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Central banksi

News about policymaking in the world’s major central banks with a focus on the People’s Bank of China, the Federal Reserve, the European Central Bank, the Bank of England, the Bank of Japan and the Reserve Bank of Australia.

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  • President Xi has told China’s financial cadres that active monetary policy toolkit must include a controversial means of injecting liquidity into the economy
  • Economist says PBOC has not bought treasury bonds for years because monetary authorities did not want to fuel market speculation of a major stimulus

People’s Bank of China governor Pan Gongsheng tells the Boao Forum for Asia on Wednesday that established international institutions, including the International Monetary Fund (IMF), are in need of reform.

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People’s Bank of China (PBOC) has named two new academic advisers for its monetary policy committee, which submits advice to the State Council on key moves including interest rate changes and the value of the yuan.

The China-EU Working Group on Financial Cooperation has met for the first time, and analysts say that while such meetings between economic heavyweights are in the world’s best interests, progress may be slow to come.

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Japan ended eight years of negative interest rates on Tuesday, but analysts do not expect any direct impact on China, which is prioritising the stability of the yuan over rate cuts.

Hong Kong’s Global Shipping Business Network has finished a prototype of its first electronic bill of lading in collaboration with Ant Group’s ZAN blockchain unit.

Chan says new or expanded firms, together with 30 companies that made similar moves last year, will invest more than HK$40 billion in the city and create 13,000 jobs.

The HKMA’s new wholesale central bank digital currency project aims to enhance interbank settlements for tokenised money. A planned sandbox will test settlement of tokenised real-world assets.

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The Hong Kong Monetary Authority has launched the second phase of a pilot programme to explore ‘innovative’ uses for a central bank digital currency (CBDC) for public use, five months after it unveiled the results of the first trial run.

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The Hong Kong Monetary Authority launched a plan to trial stablecoins, announced in December, for companies with a ‘genuine interest’ in fiat-backed crypto.

After changes to its leadership and structure, and with draft laws altering its scope, China’s central bank looks to be taking on a different role from years past – one which seems notably distinct from Western norms.

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‘We’ve always been at the cutting edge of the whole blockchain evolution, including CBDCs,’ Yue, CEO of the Hong Kong Monetary Authority, the city’s de facto central bank, tells the Post.

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The Hong Kong Monetary Authority is testing an ecosystem that includes digital forms of deposits, blockchain-based financial products and central bank money for settlement purposes.

The Hong Kong Monetary Authority has advised banks to take extra care when lending to property speculators, in an indirect attempt to clamp down on asset flipping a week after the city abandoned decade-old curbs for the real estate industry.

In a recent research report, China International Capital Corporation determined a direct fiscal stimulus is the best course of action for economic growth this year, after several rounds of credit support to businesses have not had the desired effect.

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To stabilise the economy while shoring up innovation and green development, China’s leadership is taking a more heavy-handed approach to financial governance.