BEIJING TO HAND OUT AROUND $6.27 MILLION IN DIGITAL CURRENCY

Highlights –

• Beijing to hand out around $6.27 million in digital currency.
• Beijing Local Financial Supervision and Administration Bureau will do the same through a lottery system.
• China has been developing digital yuan since 2014, but...

PBOC RAISE RESERVE REQUIREMENT RATIO FOR FOREIGN CURRENCY DEPOSITS

Highlights –

• PBOC raise reserve requirement ratio for foreign currency deposits.
• Chinese currency renminbi (RMB) remains high against the U.S. dollar.
• RMB has likely experienced some overshooting against the U.S. dollar.
• RM...

PEOPLE’S BANK OF CHINA OUTLINED KEY POLICIES AND TASKS FOR 2021 IN BEIJING

Highlights –

• People’s Bank of China outlined key policies and tasks for 2021 in Beijing.
• PBOC will offer effective financial support in accelerating the construction of a new development paradigm.
• PBOC is said to implement prude...

CHINA FAST-TRACKS UNLIMITED GROWTH LEAVING ASIDE PANDEMIC WOES

• As in last June, overseas institutes and private companies were forerunners with possession of 2.46 trillion Yuan ($354.16 billion) worth of Chinese shares.
• This has augmented miraculously from last month, according to the central bank.

June commenced the thir...

Digital Renminbi Coins, Electronic Dollar and the Stablecoins Backed Race to Central Bank

Top central banks around the world are preparing to introduce their state-backed digital currency. With its digital renminbi coins, China has set the pace with hopes of gaining a competitive advantage over the US in world trade.

The International Monetary Fund (IMF) assumes that, in add...

CHINA’S CURRENCY IS ON A RISE

Chinese currency is gaining momentum after bearing heavy losses in summer. This came after the easing tensions between the US and China.

The renminbi (Rmb) has gained as much as 0.5 percent against the US dollar on Monday. It crossed the Rmb 6.9 mark for the first time since August. Thi...