|submitted by Dr_Market to Forex [link] [comments]|
Dear Ladies and Gentlemen,
I shall be presenting the position of the People's Bank of China on the current forecast for the fiscal year 2021, with emphasis on the growth predicted for the country and the ramifications it has for the monetary policy of the PBOC. Additionally, I shall address the demand for the People's renminbi as a reserve currency for the Federal Republic of India.
Concerning the growth of the economy for 2021, official growth stands at 6,3 percent. We raise our satisfaction with some positive changes have occurred in the structural adjustments of the Chinese economy in previous quarters, but deep problems remain amid uncertainties. While the the trade war with the United States has been officially ended and there has been regulatory and financial reform, we raise concerns with the additional oversight that has been placed on the digital economy and infrastructure of firms operating in the country. We would like to raise - in coordination with the State Council, that the policy is in response to both the U.S. CLOUD Act and European GPDR to which the burden is regrettable.
Of more pressing concern is the slowing growth for the year that has missed the official target of the PBOC and the government. Thus I shall state that the People's Bank will continue the prudent monetary policy that is neither too loose or too tight, and ensure reasonably ample liquidity in the interbank market. However. The Bank shall begin a further stimulus package to address the slowing growth through creating further domestic credit growth and boost consumer demand.
The additional aim will be to allow for easier borrowing for businesses that does not hold substantial non-performing loans that have been flagged to the Ministry of Finance. This relates to the new Supplementary Measures that are now being issued:
Regarding State-Owned Enterprises, credit expansion will delegated by State-owned Assets Supervision and Administration Commission (SASAC), under guidance by the PBOC.
- Article 1. In the process of identifying nonperforming loans, all banks shall strictly abide by the relevant stipulations of the Measures with regard to the statistics and identification of bad loans. Bad loans identified in accordance with the current regulations stipulated by the Ministry of Finance may be reported individually.
- Article 2. Standards and procedures stipulated by the Ministry of Finance shall continuously apply to the verification of bad loans. We herein request all branches of the People’s Bank of China to pass this Notification to the urban commercial banks, urban credit cooperatives, rural credit cooperatives and their affiliates, credit investment companies, financial companies, and financing and leasing companies within their geographical jurisdiction.
With this screening policy in place - essentially window guidance, we hope to avoid flooding of inefficient credit creation.
As to the matter of the size of the stimulus, the PBOC shall roll out a $260 billion package, with targeted support for performing small- and medium banks that have has viable credit profiles. Banks that fail to meet this requirement shall be reported to regulators to shore up, with asset sell-offs and NPL write offs - with the State-owned Assets Supervision and Administration Commission (a percentage of the $144 billion operating budget has been allocated for this write-off, complimented with the National Debt Service allocations as outlined by the Ministry of Finance's projected budget for 2021)
Concerning the state of the renminbi and its valuation, should growth projections worsen, the Bank is willing act robustly in the defence of the currency. Current repo rates shall remain in line and compliment current inflation metrics.
Concerning more fascinating matters, the internationalisation of the renminbi is a policy that we at the PBOC would encourage policy makers to continue upon. Due to the dominance of the American dollar, the US government can issue debt and print money freely. It gains from seigniorage, as people hold dollars for use in transactions. As the world has seen, especially in recent years, control of dollar-clearing systems enables the United States to limit others’ financial access - which is of particular concern for the PBOC. Many global goods, especially commodities, are priced in dollars. These benefits also provide the United States with political gains and soft power. The same can be assumed for the renminbi and China should further relaxation of capital accounts and the not too loose or restricted monetary policy of the PBOC continues as it has.
From 2009, the dollar has held steady at 60% of global reserves over the past decade, after declining from 70%. With the euro area’s troubles, the euro’s share has slipped; developing economies now hold about 24% of their reserves in euros, down from 31% in 2009. Other currencies – Swiss, Australian, Canadian – increased their attractiveness for a time, but their market size is limited and cyclical conditions have dampened some interest. The Japanese yen and British pound will continue to play a modest role, though we remain pessimistic on the role of the British pound should a No Deal Brexit be followed through. SDRs, which represent less than 3% of global reserves, suffer from a lack of private trading, invoicing, borrowing and lending, granted the renminbi has been added to the basket peg in which SDRs are issued by the IMF.
Given the decision of the Indian government to divest from the their dollar holdings, the PBOC shall announce the sell of $20 billion of National Government Bonds to the Reserve bank of India as well as a purchase of $30 billion worth of renminbi to be held in forex reserves.
Due to this measure, we hope to see that the liquidity of the Renminbi expands as international interest picks up, to which the PBOC shall facilitate all currency purchases as well as bond issuance to those who seek a stable investment.
submitted by Siver_Bin_Cotez to u/Siver_Bin_Cotez [link] [comments]
MILE이 “BitForex”에 상장됩니다. 세계에서 가장 큰 암호화폐 거래소 중 하나인 “BitForex”는 “MILE” 코인을 상장할 것이라고 발표 했습니다.
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Garrett Jin, Vice President of BitForex
BitForex의 Garrett Jin 부사장은 “우리는 BitForex에서 MILE을 볼 수 있게되어 기쁩니다.” “블록체인 산업의 발전에 있어 그들의 특별한 특징은 stable coin으로서 큰 잠재력이라고 볼 수 있습니다. 분명히, 우리는 기술적으로 더 분산되고 투명한 새로운 암호화폐가 필요합니다. 그리고 MILE은 그것들 중 하나입니다.”
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2017년에 설립된 BitFoex는 사용자에게 안전하고 전문적이며 편리한 암호화폐 거래 서비를 제공하는 세계최고의 디지털 자산 거래 플랫폼 중 하나입니다. BitForex는 중국에서 인기가 있습니다. Coin Marketcap에 따르면, 현재 BitForex는 수억 달러의 일일 거래량을 가진 상위 10위권 한의 암호화폐 거래소입니다.
원문출처 : https://medium.com/@mile_global/mile-to-be-listed-on-bitforex-e8a0b99926b0
■ 마일 커뮤니티
■번역 : 마일유니티코리아_Leo Kang
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