China
PBoC launches new phase of e-yuan pilot
Consumers in some cities can use prototype CBDC for public transport and housing
Chinese authorities announce $44 billion stimulus package
Authorities increase funds to power companies and farmers as country suffers from multiple crises
Geostrategic risks now a major factor – CNB reserves head
Ondrej Strádal supports use of CBR reserves for reparations, is reassessing renminbi allocations and has US recession as a ‘base case’ scenario
PBoC urges big state banks to increase lending
Yi Gang summons bankers as PBoC says economy faces “critical moment’
Book notes: Can’t we just print more money?, by Rupal Patel and Jack Meaning
A genuinely readable but non-neutral introduction to economics
PBoC cuts key lending rates
Move follows unscheduled cut to two other rates after official data showed growing slowdown
Russian banks set to use digital ruble in 2024
Cross-border integration with “friendly countries” planned to bypass Swift
The PBoC, real estate debt and financial stability in China
Central bank policy-makers are restricted in terms of capacity and space by their efforts to manage the nation’s property bubble amid declining growth
China cuts key interest rates as growth weakens
Analysts lower China’s annual GDP growth estimate to around 4%
PBoC vows not to flood economy with liquidity
Chinese central bank warns of rising structural inflation pressures
How central bank mistakes after 2019 led to inflation
Central banks must acknowledge their own mistakes and outline concrete steps to restore the public’s confidence in their ability to ensure price stability, write Graeme Wheeler and Bryce Wilkinson*
The case for restoring the role of monetary aggregates
Tim Congdon argues that a surge in money supply in response to Covid-19 sparked heightened inflation and central banks need to refocus their attention on monetary aggregates
More depositors in Henan and Anhui to have frozen funds repaid
Chinese authorities announce repayments for depositors with savings of up to 250,000 yuan
PBoC vows to provide more support for faltering economy
The central bank has not commented on a reported large-scale bail-out plan for developers
Chinese authorities repay more depositors amid banking scandal
Analysts say the banking crisis in Henan and Anhui could precipitate more rural bank runs
PBoC aims to raise $150 billion for property bailouts, reports say
Chinese central bank wants state-owned lenders to leverage cheap loans to fund developers
PBoC to set up property bailout fund, reports say
Chinese central bank ‘to contribute at least $7.4 billion’ to aid crisis-hit housing sector
Chinese CBDC should not be as anonymous as cash, says PBoC official
Mu Changchun says small digital wallets will allow anonymity, but says freedom needs constraints
China holds key lending rates
PBoC continues to diverge from counterparts overseas as it sticks with easy policy
Chinese regulator urges banks to fund housing projects
Some analysts argue it is time for Beijing to intervene more forcefully
Chinese authorities step in amid banking crisis in Henan
Promise to repay depositors follows violent clashes between account-holders and local security officials
Asian central banks deploy FX reserves to prop up currencies
Analysts remain confident in Asia’s financial stability, but recession risks are building
China and Hong Kong to launch derivatives trading link
HKMA chief says Swap Connect scheme will allow global investors to manage interest rate risks from bond investments on the mainland
PBoC chief vows to keep policy accommodative
But economist expects room for China to cut interest rates further to be small