The race among central banks to launch sovereign digital currencies is heating up. China has made considerable progress, with hopes of using its nascent digital currency to help internationalise the … ( read original story…
FINANCE
China Sept new bank loans rise to 1.9 trln yuan, top estimates
Chinese banks extended 1.9 trillion yuan ($282.3 billion) in new yuan loans in September, up from August and exceeding analysts’ expectations. ( read original story …)
Westpac to Cut More Than 150 Jobs as Bank Exits China, India
Westpac Banking Corp. is cutting more than 150 jobs as Australia’s second-largest lender consolidates its international operations, according to people familiar with the matter. ( read original story …)
China Is Buying Up Record Chunks of Japan’s Debt Mountain
China went on a record-buying spree of Japanese bonds over the summer months, snapping up $20.9 billion of the low-yielding debt to spur talk that it’s diversifying reserves. ( read original story …)
China Targets U.S. Buyers with $6 Billion Dollar Debt Sale
China is pressing ahead with a dollar bond sale amid growing uncertainties over U.S. elections and tensions with Washington. ( read original story …)
Chinese bank signs debt suspension deals with 11 African countries
Exim Bank of China has signed debt suspension agreements with 11 African countries as Beijing committed to fully taking part in the Group of 20 Debt Service Suspension Initiative (DSSI). China’s … ( read original…
China Bolsters Its Dominance of Global Trade
China is cementing its status as the world’s dominant trading nation, confounding warnings that a once in a century pandemic combined with simmering tensions with the U.S. would derail that status. ( read original story…
HSBC left off fundraising by China’s Ministry of Finance, first time since 2017
China will market debt to US-based institutional investors for the first time as part of the proposed offering. ( read original story …)
China’s Central Bank Drafts Rules for Fund to Help Manage Risks of Third-Party Payment Firms
The People’s Bank of China (PBOC) requires payment firms to hand in provisions from January 2019 to secure clients’ money, which comes along with a quarterly interest. Now it plans to take 9.5% to ……
Here’s a first glimpse of China’s digital yuan
China has begun its largest-ever test of its virtual currency, with 50,000 citizens invited to try out the government’s digital yuan wallet. ( read original story …)
China Set to Price $6 Billion Debt Deal as Soon as Wednesday
China’s government is expected to price a potential $6 billion bond sale as early as Wednesday, ahead of potential volatility from U.S. elections next month. ( read original story …)
China September Trade Surplus With U.S. Narrows to $30.75 Billion
China’s trade surplus with the United States stood at $30.75 billion in September, Reuters calculations based on Chinese customs data showed on Tuesday, down from a $34.24 billion surplus a month … ( read original…
Australia Seeks Clarity From Beijing on Coal Import Ban
The Australian government is seeking clarification from Beijing on reports that China has suspended purchases of Australian coal amid heightened diplomatic tensions between the two countries.Chinese p … ( read original story …)
