Employees check fans on mining machines at the Bitfarms cryptocurrency farming facility in Farnham, Quebec, Canada. Photo: Bloomberg

Facebook’s Libra forcing China to step up plans for its own cryptocurrency, says central bank official

  • Wang Xin, director of the People’s Bank of China research bureau, warns the new digital currency could have major impact on monetary policy and financial stability
  • PBOC was the first major central bank to study digital currencies in 2014, a step to counter the challenge from cryptocurrencies including bitcoin
Topic |   Facebook Libra

TOP PICKS

Employees check fans on mining machines at the Bitfarms cryptocurrency farming facility in Farnham, Quebec, Canada. Photo: Bloomberg
READ FULL ARTICLE
Economists polled by Reuters had predicted China’s foreign reserves, which are the largest in the world, would rise by US$2 billion due to anticipation that the United States and China would agree a trade war truce at the G20 summit at the end of June. Photo: AFP

China’s foreign exchange reserves rise faster than expected in June

  • The larger-than-expected US$18.2 billion increase comes despite ‘increasing uncertain external factors’, according to the foreign exchange regulator
  • China also adds to its gold reserves for a seventh straight month
Topic |   China economy

TOP PICKS

Economists polled by Reuters had predicted China’s foreign reserves, which are the largest in the world, would rise by US$2 billion due to anticipation that the United States and China would agree a trade war truce at the G20 summit at the end of June. Photo: AFP
READ FULL ARTICLE