China
Myanmar and China to use renminbi for cross-border trade
Reports indicate that authorities will pilot settling small-scale trade transactions in yuan
PBoC cuts reserve requirements
But easing measure partially offset by withdrawal of other liquidity support
Book notes: Empire of silver, by Jin Xu
A useful introduction to China’s monetary history, focusing on the last 1,000 years, but not the easiest of reads throughout
PBoC hints at tilt to easier policy as growth slows
Third-quarter monetary policy report tweaked phrases, downplaying opposition to easy policy
Chinese governor says CBDC must balance privacy and anti-crime measures
Yi says PBoC will collect “minimum amount of information” as police report first CBDC-related arrests
China sets up $31 billion financing facility for ‘clean coal’
Move comes after PBoC excluded coal projects from eligibility for 'green bonds' finance
UK and China renew bilateral swap line
350 billion yuan swap line extended for a further five years
PBoC launches carbon-reduction monetary policy facility
Facility will offer low-cost loans for private firms investing in green projects
Data protection ‘high on the agenda’, says PBoC governor
The central bank has forced major fintech firms to hand over their customer data
China rolls out loss-absorbency rules for systemic banks
China to follow FSB standard, telling G-Sibs to build buffers worth 18% of risk-weighted assets
Transactional cash usage ebbs and flows in response to Covid-19
The proportion of payments made in cash ranged from 3% to 88%
HKMA says firms must report on national security law suspects
Financial regulators say firms must report on those arrested under anti-dissident law
PBoC steps up efforts to safeguard cash use
Chinese central bank fines railway $78,000 over refusal to accept cash in ticket office
PBoC suffers headaches from growth, energy and Evergrande
Yi Gang mulls property sector risks, as China’s growth hits one-year low
BIS paper finds flaws in green taxonomies
“Taxonomy of taxonomies” proposes tackling weaknesses in categorisation of green assets
Crypto asset transactions hit ‘macro critical levels’ – IMF GFSR
Crypto valuations “already systemic” in “many countries”, international rules "probably some time away", says IMF’s Adrian
Georgieva keeps job as Yellen promises further scrutiny
Evidence did not “conclusively demonstrate” the IMF chief played an “improper role”
Summers: digital yuan unlikely to threaten US dollar
Traceability of Chinese CBDC amid “financial thunderbolts” from Beijing may limit appeal, says former top US economics policy-maker
China’s financial market at risk of ‘distress’, RBA report warns
Authorities may have to choose between market discipline and intervention to save Evergrande
Evergrande tests China’s commitment to deleveraging
Chinese officials are having to choose between near-term growth and long-term economic health
PBoC governor says China does not need QE
Yi Gang says China has space to carry on with conventional monetary policy
Larry Summers on stagflation risks, lessons from Delphi and never-ending ‘punch’
The former US Treasury secretary speaks about fiscal ‘overexpansion’, Fed/Treasury debt discord, the pitfalls of ‘unknown unknowns’ and central bankers ‘unable’ to remove the ‘punchbowl’
More regulatory action on big tech may be needed – FSI paper
Actions so far may not be enough to address growing risks, says Financial Stability Institute
China outlaws all crypto transactions and bans mining
PBoC, cyber watchdog and central economic planner act in a joint crackdown on crypto