millions of digital yuan to citizens in October 2020 as part of a test of the technology—and to generate some excitement about it. In the summer of 2021, this is still going on.

The digital yuan is already accepted by a growing number of retailers around China, including Walmart.

According to the PBoC’s July 2021 progress report, the digital yuan was used in 70.75 million transactions by the end of June, with a total value of 34.5 billion yuan ($5 billion).

A huge roll-out during the Beijing 2022 Winter Olympics in February is next on the digital yuan’s plan. Foreign visitors will be included in the rollout.

Senators Cynthia Lummis (R-WY) and Marsha Blackburn (R-TN) and Roger Wicker (R-MS), all supporters of Bitcoin, have asked the United States Olympic and Paralympic Committee to prohibit athletes from using the digital yuan because it “may be used to surveil Chinese citizens and those visiting China on an unprecedented scale.”

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PBoC continues the crackdown on cryptocurrency trade

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PBoC

PBoC continues the crackdown on the cryptocurrency trade. People’s Bank of China has shut down a company that provided bitcoin trading software. As Chinese officials continue the crackdown on crypto-related transactions.

A senior PBoC official declared two days after the closure that the central bank would ramp up testing of its prototype “digital yuan.”

Beijing Qudao Cultural Development, a software firm, has been ordered to cease operations by the PBoC’s Beijing office, according to a statement released on July 6.

Following a meeting with banks and payment companies, the PBOC issued a statement ordering them to properly monitor customer accounts, identify those involved in cryptocurrency transactions, and terminate their payment channels as soon as possible.

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