China last year recorded one of its worst annual growth rates since 1990, dampening hopes for a rapid economic recovery following the end of draconian Covid restrictions in late 2022. In January, consumer prices fell at their quickest rate in more than 14 years, piling pressure on the government to...
CBUAE and People’s Bank of China renew currency-swap agreement
Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) and the People’s Bank of China today signed an agreement to renew the currency swap between the UAE and China and a memorandum of understanding (MoU) to enhance technical and technological cooperation in the development of central bank digital currencies. The...People’s Bank of China cuts bank reserve ratio again to aid recovery
Beijing, China - The People's Bank of China (PBOC) on Friday unveiled its decision to trim the reserve requirement ratio (RRR) for financial institutions by 0.25 percentage points, effective immediately. Notably, institutions already operating with a 5% RRR are exempted from this change. The move marks the second significant RRR...China retains Yi Gang as central bank chief to revitalize economy
The Chinese government has confirmed Yi Gang as governor of the People's Bank of China, against expectations that retirement-age Yi would step down, besides retaining other important top economic officials. The cabinet faces the task of revitalizing the Chinese economy, which last year expanded just three percent.
China’s Central Bank, European Central Bank renew currency swap deal
The PBOC said the renewal would help deepen bilateral financial cooperation, facilitate trade and investment, and maintain the stability of the financial market.
Digital currency can speed up global payments: CBUAE
The CBUAE has in a study found that central bank digital currencies can substantially improve international trade payments.
China central bank says all crypto transactions are illegal
The bank has effectively sounded the death knell for digital currencies in China.
