Podcasts about china pboc

The first real indicator of the impact of the trade war is coming out of China. The country cut their key lending rates by 10 basis points on Tuesday in an effort to boost the economy. The People's Bank of China (PBOC) trimmed the 1-year loan prime rate, which influences corporate and most household loans in China, to 3.0% from 3.1%. Asia Business Correspondent Peter Lewis talks to Heather du Plessis-Allan about what it means. LISTEN ABOVE. See omnystudio.com/listener for privacy information.

The first real indicator of the impact of the trade war is coming out of China. The country cut their key lending rates by 10 basis points on Tuesday in an effort to boost the economy. The People's Bank of China (PBOC) trimmed the 1-year loan prime rate, which influences corporate and most household loans in China, to 3.0% from 3.1%. Asia Business Correspondent Peter Lewis talks to Heather du Plessis-Allan about what it means. LISTEN ABOVE. See omnystudio.com/listener for privacy information.

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger Picture British PM is now betraying the country, he is making huge concessions with the European Union, his days are numbered. China cuts the interest rate, the Fed is still in a holding pattern, see what is happening. D's lost the rich are getting the tax cut narrative. Investors are buying gold funds. The [DS]/fake news  is now trying to pivot away from Biden. The problem is they do not have the narrative and the people are now asking a lot of questions of who was really running the country. Kash Patel and Dan Bongino are putting a information to smoke the sleepers out. Scavino in the last couple of days has pushed the military is the only way, why? Think statute of limitations, under civil law most are 5 years, under military most are unlimited.   Economy Leftist British PM Keir Starmer BETRAYS Brexit, Causes Alarm by Signing Agreement With European Union Making HUGE Concessions   Prime Minister, Keir Starmer, has just betrayed Brexit – and may have dealt a death blow to the island's fishing industry. There's widespread alarm over the terms of the ‘reset' deal with the European Union and the huge concessions that he made. At a press conference alongside European Commission chief Ursula von der Leyen, Keir Starmer says he is ‘moving on' from ‘Brexit battles', and that this deal will put Britain ‘back on the world stage'. Daily Mail reported: https://twitter.com/NicholasLissack/status/1924372295377662009?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1924372295377662009%7Ctwgr%5E7c2d31a35626b522c5601d813473a16e3f834205%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2025%2F05%2Fleftist-british-pm-keir-starmer-betrays-brexit-causes%2F (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); https://twitter.com/darrengrimes_/status/1924436308941791427?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1924436308941791427%7Ctwgr%5E7c2d31a35626b522c5601d813473a16e3f834205%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2025%2F05%2Fleftist-british-pm-keir-starmer-betrays-brexit-causes%2F  Source: thegatewaypundit.com China cuts key lending rates to record lows to counter the impact of US tariffs China's central bank has cut its key lending rates to record lows to bolster the economy and cushion the impact of escalating trade tensions with the United States. The move follows a sweeping stimulus package announced earlier this month. The People's Bank of China (PBOC) has lowered its benchmark lending rates for the first time in seven months as part of ongoing efforts to mitigate the impact of US tariffs on its economy. The central bank cut the 1-year and 5-year loan prime rates (LPR) by 10 basis points to 3.0% and 3.5%, Source:  euronews.com  US Federal Reserve officials signal rates likely to stay on hold until at least September The central bank's next three meetings are in June, July and September https://twitter.com/MarketsDotNews/status/1924709190376820961 https://twitter.com/TrumpWarRoom/status/1924818332550639622   https://twitter.com/KobeissiLetter/status/1924816670285054349 Trump tax bill will expire on December 31, 2025. and taxes will go up No,

People are catching on - Fed has no clue Investors are nervous - lots of intraday volatility Correction - could it be? USA- Going DEEPER into debt DOGE - already making excuses PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter   Warm-Up - People are catching on - Fed has no clue - Investors are nervous - lots of intraday volatility - Correction - could it be? - USA- Going DEEPER into debt - DOGE - already making excuses - Next Monday - Market Holiday and Inauguration day Markets - No happy - inflation and jobs (A 1-2 Punch for markets) - CPI and PPI this week - make it or break it? - Rates hitting key resistance - Oil spikes - multi-month high All of a sudden.. - Microsoft, Facebook and other companies are cutting staff again - Talk of tough year ahead... What is up? If they don't cooperate? - Cut their pay! - China is set to slash pay for staff at its top three financial regulators, including the central bank, by about half, as part of a regulatory revamp unveiled in 2023 to bring their salaries in line with other civil servants - Starting from this month, staff at the People's Bank of China (PBOC), National Financial Regulatory Administration (NFRA) and China Securities Regulatory Commission (CSRC) will see total income slashed by about half. More China - Pull Forward - China's trade data in December beat expectations by a large margin, with exporters continuing to frontload shipments as worries over additional tariffs mount, while the country's stimulus measures appear to be supporting demand in the industrial sector. - Can it last? Let's Talk Turkey - Fed has no idea what is going on - They simply can move markets, (equity and fixed income) by liquefying markets - HOPE that they have the general trend and can regulate the flow so not overheat or overcool - In reality, their forecasting tools are crap --- BUT, focus on what they do, not what they say or their outlook Employment Numbers - Summary: Nonfarm payrolls increased by a stronger-than-expected 256,000, the unemployment rate slipped to 4.1% from 4.2%, average hourly earnings growth year-over-year was a sturdy 3.9%, and more people were employed. - Much better than anticipated ! - Unemployment rate drops - So, we see higher prices and better employment - markets spooked that Fed out of touch - One-Two punch for equities Result - Steepening yield curve Market Sell-off - NASDAQ 100 off 6% from the highs - Big names down more (NVDA 13%, Tesla 18%, Apple 10%, NFLX 10%) - SOOOO - Big Cap Tech is in a correction and dragging down markets - Markets are in the RED for the year and unchanged/under the pre-election day move. - More speculative (runners) stocks are down even more... Quantum Stocks - DUH! - Sell-off deepened as Zuck cautioned that the potential is still years (and years) away (on Joe Rogan Show) --- Zuck looking like he wants to follow in Elon's footsteps Quantum Stocks More Zuck - Bashing Apple... - No innovation, random rules - "So how are they making more money as a company? Well, they do it by basically, like, squeezing people, and, like you're saying, having this 30% tax on developers by getting you to buy more peripherals and things that plug into it," Zuckerberg said. "You know, they build stuff like Air Pods, which are cool, but they've just thoroughly hamstrung the ability for anyone else to build something that can connect to the iPhone in the same way." Oh - and this... - Meta on Friday told employees that its plans to end a number of internal programs designed to increase the company's hiring of diverse candidates, the latest dramatic change ahead of President-elect Donald Trump's second Wh...

Tom Bodrovics welcomes back Kevin Muir, the author of the Macro Tourist Newsletter and Substack, and co-host of The Market Huddle. Muir discusses market dynamics since the election, emphasizing that volatility has returned due to Trump's unpredictable tweets and policies, particularly regarding tariffs and trade deficits. He argues for acknowledging these shifts rather than denying them. Muir explains how reducing the US trade deficit could lead to devaluation of US stocks. He attributes globalization over the past two decades to an increase in global profits, but suggests that Trump's efforts to reverse this trend and bring jobs back to the U.S. might result in higher labor costs and less capital flowing into the U.S. financial markets, potentially leading to lower stock prices for the US market compared to others. Muir criticizes passive flows as the primary cause of high stock valuations and expresses skepticism about certain high-growth companies trading at such high valuations indefinitely. He also discusses potential implications if Trump successfully eliminates the US trade deficit. Furthermore, Muir shares his belief that Trump could potentially lead to a weak dollar due to tariffs, devaluation of the dollar, and lower interest rates. He expresses uncertainty about Trump's intentions regarding monetary policy and the Federal Reserve, noting potential opposition. Muir favors investing in resource stocks of Canadian companies and financial assets due to economic challenges faced by future leaders in Canada. He also criticizes President Trump's deregulation efforts and tax cuts, expressing concern over potential inflation or recession depending on public reaction and private sector credit creation. Muir emphasizes the importance of considering gold trading from a long-term strategic perspective with the People's Bank of China (PBOC) being the most important player due to their vast US dollar reserves and increasing diversification into gold for safety reasons. He advises traders to adopt a similar approach and not be swayed by short-term market fluctuations or technical analysis. Gold may ultimately be chased at the end of the accumulation process, according to Muir. Time Stamp References:0:00 - Introduction2:03 - Volatility & Election8:16 - Trade Deficits & Equities13:50 - Valuation Drivers22:29 - Rates & the Dollar30:24 - The Fed Vs. Trump36:17 - Recession Forecasts?37:42 - Japanese Yen40:23 - The Canadian Loonies50:12 - Managing Expectations57:04 - Change & Openmindedness1:00:41 - China's Gold Reserves1:06:10 - Golden Fundamentals1:11:00 - Outlook For Miners1:15:04 - Wrap Up Talking Points From This Episode Volatility back in markets due to Trump's unpredictable policies on tariffs and trade deficits. Reducing the US trade deficit could lead to devaluation in US equities. Trump's actions might result in a weak dollar, lower interest rates, and potential monetary policy opposition from the Federal Reserve. Guest Links:Email for Sample Letters: kevin@themacrotourist.comSubstack: https://posts.themacrotourist.comWebsite: https://themacrotourist.comPodcast: https://markethuddle.com/Twitter: https://twitter.com/kevinmuir Kevin Muir started as an institutional equity derivative trader for a big Canadian bank in the 1990s. In 2000, Kevin decided that bank-life wasn't for him, so he traded his own account for the next two decades. Along the way, he started writing the MacroTourist newsletter, which he describes as an "almost daily" letter about the markets that still manages to have fun. The MacroTourist newsletter attempts to bring a unique take on a variety of different financial topics. Kevin's tagline is, "All I Bring to the Party is 25 Years of Mistakes." Kevin Muir is a CFA and a graduate of the University of Toronto economics program.

China is taking action to boost its slowing economy with different types of economic support. By lowering interest rates, making it easier to borrow money, and helping local governments buy unsold real estate, China hopes to increase growth.  Skip Montreux and Dez Morgan talk about how the Chinese government is using economic stimulus to improve its economy. The People's Bank of China (PBOC) recently took steps to encourage more borrowing and spending, including lowering interest rates and loosening rules for bank lending. Another important step allows local governments to sell bonds to help fund the purchase of unsold real estate, which indirectly supports property developers. Their conversation is a great learning resource if you want to build your English listening comprehension skills and expand your business vocabulary. Key points of their discussion include: Governments can boost economic growth by cutting taxes, spending on public projects, and lowering interest rates. In the 1930s, the U.S. government's New Deal used public spending to help lift the country out of the Great Depression. China's central bank recently lowered interest rates and made it easier for banks to lend money, hoping to encourage more property purchases and investments. Local governments in China are now able to sell bonds to buy unsold real estate from developers, with possible support from the central bank. Do you like what you hear? Become a D2B Member today for to access to our -- NEW!!!-- interactive audio scripts, PDF Audio Script Library, Bonus Vocabulary episodes, and D2B Member-only episodes. Visit d2benglish.com/membership for more information. Follow Down to Business English on Apple podcasts, rate the show, and leave a comment. Contact Skip, Dez, and Samantha at downtobusinessenglish@gmail.com Follow Skip & Dez Skip Montreux on Linkedin Skip Montreux on Instagram Skip Montreux on Twitter Skip Montreux on Facebook Dez Morgan on Twitter RSS Feed

S&P Futures are slightly higher this morning. There are a host of Fed speakers this morning. Flash PMI data out of Europe were negative this morning which may push the ECB to ease monetary policy. China PBOC lower a borrowing rate this morning and scheduled an announcement for tomorrow. DELL, PLTR & ERIE have been added to the SPX index as of today. Intel is higher due to market chatter that Apollo is preparing a multi-billion-dollar investment. House Speaker Mike Johnson indicated that the House will vote this week on a 3-month stopgap funding bill. In Europe, markets are mixed autos & luxury stocks are lower Oil prices are edging higher.

(2:00) EU Demands Control of US ElectionsWas it just the action of an aggressive bureaucrat or the longstanding policy of the EU Commission and The EU Commission President, Ursula Fond of Lying?Who is "Conspiracy Thierry" Breton, S.O.B. (Son of a Bureaucrat)Why "Conspiracy Thierry's" Ministry is an amalgam of two of the worse ministries from Orwell's 1984What policy statements did Trump make in the 2 hour long conversation? Has anyone kept count of the number of times GOP politicians have talked about ending the Dept of Education?  Have ANY of them been SERIOUS?(45:34) Trump & Musk Talk Causes of Inflation.  Which one was right?What IS inflation?  Is it higher prices?  Is it fiscal policy?The price OF gold vs the price IN gold of various things from iPhones to beer Federal Reserve doesn't own ANY gold and why they never willThe central bank of China PBoC lied about ending gold purchases in May to keep the price from rising(1:14:18) Centralization, complexity, and fragility in infrastructure and internetWhat an organized attack on our infrastructure would do to the USAThe internet and free speech is already under attack by our own government.  A new product may empower of us to defeat the control that comes with internet useDepressed?  Here's why music is MUCH better than drugs.  How it works and why the music doesn't need to be "happy"(1:42:29)  "I will be free because I have understanding of….digital watches" — The Singularity and Marooned Astronauts A quick look at the Boeing clown show in space for those who place their hopes in becoming gods and living forever through technologyWhat's the plan and the risk of getting the astronauts marooned on the Space Station back safely?China's harebrained scheme to force robo-taxis on the poor, vexed people of Wuhan.  Haven't they been locked down enough?A new plan for a supercomputer that will bring AGI.  It's even in the name — "SingularityNET"(1:59:55) INTERVIEW The Final Pandemic: An Antidote to Medical TyrannyDoes what you have been told about viruses and contagion stand up to scientific scrutiny? Science is never settled. In the case of virology, holding it to the standards of science with controlled trials and objective data would have saved us from the "pandemic" — and it is the only thing that will save us from future "pandemics" fueled by fear and tradition      Two physicians from New Zealand, Dr. Mark Bailey & Dr. Samantha Bailey join to explain their book "The Final Pandemic: An Antidote to Medical Tyranny"  and why their paradigm shifted when they applied science to the conventional wisdom behind "pandemics" Find out more about the show and where you can watch it at TheDavidKnightShow.comIf you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Money should have intrinsic value AND transactional privacy: Go to DavidKnight.gold for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to TrendsJournal.com and enter the code KNIGHTBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

(2:00) EU Demands Control of US ElectionsWas it just the action of an aggressive bureaucrat or the longstanding policy of the EU Commission and The EU Commission President, Ursula Fond of Lying?Who is "Conspiracy Thierry" Breton, S.O.B. (Son of a Bureaucrat)Why "Conspiracy Thierry's" Ministry is an amalgam of two of the worse ministries from Orwell's 1984What policy statements did Trump make in the 2 hour long conversation? Has anyone kept count of the number of times GOP politicians have talked about ending the Dept of Education?  Have ANY of them been SERIOUS?(45:34) Trump & Musk Talk Causes of Inflation.  Which one was right?What IS inflation?  Is it higher prices?  Is it fiscal policy?The price OF gold vs the price IN gold of various things from iPhones to beer Federal Reserve doesn't own ANY gold and why they never willThe central bank of China PBoC lied about ending gold purchases in May to keep the price from rising(1:14:18) Centralization, complexity, and fragility in infrastructure and internetWhat an organized attack on our infrastructure would do to the USAThe internet and free speech is already under attack by our own government.  A new product may empower of us to defeat the control that comes with internet useDepressed?  Here's why music is MUCH better than drugs.  How it works and why the music doesn't need to be "happy"(1:42:29)  "I will be free because I have understanding of….digital watches" — The Singularity and Marooned Astronauts A quick look at the Boeing clown show in space for those who place their hopes in becoming gods and living forever through technologyWhat's the plan and the risk of getting the astronauts marooned on the Space Station back safely?China's harebrained scheme to force robo-taxis on the poor, vexed people of Wuhan.  Haven't they been locked down enough?A new plan for a supercomputer that will bring AGI.  It's even in the name — "SingularityNET"(1:59:55) INTERVIEW The Final Pandemic: An Antidote to Medical TyrannyDoes what you have been told about viruses and contagion stand up to scientific scrutiny? Science is never settled. In the case of virology, holding it to the standards of science with controlled trials and objective data would have saved us from the "pandemic" — and it is the only thing that will save us from future "pandemics" fueled by fear and tradition      Two physicians from New Zealand, Dr. Mark Bailey & Dr. Samantha Bailey join to explain their book "The Final Pandemic: An Antidote to Medical Tyranny"  and why their paradigm shifted when they applied science to the conventional wisdom behind "pandemics" Find out more about the show and where you can watch it at TheDavidKnightShow.comIf you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Money should have intrinsic value AND transactional privacy: Go to DavidKnight.gold for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to TrendsJournal.com and enter the code KNIGHTBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

Michael Howell, CEO of CrossBorder Capital, joins Maggie Lake to examine the liquidity dynamics that are impacting both markets and the global economy, the policies of central banks around the world, and the significant role the People's Bank of China (PBOC) plays in the business cycle.

Michaell Howell, CEO of CrossBorder Capital, returns to Forward Guidance to update viewers on his outlook on global liquidity. Howell notes that further evidence supports his long-held view that liquidity bottomed in October 2022, and he explains why he expects liquidity to strengthen further into 2024, making for a favorable environment for liquidity-sensitive assets such as stocks, gold, and crypto. Filmed on January 11, 2024. Public dot com has just launched its new high-yield cash account, offering an industry-leading 5.1% APY. Learn more at https://public.com/forwardguidance. A High-Yield Cash Account is a secondary brokerage account with Public Investing. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at https://public.com/disclosures/high-yield-account __ Follow CrossBorder Capital on Twitter https://twitter.com/crossbordercap Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ __ Use code FG10 to get 10% off Blockworks' Digital Asset Summit in March: https://blockworks.co/event/digital-asset-summit-2024-london __ Timestamps: (00:00) Introduction (00:57) Howell: Liquidity Conditions Continue To Strengthen From Their Lows In The Early Fall of 2022 (12:26) Implications For Stocks, Gold, and Crypto (22:50) Industry Sectors At This Stage In The Liquidity Cycle (24:37) The Bond Market Is Being Distorted By The Federal Reserve (30:07) Term Premia And Convexity In Fixed-Income (37:07) Bank Term Funding Program and Draining of Fed's Reverse Repo (RRP) Facility (40:11) Drivers Of Fed Liquidity In 2024 and Beyond (45:50) The Economic Cycle Is Different Than The Liquidity Cycle (50:51) Is Demand For Refinancing (and Liquidity) Lower Because U.S. Corporates & Households Have Such Long-Duration Liabilities? (54:35) China and The People's Bank of China (PBOC) (01:06:56) Howell's View On Interest Rates (01:09:08) Non-Central Bank Sources of Liquidity __ Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

10:05 – 10:15 (10 mins) Tony Columbo I'VE BEEN THINKING A LOT ABOUT DIGITAL CURRENCY LATELY.  MY WIFE AND DAUGHTERS AND I WENT TO SEE CHRISTMAS LIGHTS OVER THE HOLIDAYS.  WE WERE GETTING HOT CHOCOLATE AND MY DAUGHTER, SO EFFORTLESSLY SWIPED HER PHONE ACROSS A DEVICESO, I LOOKED UP THIS REPORT ABOUT WHAT DIGITAL CURRENCY IS AND THE IMPACT IT MIGHT HAVE ON US HERE IN AMERICA.FIRST OF ALL, Digital currency is a form of currency that is available only in digital or electronic form. It is also called digital money, electronic money, electronic currency, or cybercash.Transactions involving digital currencies are made using computers or electronic wallets connected to the internet or designated networks. They can be used to purchase goods and pay for services.Digital currencies also enable instant transactions that can be seamlessly executed across borders. For instance, it is possible for a person located in the United States to make payments in digital currency to a counterparty residing inCentral Bank Digital CurrenciesCentral bank digital currencies (CBDCs) are regulated digital currencies issued by the central bank of a country. A CBDC can be a supplement or a replacement to traditional physical currency. a CBDC exists purely in digital form The advantages of digital currenciesFast Transfer and Transaction TimesNo Physical Manufacturing RequiredUnder OUR current currency regime, the Fed works through a series of intermediaries—banks and financial institutions—to circulate money into an economy. CBDCs can help ELIMINATE THIS PROCESS and enable a government agency to disburse payments directly to citizens. DO YOU REMEMBER WHAT HAPPENED UP IN CANADA TO THE TRUCKERS?Cheaper Transaction CostsAND, ACCORDING TO THIS REPORT, Digital currencies may be decentralized. This means they are not controlled by any government or financial institution. Digital currencies that are decentralized make them more resistant to government interference, censorship, and manipulation. Decentralization means true control over the digital currency is spread over a broader range of owners or users. PrivacyDue to the fact that transactions with digital currencies are not linked to personal data, users are given a high level of privacy and anonymity. They are therefore very helpful for those who want to protect the confidentiality of their financial dealings.I THINK THIS THEORY IS ALREADY BEING CHALLENGED.  FORGET CHIPS IN YOUR ARM, THERE ARE THESE READERS THEY ARE TESTING THAT CAN ACTUALLY READ YOUR UNIQUE HAND PRINT AS YOU WAVE IT OVER THE DEVICE AND THEN HAVE YOUR HANDPRINT ASSIGNED TO YOUR ACCOUNT.  IN OTHER WORDS, THEY KNOW EXACTLY WHO YOU ARE WHERE YOU ARE, LIKES DIS-LIKES, AND, POLITICAL PREFERENCES. Some major central banks around the world have begun issuing their own digital currencies. Some of the larger, more notable examples include countries LIKE China: Since 2020, the People's Bank of China (PBOC) has been testing the digital yuan, also known as e-CNY, in a number of Chinese localities. Millions of Chinese citizens currently utilize the digital yuan, which is intended to be used for retail transactions. Sweden: Also since 2020, Sweden's Riksbank has been testing the e-krona digital currency. The e-krona is being created to complement Sweden's diminishing use of currency and to give the general public access to a safe and effective payment system.5 EU: A digital euro that may be issued by the European Central Bank (ECB) and used for retail transactions within the Eurozone is being investigated.6 England: The Bank of England is looking into the prospect of launching the "Britcoin" cryptocurrency. The UK's payment system would be backed by a digital currency, which could also reduce the nation's dependence on cash. Canada: The Bank of Canada has been conducting research and consultations on the idea of creating a CBDC. Future of Digital CurrenciesAND THAT BRINGS US TO THE FINAL PART OF THIS REPORT-Another possible application FOR CBDC'S, could be issued by a country's bank or monetary authority. These would be used and stored in online wallets, but allowing the central bank to issue and freeze tokens at will. 10:25 – 10:37 (17mins) Katie Fitzpatrick -APD AND THE CO-HOST OF COLUMBO AND KATIE HEARD FROM 2-4 WEEKDAYS ON NEWSTALKSTL WELCOME KATIE!AUDIO: Sen Fetterman-admits there's a crisis at the US southern border-I don't know how anyone could pretend that there isn'tFIRST OF ALL, THAT'S JOHN FETTERMAN!THIS IS HUGE BECAUSE BIDEN, JEAN-PIERRE, MAYORKAS, AND THE REST OF THE OBAMA/BIDEN ADMINISTRATION KEEPS SAYING THAT THE BORDER IS SECURE.  WELL, NOW THEY SAY THE BORDER IS KINDA JACKED UP AND IT'S THE REPUBLICAN'S FAULT.AUDIO: Ben Bergquam-Real Americas Voice-spotting carloads of Illegal Aliens-crossing the border-Primarily from ChinaSINCE BIDEN HAS BECOME PRESIDENT, MORE THAN 110,000 ILLEGAL CHINESE NATIONALS HAVE CROSSED THE BORDER.DECEMBER, 2023 SAW THE MOST ILLEGAL ALIEN CROSSINGS IN AMERICAN HISTORY, FROM OVER 150 COUNTRIES.*NOW, BECAUSE OF BIDEN'S POLICIES, WE SEE MAYORS OF SANCTUARY CITIES SAYING THEY CAN'T SUSTAIN THE CURRENT INFLUX OF ILLEGAL ALIENS, AND THEY ARE BLAMING TEXAS GOVERNOR GREG ABBOTT INSTEAD OF CALLING OUT BIDEN. IS THIS THE PLAN OF ATTACK OR, ARE THEY JUST THAT STUPID?  10:41 – 10:56 (15mins) Weekly: "Vic Porcelli's East Coast Report with Douglas Blair" @RisingTheHill@DouglasKBlair Formerly @DailySignal and @Heritage @FDRLST Proud Oregonian!See omnystudio.com/listener for privacy information.

Listen to today's top stories, with context, in just 15 minutes. Subscribe and rate our podcast here:Apple: https://podcasts.apple.com/us/podcast/bloomberg-daybreak-asia/id1663863437Spotify: https://open.spotify.com/show/0Ccfge70zthAgVfm0NVw1bTuneIn: https://tunein.com/podcasts/Asian-Talk/Bloomberg-Daybreak-Asia-Edition-p247557/?lang=es-es See omnystudio.com/listener for privacy information.

08th Nov: Crypto & Coffee at 8

O #MorningCall da #XPInvestimentos mostra os principais destaques do dia e os impactos para o mercado, antes do pregão.Confira os temas de hoje, 21/08/2023:As bolsas globais amanhecem em alta hoje, depois que o Banco Popular da China (PBoC, o banco central chinês) anunciou um corte de 0,10 p.p. em sua taxa básica de juros de um ano, de 3,55% para 3,45%, mas mantendo a taxa de 5 anos inalterada em 4,20%. A medida desapontou a maioria dos analistas de mercado, que esperavam um corte de 0,15 p.p. na taxa de 1 ano. Ainda assim, os mercados globais de commodities e ações estão se recuperando um pouco em resposta à ação do PBoC.Nos Estados Unidos, os futuros negociam em alta nesta segunda-feira (S&P 500: 0,5%; Nasdaq 100: 0,6%), se recuperando de uma semana de perdas. Nesta semana, é esperado o balanço da maior beneficiária do rali de inteligência artificial do primeiro semestre, Nvidia. Também nesta semana ocorre o Simpósio de Jackson Hole, do qual devem sair novas sinalizações sobre a política monetária americana. O evento começa na quinta feira (24), e o presidente do Fed, Jerome Powell, faz um discurso na sexta-feira (25).Investir com a XP Investimentos é fácil, basta criar o seu cadastro e em minutos você já pode começar a investir: http://bit.ly/3SRd2A1

Sin rumbo en las bolsas europeas. Signo mixto en Wall Street. En cualquier caso, Jornada tranquila y nuevo día de poco volumen negociador en los mercados. En EEUU, la referencia más importante serán las actas de la Fed. En su última reunión, en julio, el banco central estadounidense elevó los tipos en 25 puntos básicos hasta su nivel más alto en 22 años. No se esperan muchas sorpresas de las deliberaciones del Comité del Mercado Abierto sobre todo porque no hubo sorpresas ni en el comunicado ni en la rueda de prensa posterior que ofreció el presidente Jerome Powell. En el plano empresarial, la temporada de resultados ya se está agotando, y este miércoles presentan sus cuentas firmas como Target o Cisco. Aunque habrá que estar también muy pendientes de los bancos estadounidenses, sobre todo después de la advertencia de la agencia Fitch Ratings de que podría verse obligada a rebajar la calificación de todo el sector bancario estadounidense, incluido JP Morgan Chase, si empeoran las condiciones financieras. Esas, junto al IPC en Reino Unido que se contrae hasta el 6,8% en julio, son las grandes referencias de una jornada que, por lo general, se presenta tranquila pese a la preocupación por la economía china, sobre todo después de que los malos datos hayan obligado al Banco Popular de China (PBOC) a recortar los tipos de interés por segunda vez en tres meses.

O #MorningCall da #XPInvestimentos mostra os principais destaques do dia e os impactos para o mercado, antes do pregão.Confira os temas de hoje, 15/08/2023:As bolsas globais amanhecem em queda nessa terça-feira (15), repercutindo dados decepcionantes de atividade na China e Europa, que elevam as preocupações quanto aos rumos do crescimento da economia global nos próximos trimestres. Na China, a produção industrial avançou 3,7% em julho, na comparação anual (a/a), abaixo das expectativas de mercado de 4,3%, e desacelerando dos 4,4% em junho. As vendas no varejo também decepcionaram, avançando 2,5% a/a, enquanto as expectativas eram de 4,0%. Diante do baixo crescimento, o Banco Central da China (PBoC) calibrou diversas taxas de empréstimos, com destaque para a taxa de 1 ano, reduzida de 2,65% para 2,5%. Dados da Europa também decepcionaram nessa manhã, com a taxa de desemprego no Reino Unido subindo de 4,0% para4,2%, e avanço nos salários acima do esperado em 8,2%, reforçando expectativas de mais elevações de juros.Com isso, os futuros americanos negociam em queda (S&P 500: -0,5%; Nasdaq-100: -0,5%), com todos os principais setores no negativo. As quedas são lideradas pelo setor financeiro após agência de risco Fitch sinalizar que pode cortar rating de bancos americanos. Na agenda de indicadores, investidores aguardam dados de vendas no varejo nos Estados Unidos. E na frente de resultados, a varejista Home Depot reportou surpresa positiva no lucro e na receita, e sobe 0,3% nas negociações pré-mercado.Na China, os índices também fecharam em queda (HSI: -1,0%; CSI 300: -0,2%), após decepção nos dados de atividade. O mercado teme que os estímulos anunciados não sejam suficientes, considerando o agravamento das condições de crédito no país com a crise da incorporadora Country Garden.Na Europa, os índices caem (Stoxx 600: -1,0%), preocupados com os dados do mercado de trabalho do Reino Unido, que podem dificultar o trabalho do Banco Central britânico (BoE) de pausar seu ciclo de alta de juros. Investir com a XP Investimentos é fácil, basta criar o seu cadastro e em minutos você já pode começar a investir: http://bit.ly/3SRd2A1

Mercado estende cautela com corte inesperado de juros pelo Banco Popular da China (PBOC).

Mercado estende cautela com corte inesperado de juros pelo Banco Popular da China (PBOC).

China has named Pan Gongsheng as the new governor of its central bank, the People's Bank of China (PBOC). The country is experiencing challenging economic times, with sluggish consumer spending, a crisis in the property market, weakening exports, record youth unemployment, and high local government debt. China's political leadership has played down the severity of its economic issues, but this new appointment shows signs that that might be changing.

Michael Howell of Crossborder Capital returns to Forward Guidance with a much-needed update on global liquidity. -- Follow Michael: https://twitter.com/crossbordercap Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ -- Use code GUIDANCE20 to get 20% off Permissionless 2023 in Austin: https://blockworks.co/event/permissio... Research, news, data, governance and models – now, all in one place. As a listener of Forward Guidance, you can use code GUIDANCE10 for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://rb.gy/5weeyw Market commentary, charts, degen trade ideas, governance updates, token performance, can't-miss-tweets and more. Subscribe to the Blockworks Research “Daily Debrief” Newsletter: https://rb.gy/feusos -- Timestamps: (00:00) Introduction (01:02) Rising Liquidity Is Supporting A New Bull Market (07:07) Are Shadow Quantitative Easing (QE) and Yield Curve Control Already Here? (27:06) We're In A Liquidity Cycle Upturn (32:42) Falling Inflation Has Boosted Liquidity & Price / Earnings (P/E) Multiples (40:58) Liquidity Is Rising In China & Japan (47:20) Howell's Not Very Bullish On Bonds (54:53) Stocks Will Likely Continue To Outperform Bonds (56:06) When Will The Fed Start Cutting Interest Rates? (01:00:08) Internals Of Stock Market Indicate Global Economic Slowdown Is Likely Already Behind Us (01:03:00) Liquidity Is High In Chinese Financial System (01:13:25) Inflows Into Emerging Markets Are "Very Unusual" (01:16:20) How To Measure Bank of Japan's Liquidity Injections (01:17:25) Bank of England (BOE) and European Central Bank (ECB) Are Less Important Than Fed & People's Bank of China (PBOC) (01:18:29) The Fiscal Endgame (Rates Have To Stay High To Prevent Further Debt Build-up) (01:31:42) When Will Shadow Quantitative Easing (QE) Turn Into Outright QE? -- Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Kia ora,Welcome to Tuesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news debt woes continue to bedevil the world's two largest economies.In the US the debt-limit talks drag on, casting a pall over markets. Public statements are all positive about "progress", but there is no deal and markets are growing weary (and wary) about all the unnecessary theatrics. Trading volumes on equity markets have suddenly gone quiet.US households are also feeling uneasy at their own financial situation. An updated Fed survey of household economic attitudes shows the effects of inflation on Americans' economic confidence. About 73% said they were doing "at least okay financially" in 2022 which is down a sharpish -5 percentage points, the most since the survey was launched a decade ago. It had stood at a record high the year before but now it is at its lowest since 2017.China has reviewed its key policy rates and left them unchanged in its May reviews The People's Bank of China (PBoC) maintained its key lending rates steady for the ninth straight month at May fixing, as widely expected. The one-year loan prime rate, which the medium-term lending facility uses for corporate and household loans, was left unchanged at 3.65%; while the five-year rate, a reference for mortgages, was kept at 4.3%. The move came after the central bank held its medium-term policy rate at 2.75% last week.But in the background, China's hidden local government debt, which could be as high at US$10 tln, is restraining the country. The non-hidden debt seems to be US$23 tln. Policy makers are struggling to know what to do, in part because there is no agreement about about the nature and size of the overall problem. The two combined is as much as the total American federal debt. And that is just for their local government.Japan's core machinery orders, which exclude those for ships and electric power companies, fell -3.9% in March from February, improving slightly from the -4.5% drop in February. But analysts were expecting a small rise by +0.7% on this basis. Although this data is always quite volatile, it is considered as a leading indicator of capital spending in the coming six to nine months.But investors think Japan has turned an important corner, economically. The value of Japanese stocks has leaped by +US$400 bn so far this year, the biggest increase in any Asian market and roughly double the gains of Chinese equities. Investors are taking a fresh look at Japan as an alternative to China.Taiwan's equity market gains are outpacing China as well (even China+Hong Kong), despite the handicaps its claimant is placing on it. But orders for Taiwanese exports are still tracking a lot lower, down more than -18% year-on-year in April. Analysts had expected only a -14% decline and they came in just above the February level which was their lowest since the pandemic.EU consumer sentiment improved slightly in April but it still remains deeply negative, just less so.We should also note that the Greek election result surprised most observers. While there is another final round of voting to go at weeks-end, the incumbent conservative government has been surprisingly endorsed at the ballot-box. This has been a free and fair election. The same weekend Turkey is also holding a run-off vote. But to win that, its incumbent president has had to control the country's media and run hard on culture-war issues.In Australia, there is now talk that Sydney house prices may surge more than 10% this year. Rental demand, immigration and FOMO are all driving prices up across the city. The irony is that this will likely push the RBA to raise interest rates further, causing wider household budget stress and bring more properties on to the market, but maybe not enough to quell the froth. Social pressures will rise.The UST 10yr yield starts today at 3.71% and little-changed from yesterday. The price of gold will start today at US$1975/oz and down -US$3 from yesterday.And oil prices are marginally firmer from where we left them yesterday to be just over US$72/bbl in the US. The international Brent price is now just over US$76/bbl.The Kiwi dollar is little-changed against but firm the USD from yesterday and now just on 62.8 USc. Against the Aussie we are little-changed at just on 94.5 AUc although that is its highest of the year. Against the euro we are still at 58.1 euro cents. That means the TWI-5 is has crept up slightly to 71.4 and nearly a five month high.The bitcoin price is virtually unchanged again today, now at US$26,867. Volatility over the past 24 hours has been modest at just on +/- 1.0%.You can find links to the articles mentioned today in our show notes.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Central bank digital currencies (CBDCs) are the digital form of a government-issued currency that isn't pegged to a physical commodity. They are issued by central banks, whose role is to support financial services for a nation's government and its commercial-banking system, set monetary policy, and issue currency. Examples of central banks include the US Federal Reserve System, the Bank of Japan, the People's Bank of China (PBOC), and Germany's Deutsche Bundesbank. CBDCs are similar to—but not the same as—stablecoins. Stablecoins are a specific type of private, stabilized cryptocurrency pegged to another currency, commodity, or financial instrument with the goal of maintaining a relatively stable value over time. Unlike cryptocurrencies, which are decentralized, CBDCs are state issued and operated.Advocates of digital finance believe that new digital tools, among them CBDCs, can address many issues related to efficiency, security, and access: Reduced costs. Financial-service providers stand to save $400 billion annually in direct costs by shifting spending away from physical infrastructure and toward digital finance. But reduced costs must be measured against the significant investments in new technology that CBDCs will require.Increased speed. CBDCs could improve the speed and efficiency of many countries' electronic payment systems. (This argument is becoming less compelling, as we'll see below.)Greater access for those without bank accounts. Just under 5 percent of US adults don't have bank accounts; in 2016, there were 1.6 billion unbanked people around the world. CBDCs accessible through mobile devices could potentially increase financial inclusion. And for providers of digital financial services, mobile money presents a gateway into untouched markets. However, adoption isn't a guarantee; many underbanked people may favor the total anonymity afforded by cash. Heightened security. Deploying a regulated digital currency accessible via mobile devices could potentially enhance payment security by ensuring that a transaction is finalized and unalterable—even without a formal bank account—reducing the chances of fraud. Regulated use of private-key cryptography could enable users to “sign” transactions digitally, reducing the wait time for a transaction to be irreversibly final and giving the parties greater peace of mind. ☕Get your coffee today at www.duckrivercoffee.com

Michael Howell, managing director at Cross Border Capital, is the world's leading expert on global liquidity, a key concept in finance that relates to the relative ease of financing in markets around the world. After previously calling in 2022 that a collapse in liquidity would usher in a bad year for risk assets, Howell returns to Forward Guidance with happier tidings. Howell now argues that global liquidity conditions reached a nadir in October 2022 and since then have been rising, in part due to the People's Bank of China (PBOC) injecting trillions of Yuan into the Chinese financial system, as well as money market funds pulling cash from the Fed's reverse repo (RRP) facility. Howell also shares with Forward Guidance listeners his thoughts on why the yield curve is sending a false signal, as well as on private credit creation and cross-border flows. -- Follow Michael Howell on Twitter https://twitter.com/crossbordercap Follow Jack on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ -- This episode is sponsored by Curve. Curve is unlike any other credit card. It gives you the power to connect multiple credit and debit cards into one, convert your cashback into crypto rewards, Go Back in Time ®, create Smart Rules, and more. Apply now through https://link.curve.com/forward_guidance, you'll earn $20 in Curve Cash after your first transaction. So sign up today! Terms and conditions apply. -- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://rb.gy/5weeyw Market commentary, charts, degen trade ideas, governance updates, token performance, can't-miss-tweets and more. Subscribe to the Blockworks Research “Daily Debrief” Newsletter: https://rb.gy/feusos -- Timestamps: (00:00) Introduction (01:40) Liquidity Is Rising - Why? (06:17) But What About Quantitative Tightening (QT)? (09:03) Treasury Market Liquidity & Bank Reserves (18:10) People's Bank of China Is Injecting Lots of Liquidity (25:48) Y2K Fed Comparison (30:50) Market Outlook for 2023 (32:58) Curve Ad (35:12) Liquidity Outlook For Next Few Years (41:38) Inverted Yield Curve Could Be Sending False Signal (50:40) Are Rate Cuts Actually Coming? (59:40) Private Sector Liquidity & Cross-Border Flows (1:06:50) Consequences On Global Economy (1:13:01) Is Liquidity Resurgence Already Priced In? (1:17:48) "Rebound" Phase In Liquidity Cycle -- Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Hosts: Ansel Lindner and Christian Keroles Listen To This Episode:  Apple / Spotify / Google / Libsyn / Overcast / RSS Watch this Episode: YouTube / Rumble  Fed Watch is a macro podcast, true to bitcoin's rebel nature. Each episode we question mainstream and bitcoin narratives by examining current events in macro from across the globe, with an emphasis on central banks and currencies. In this episode, CK and I dive into the surprise rate cuts by the People's Bank of China (PBOC) and read through some of Jamie Dimon's recent leaked comments about the global economy and geopolitics. Audio listeners can follow along with the slides here. Don't forget to check out the Fed Watch Clips channel on YouTube. Liking and sharing YT and Rumble videos is the best way for us to reach new people. Thank you!

Hosts: Ansel Lindner and Christian Keroles Listen To This Episode:  Apple / Spotify / Google / Libsyn / Overcast / RSS Watch this Episode: YouTube / Rumble  Fed Watch is a macro podcast, true to bitcoin's rebel nature. Each episode we question mainstream and bitcoin narratives by examining current events in macro from across the globe, with an emphasis on central banks and currencies. In this episode, CK and I dive into the surprise rate cuts by the People's Bank of China (PBOC) and read through some of Jamie Dimon's recent leaked comments about the global economy and geopolitics. Audio listeners can follow along with the slides here. Don't forget to check out the Fed Watch Clips channel on YouTube. Liking and sharing YT and Rumble videos is the best way for us to reach new people. Thank you!

The onshore exchange rate of RMB against the U.S. dollar stopped falling briefly on April 26 under the policy adjustment of the People's Bank of China (PBOC), but continued falling to close at 6.6115 on April 28, down 546 basis points from the previous trading day.

In this episode of the Fed Watch podcast, I give a big update on central bank related news from around the world. It's been several weeks since we've done a down and dirty update on material from the monetary world, so there is a lot to cover. Listen to the episode for my complete coverage. Below, I summarize Federal Reserve related headlines and their upcoming FOMC meeting, CPI and inflation expectations, Europe and the ECB's dilemma, and lastly, China's horrible economic issues. Fed Watch is a podcast for people interested in central bank current events and how Bitcoin will integrate or replace aspects of the aging financial system. To understand how bitcoin will become global money, we must first understand what's happening now. Federal Reserve Calendar Financial headlines have been awash with Federal Reserve Presidents and Governors trying to outdo each other in their calls for rate hikes. The most recent is from President Bullard of the St Louis Fed, calling for a 75 bps hike and up to 3.75% on the Fed Funds rate by the end of the year! Powell is speaking in front of the Volcker Alliance meeting via pre-recorded remarks and appear live to the IMF on Thursday April 21 (I got the events mixed up in the podcast). I expect discussion of the global CPI situation in relation to different countries' monetary policy. We should get some insight into Powell's view of the current global economy in these remarks, more than the typical “the economy is expanding at a moderate pace” vanilla comments we usually get at the FOMC pressers. The much anticipated next FOMC meeting is scheduled for May 3-4. The market is saying that a 50 bps hike is likely, so anything less than that would be a dovish surprise. Up to this point, the Fed has only raised rates once by 25 bps, yet the onslaught of calls for rapid and large rate hikes has made it seem as though they have already done more. The Fed's main policy tool is forward guidance. They want the market to believe that the Fed is going to hike so much they break something. In that way, the Fed economists believe they will tampen inflation expectations leading to lower actual inflation. Therefore, all these outrageous calls for extremely high Fed Funds rate by the end of the year are meant to mold your expectations, not actual prescriptions for monetary policy. CPI, Inflation Expectations and Yield Curve The next segment of the podcast is all about inflation expectations. Below are the charts I go over with some simplified commentary. Source: FRED Above, we see the CPI year-over-year. The most recent number is 8.55%, however, in April we are entering the YoY space of the acceleration of CPI last year. April 2021's CPI jumped from 2.6% that March to 4.1%. That means we will need to see similar acceleration in prices between this March and April, which I do not think we will get. And the rest of the inflation expectation metrics below do not agree CPI will continue to worsen (for the US). Source: FRED The University of Michigan Consumer CPI expectations has effectively been capped below 5%, and as we approach recession that should move downward quickly, placating Fed economists I'd like to add. Source: FRED The 5-year Breakeven is slightly elevated from historical norms at 3.3%, but it is a long way from confirming the 8% of the CPI. Source: FRED Same with the 10-year Breakeven. It is even less elevated from historical norms, coming in at 2.9%. Far from the 8% CPI. Source: FRED One of the highest regarded inflation expectations measures is the 5-year 5-year Forward. It is still below its historical norm, coming in at 2.48%. All of these measures agree with each other in being far below the 8% CPI, added to the flat yield curve with some inversions shown below, and the shakiness of the economy, it leads me to expect an orderly return of CPI to its historical norm in the 1-3% range. Transitory has become a meme at this point, but we can see that it has only been a year of elevated CPI readings and there are signs of peak CPI already. Transitory simply meant that this was not a multi-decade trend change for inflation, it is a temporary period of higher than average levels. Every other metric besides CPI is telling us just that. Source: GuruFocus Europe and the ECB In this podcast, I also cover the deteriorating situation for Europe and the Euro. The ECB recently announced that they would be stopping asset purchases in Q3 of this year to get a handle on inflation. Europe's CPI has come in at 7.5%, still below the US. However, their economic situation is much worse than the US. Europe is in the middle of many different crises at once, an energy crisis, a debt crisis, a deglobalization crisis, perhaps a food crisis, and a demographic crisis. All of that while the ECB is easing. What happens when they try to tighten?! Nothing good.  For these reasons I expect the Euro to drop significantly against the dollar and other currencies. Below you find several charts I talk about on the podcast for the audio listeners. Source: Yardeni Research   EURUSD has broken its lifetime support trend line in red and is looking very bearish. The dollar index against major currencies however, is performing very well, exactly opposite to what the dollar bears would have you believe. No sign of de-dollarization, weakness or threat of losing its status anytime soon.   Source: bitcoinandmarkets.com China's Growing Problems The People's Bank of China (PBOC) has lowered the Reserve Requirement Ratio (RRR) once again, effective April 25th. In this segment, I read through an article by FXStreet and make commentary along the way. Recent developments in China only strengthen the case I have been making for years, that China is a paper tiger built on credit that is going to collapse in a scary fashion. The Chinese have not been able to slow the real estate collapse or the spread of Omicron. They disastrously resorted again to lockdown in Shanghai and other cities, that will only serve to cripple their economy more. They cannot drive demand for loans or for lending in this environment, hence the multiple attempts to spur lending by lowering RRR. What the PBOC will most likely turn to next is mandating loans be made. They are desperate to increase credit and keep the bubble from collapsing fully. This is reminiscent of Japan in the 90s, when they mandated loans to be made in a similar attempt to stimulate the economy. It didn't work for Japan and it won't work for China. At best China is looking at a repeat of the lost decades in Japan.   That does it for this week. Thanks to the watchers and listeners. If you enjoy this content please SUBSCRIBE, and REVIEW on iTunes, and SHARE! Links Bullard's recent comments https://archive.ph/rafqY China lowers RRR https://www.fxstreet.com/news/china-pboc-cut-the-rrr-by-25-bps-uob-202204191408 Written by Ansel Lindner Economist, bitcoin specialist, and author of the Bitcoin Dictionary and the free weekly Bitcoin Fundamentals Report. Find more from Ansel at the bitcoinandmarkets.com

In this episode of Interpreting India, Robert Greene joins Priyadarshini D. to explore the use and impact of China's digital yuan. What's China's motivation behind its e-CNY? How does it work? What are some of the domestic and international implications of its rollout? The digital yuan is a centralized, cash-like digital currency. The People's Bank of China (PBOC)--the Chinese central bank--and digital yuan operating institutions, which includes some of the largest state owned banks and tech giants like Alibaba and Tencent, have conducted large scale pilot programs in multiple cities over the past year. The 2022 Winter Olympics in Beijing, in February, was originally planned as the grand international debut for the digital yuan. Those plans, however, went sideways with another outbreak of the COVID-19 pandemic.Of all the current CBDC pilots, the digital yuan elicits significant interest, given China's economic heft and geopolitical ambitions. In this episode of Interpreting India, we will delve into the debate surrounding China's digital yuan. --Episode ContributorsRobert Greene is a nonresident scholar at the Carnegie Endowment for International Peace's Cyber Policy Initiative and Asia Program. His work focuses on Chinese financial sector trends and on topics at the nexus of cyberspace governance, global finance, and national security. He has worked extensively on the global implications of China's centrally backed digital currency. Robert is also the vice president and chief of staff at Patomak Global Partners, a financial services consultancy, Priyadarshini D. is an associate fellow with the Technology and Society Program at Carnegie India. She is interested in researching emerging issues at the intersection of law, technology, and finance. Her current research focuses on the impact and implications of introducing digital currencies, such as central bank digital currencies, specifically in the context of an emerging market like India. --Additional Reading:1. What does China's centrally backed digital currency mean for the world? by Robert Greene2. Beijing's Global Ambitions for Central Bank Digital Currencies Are Growing Clearer by Robert Greene 3. Correct Design Can Ensure CBDCs Don't Destabilise Banks by Priyadarshini D. 4. China's Digital Yuan: An Alternative to the Dollar-Dominated Financial System by Rajesh Bansal and Somya Singh--

Q1: Richard, why don't you start off by sharing what does China's fintech landscape looks like? Ans: >Most people in China don't use cash, instead they use payment platforms >People went cashless in China even before the People's Bank of China (PBOC) launched its digital currency for trials     Q2: How long has China been experimenting with the digital currency, and what does the digital currency looks like in the pilot project?   Ans: >Works to build the central bank digital currency started in 2014    >Trials for the digital currency started in late-August of 2020 >Shenzhen city first used the central bank digital currency (CBDC) >Even in 2022, most local retailers don't accept the (under-trial) digital currency in Shanghai >Around 250 million people have downloaded the app in 12 trial cities     Q3: If I have understood you correctly, right now the CBBC, what it looks like, is essentially a payments wallet.   Ans: >The central bank digital currency is design off Alipay and WeChat platforms > Alipay and WeChat use QR codes to make payments, where the money is stored in a bank or WeChat account >In case of central bank digital currency, the money is stored digitally on the phone      Q4: One similarity between China and India is the existence of these fintech firms that have actually become quite big? So, what has been the impact of the CBDC on Alipay and WeChat? Have they lost out? Ans: >Amount of transaction carried out during the trial of central bank digital currency (CBDC) is low >No impact of CBDC on Alipay and WeChat for now >In the future, the system will impact Alipay and WeChat. But they will coexist in the payment ecosystem  >People will have the choice of payment platforms, like choosing a credit card over other >Usage will increase if people get salaries in digital currencies >CBDC, Alipay, WeChat etc are going to be symbiotic in nature and will make digital payments big in China   Q5: Where does crypto fit in all of these?  Ans: >Cryptocurrencies are banned in China >Cryptos will coexist with fiat currencies in India and other countries >If India builds a digital currency that can be transferred from one phone to another without a network (like NFC), it will be ground breaker     >A central bank digital currency will be helpful in financial inclusion in India   >Mobile technologies that allow offline payment offer tremendous benefits to rural population >Central bank digital currencies offer stability, unlike the volatility of cryptocurrencies     Q6: You know, everybody is talking about how crypto itself might not be around for a while. Blockchain technology could form a part of digital currency. Is that the experience of China? Does Blockchain figure anywhere in the architecture? Ans: >Blockchain is unsuitable for big countries that need payment systems with high throughput and speed >Standard credit card network in the West operate between 50,000 to 70,000 transactions per second >During big shopping days in China, Alipay network exceeds 5,00,000 transactions per second >Fast Blockchain protocols exists, but none of them are ‘bullet-proof' for a central bank to build on now     Q7: China has toyed with the idea of banning personal QR Codes. Why is this? Ans: >China banned personal QR codes that were used for business transactions >The concept is: If you are running a business, don't use your personal QR code for business purposes     Q8: If we can zoom out a little, what does China's experiment with CBDC mean for its economy? And what does it mean for global trade? Ans: >Alipay and WeChat is doing a good job about making a payment for coffee >China's digital currency is about further digitisation of payments in the society, like paying salaries, business expenses etc      Q9: What do you mean when you say that they were not designed to go? Ans: >Chinas's Alipay and WeChat are not designed for companies to make salary payments to employees >Another use case o

China exceeded the growth expectations, but the People's Bank of China (PBoC) cut the policy rate to reverse the slowing growth. That was certainly good news for the doves, as the Federal Reserve (Fed) expectations get increasingly more dovish to the four-decade high inflation in the US. In fact, inflation went to high that even the banks see it reversing the positive impacts on earnings and profits. Sentiment is mixed this Monday, the US dollar index rebounds from its 100-dma, pulling the EURUSD and GBPUSD lower. Dogecoin rallied 20% after payments in Doge went live on Tesla's website on Friday, but the upside remained short-lived. Bitcoin traders are confused: in one hand the death cross formation calls for deeper downside, but on the other hand, holding support at $40K could give the coin a boost to reverse the actual selloff.

While most global central banks (both in devoloped and developing markets) have either eluded to increasing their policy rates or have already started their hiking cycle, People's Bank of China (PBoC) shifted toward monetary policy easing. See omnystudio.com/listener for privacy information.

Nossos sócios Luiz Eduardo Portella, Tomás Goulart e Sarah Campos debatem, no episódio de hoje, os principais acontecimentos da semana no Brasil e no mundo, como as sinalizações positivas do banco central da China (PBOC) após as reações à crise da Evergrande, as decisões de outros bancos centrais, com destaque para o FED e para o COPOM, e o discurso de Bolsonaro na ONU. O mercado começou a semana volátil, com as bolsas mundiais em queda, porém houve recuperação posterior. As sinalizações positivas na China foram importantes para tranquilizar o cenário externo - mesmo com a situação ainda incerta, a injeção de liquidez do banco central mostrou que não deixará que ocorra o contágio geral. No Estados Unidos, o presidente do banco central, Jerome Powell, deixou claro que as condições para o início do tapering (redução da compra de ativos) já foram quase atingidas, e que o início poderá ser anunciado na próxima reunião. Esse cenário abre caminho para o FED considerar um ajuste na taxa de juros no próximo ano. No Brasil, a bolsa começou a semana com queda expressiva, chegando aos 107.000 pontos, mas se recuperou fechando a semana na casa dos 113.000 pontos. Tivemos a reunião do COPOM, e a taxa básica de juros subiu 1%, como esperado, além de ter sido sinalizada uma alta similar para a próxima reunião. O IPCA-15 de setembro foi divulgado hoje e veio mais alto do que a expectativa, sendo um risco para uma elevação ainda maior da taxa de juros. Além disso, tivemos o presidente Bolsonaro discursando na ONU, adotando um tom mais tranquilo. No domingo teremos as eleições na Alemanha, e o Partido Social-Democrata da Alemanha (SPD) aparece com vantagens, o que seria um ponto de inflexão importante na Europa.

O início da semana começa esvaziado com o mercado americano fechado hoje por conta do feriado do Dia de Trabalho nos EUA, e véspera de feriado no Brasil, mas ainda assim a semana será cheia de indicadores e eventos importantes. No cenário internacional, teremos a divulgação da inflação ao produtor (PPI) nos EUA e as reuniões do Banco Central Europeu (BCE) e do Banco do Povo da China (PBoC). Além disso, discursos de dirigentes do Federal Reserve e dados de setor externo na China também podem agitar o mercado. Domesticamente, discussões sobre reforma tributária e PEC dos Precatórios devem ocupar a pauta do Congresso. Na seara de indicadores, destaque para a inflação medida pelo IPCA de agosto e a Pesquisa Mensal do Comércio (PMC) referente a julho

🤑 Bitcoin se vuelve más rentable para los mineros tras nuevo ajuste en la tasa de dificultad de la red - La dificultad de bitcoin se ajustó casi un 5% el fin de semana, haciendo a BTC más rentable para los mineros de la red - Vale la pena recordar que el anterior ajuste había sido cercano al 28% y desde su máximo histórico, alcanzado el 13 de mayo, el ajuste a la dificultad de bitcoin ha sido negativo en 3 ciclos consecutivos - La dificultad de Bitcoin se ajusta y se vuelve más fácil o difícil minar dependiendo del hashrate de la red o el poder computacional de todos los mineros - Si llegan más minero a aportar mayo hashrate, la dificultad tenderá a aumentar https://news.bit2me.com/bitcoin-se-vu... 🏦 Bank of America (BofA), el segundo banco más grande de EE. UU. por activos administrados, anuncia el trading de futuros de Bitcoin - El banco estadounidense dijo que el trading de futuros de BTC está autorizado para un número de clientes seleccionados - El banco reconoció que la demanda de bitcoin y las criptomonedas por parte de sus clientes es alta - Según el informe, algunos de los clientes del banco ya están operando con futuros de BTC. ⛓️ Colombia es el primer país de Latinoamérica en lazar bonos utilizando blockchain - El Comité de Innovación de la Superintendencia Financiera de Colombia (SFC) informó sobre la aprobación de la primera emisión de bonos utilizando la tecnología blockchain en el país - En la prueba piloto, que busca demostrar la eficiencia de la tecnología, la interoperabilidad, la inmutabilidad y la eficacia en la emisión de bonos, participarán los bancos Davivienda, Banco de la República y el Grupo BID https://news.bit2me.com/colombia-lanz... 🇨🇳 El Banco Central de China presenta un informe sobre las transacciones realizadas hasta la fecha con el yuan digital - Información publicada en un documento emitido el fin de semana - El Banco Popular de China (PboC), señaló que las transacciones realizadas exitosamente hasta junio superan un valor de 5.000 millones de dólares - El número total de transacciones realizadas asciende a 70,7 millones - Número de monederos utilizados superó los 24,5 millones, 21 millones de monederos fueron personales y 3,5 millones de monederos fueron empresariales ⛏️ Aprovechando la salida de mineros de China, Rusia impulsa la minería de criptomonedas en su territorio - La Asociación Rusa de Criptoeconomía, Inteligencia Artificial y Blockchain (RACIB) anunció el lanzamiento de un proyecto para atraer recursos informáticos de la minería de criptomonedas a nivel mundial a la Federación Rusa 🚀 Suscríbete a nuestro Canal: https://www.youtube.com/channel/UCBiA... 00:00 Promo Bit2Me Pay 0:25 Sumario 0:50 Primera Noticia 1:21 Segunda Noticia 2:00 Tercera Noticia 2:44 Cuarta Noticia 3:35 Noticia Bomba 4:24 Cierre #AjusteMineríaBitcoin #AjusteDificultadBitcoin #RusiaMineríaBitcoin YuanDigital #Bitcoin #Ethereum #Blockchain #MineríaCripto 🎁 *¡Has descubierto un regalo!* Si estás aquí, aprendiendo, te mereces nuestro regalo especial: Regístrate en Bit2Me con este enlace y en tu primera compra de 100€ o más te regalaremos 5€: https://bit2me.com/?r=75N-GP4-G0S *¡La revolución la creamos entre todos!* 📲¡Descárgate la APP! https://bit2me.com/download Compra y vende Bitcoin , Ethereum , Litecoin , Dash, Bitcoin Cash , Ripple y otras criptomonedas . Soporte telefónico en Español . Con tarjeta VISA / Mastercard , transferencia y dinero en efectivo . El mejor monedero ( wallet ) crypto. Nuestra web: https://bit2me.com 👉 Síguenos en las redes sociales: ⭕️ Facebook: https://www.facebook.com/bit2me ⭕️ Instagram: https://www.instagram.com/bit2me ⭕️ Linkedin: https://www.linkedin.com/company/9243641 ⭕️ Twitter: https://twitter.com/bit2me ⭕️ Telegram: https://t.me/Bit2Me_ES ⭕️ Lbry (Odysee): https://odysee.com/@bit2me:c ⭕️ Spotify: https://open.spotify.com/show/1Tj4kyX... ⭕️ iVoox: https://www.ivoox.com/podcast-bit2me-... y por supuesto, dale a la campanita para activar las notificaciones 👈 ✍🏻 ¡Apunta! Conoce todos nuestros servicios: ⭕️ Wallet: https://bit2me.com/wallet ⭕️ Tikebit (compra criptomonedas en tiendas físicas): https://www.tikebit.com/inicio&lang=es ⭕️ Academy: https://academy.bit2me.com ⭕️ Crypto TV: https://tv.bit2me.com ⭕️ Crypto Converter: https://converter.bit2me.com ⭕️ Agenda de crypto eventos: https://agenda.bit2me.com ...y muchos más en nuestra web! 📲¡Descárgate la APP! https://bit2me.com/download

The People's Bank of China (PBOC) announced the country's digital currency, e-CNY, has surpassed more than $5.3 billion (34.5 billion yuan) in transactions amid increased restrictions on the mining and usage of cryptocurrencies like Bitcoin. The digital currency is still being tested ahead of its official debut. Will this be a boost or a crash for the altcoin market?#China #Yuan #Cryptocurrency~China's Digital Yuan Could Impact Altcoins~⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺Subscribe on YouTube ✅ https://bit.ly/PBNYoutubeSubscribeFacebook

In this episode of Bitcoin Magazine's “Fed Watch” podcast, we, your hosts Christian Keroles and Ansel Lindner catch listeners up on the global macroeconomic situation, discuss some financial current events, Fed taper, and of course dive into the current state of Bitcoin. The first topic is a trip around the world starting in China. The CCP surprised the market recently with a Reserve Requirement Ratio (RRR) cut. From Reuters, “Late on Friday, the People's Bank of China (PBOC) said it will cut the amount of cash that banks must hold as reserves, releasing around 1 trillion yuan ($154.19 billion) in long-term liquidity to underpin a post-COVID economic recovery that is starting to lose momentum.” This is being seen by many as a warning sign of a slowing Chinese recovery. Next, we cover Germany's slowdown in Purchasing Managers Index (PMI) and factory orders. While the headline numbers look just okay, factory orders from outside the Euro area fell by 9.3% according to Germany's Federal Statistics office destatis! Germany is a bellwether for the global economy and that print doesn't sound like global recovery.  Last on our world tour, we discuss Japan's Japanese Government Bonds (JGB) yields. Earlier in the year, Japanese yields were taking off signaling growth and health of the economy, but since February have done an about-face and are again approaching zero. So both important economies, Germany and Japan, are flashing red slowdown. Jeff Snider from Alhambra Partners had a great write up on both Germany and Japan.

Welcome to Finance and Fury. This episode is to look at Central bank digital currencies - Central banks releasing digital currencies is an inevitability at this stage - proof-of-concept programmes are currently in the works across the globe - with more than 80% of central banks looking at digital currencies – The RBA is one of them There is a lot of cover in this topic – we will define a central bank digital currency and go through why central banks are looking at pure digital currencies as an option – We will also look at what is happening in China with their plans for the distribution of the digital yuan – but also look at the alternatives the RBA is looking at   Defining the different forms of currencies in the modern monetary economy – physical and digital Physical money is easy - Think of cash in your wallet – either in notes or coins – this is physical money – when you log into your bank account and see digits on a screen – this could be considered a digital currency – but you can still convert these digits into physical money Digital currency is the name given to the electronic equivalent of physical money or cash when it is issued in a purely digital form Digital currency is managed, stored or exchanged on digital computer systems over the internet. Types of digital currencies include cryptocurrency, virtual currencyand central bank digital currency Under current legislation – you can still convert your digital currency into fiat currency, hence physical – you can withdraw digital forms of money – i.e. exchange BTC for AUD, then withdraw this AUD Currently – the digital representation of your physical money can be used via payments technologies such as online banking and electronic financial transaction point of sale – EFTPOS for short These payment methods are linked to commercial bank accounts in your own name, as well as deposit-taking mobile wallets, and gift, credit or debit cards – most people listening would have most likely used this form of payment – transferring the right to a physical currency digitally A CBDC is different to cryptocurrency – or cryptoassets based around the terminology used in legislative frameworks these are government sanctioned and centralised in their production – exactly like physical money - a cryptocurrency such as BTC or ETH does not – it is decentralised A CBDC would still have a ledger – but this would be centrally controlled and fully integrated into the financial payments system Currently - Every single day - Central banks are issuing conventional digital money to commercial banks that can then be exchanged with cash at par value – you go to an ATM to withdraw digital representations of your dollars for physical ones – the internet revolutionised this in the financial system banks used to have to store more physical currency – or at least a paper entitlement to this – to meet the demand of consumer payments - digital was never a consideration – with the decline in physical currency demand – less economic activity is conducted in this manner – so banks need to hold less physical cash - I remember going to Coles with my grandparents when I was a kid – they would take out cash for their weekly spending and pay in cash for everything – because this was how things were done in their day – today – credit and debit cards have mostly replaced cash payments In the current monetary economy - the RBA actually does issue digital currency to commercial banks through the provision of money into each bank's account within the exchange settlement account (ESA) system — However – there is no major central bank that purely issues digital currency directly to the public Whilst most currency that exists is digitised – it can still be transferred into physical currency Plus – you don't get your digital cash from a central bank – you get it through commercial banks The transfer of the monetary system from a physical currency to a digital one would be a form of a monetary reset - Let's take a step back and look at the previous monetary reset that occurred – Under the gold backed currencies – you could convert your paper money for gold at the equivalent pegged value – until this was banned by Governments on the population – in the US from 1933 – but other Central banks could still convert currency for gold under the Brenton woods system – until 1971 when any form of gold standard was abandoned Think of a Central Bank Digital Currency as a similar process of reducing your financial freedoms – you can currently convert your digital money into physical money – but when the nation adopts a pure digital currency policy, this is no longer possible – no more physical cash – everything is digitised – the same as when the population was no longer allowed to convert the currency for the asset backing it – i.e. gold This brings us to a core component of this episode – the People's Bank of China (PBoC) – which is one of the most prominent central banks globally, aims to be the first major central bank to issue digital currency for use by the general public and business – replacing physical cash This digital yuan will be fully produced and backed directly by the Chinese central government The underlying technology for this is different to the blockchain ledger, and will be controlled by the Chinese government and not distributed across the Chinese financial system - or any other nodes – like a decentralised ledger that crypto operates on   Why do Central Banks – particularly China's want a digital currency? Based around the released papers - it is suggested that the Digital Currency electronic payment system will alleviate the risks to the financial system that are present with both physical money or cryptocurrency transactions – these are anonymous counterfeiting, money laundering and illegal financing This sounds like a great argument if you are a monetary official – on the surface - because under a purely digital currency, monetary regulators can completely monitor digital currency transactions – for them this is a major plus as they will greatly increase their financial and monetary supervision capabilities – but what about for the individual in the economy – who makes up the economy So, Governments and Central Banks want to track every transaction that someone makes – this is firstly in an aim to reduce the black market economy Black market economies emerge to fill in the gaps of an imperfectly legislated economic environment – with tradies in Australia – the 10% discount to pay in cash to avoid GST In other nations that are highly regulated through central planning – black markets emerge to provide goods as well as currencies to fill in a gap – because of limitations of government controls – these sorts of economies exist mostly in communist/socialist economies like Venezuela and North Korea Where there is demand – people will find a way to fill this through providing the supply – whether it be food or drugs – if people want it and the government wont allow it – it will likely find its way onto a black market The black market fills a hole to reduce the inefficiency of the government – allows the economy to function at a greater capacity than it would under a complete governmental control – hence, the introduction of a pure digital CB currency removes this natural phenomenon to help right any wrongs that central planning creates This is particularly relevant in nations which complete central planning – socialist/communist countries like Venezuela and North Korea, or the USSR, China and Cuba in the past – the only way for people to get an allocation of food was often through the black market – but at imperfect prices due to market disruption All of these operate on cash – which cannot be tracked and measured by the government - It actually creates a completely centralised and controlled economy – the monetary authorities may view this as a win – but for the every day individual, this limits their ability to maximise their economic output – the greater limitations occur in situations where economic transactions are limited by government – countries like Australia are relatively free – but in countries like China – this could really reduce the individuals living standards if they are both cut off from cash payments and restricted in the digital payments – The most alarming factor of all of this – especially for China – this relates to their social credit score system – monitoring what you spend your money on – allows them to allocate you a score If you spend too much on alcohol, or if you are hoarding too much cash and not being a productive member of society through investing or spending this, well – you will see your score lower – even if you are friends with an alcoholic – your score will lower – then you save, spending money, cannot travel, find accommodation to live and you become homeless quickly as you are completely cut off – you can also not beg for money This digital Cb currency from China has the added element of being able to piggy back onto what is already an incredibly authoritarian system of control of its population – where if you score is also too low – now you no longer have the right to access this currency and you are shut off – with no method of redemption From an Economic perspective – monetary officials want to create the perfect world – where they can measure spending down to the exact dollar and manipulate the economy through making adjustments to the money supply and interest rates – they can also get a measure on inflation They have been trying to do this for decades but with little effect – think about monetary policy for a minute – the control over interest rates is aiming to control behaviours of individuals that make up the economy – if there are lower interest rates, this based on the rational models that entities like the RBA have, which theorises that a lower interest rate should decrease the incentive to save cash and instead people will spend it – this should then increase inflation and then interest rates can increase over time – but these models aren't perfect – as unintended consequences occur – what happened in practicality is that the lowering of interest rates to help increase inflation resulted in credit growth – i.e. mortgage sizes – where people were borrowing more money – whilst interest rate payments were lower per dollar borrowed, people now had more borrowed dollars – so total interest rates did decrease, but loan repayments for principal increased – resulting in more money flowing into debt repayment – hence less being spent in the economy – therefore the inflation never materialised as hoped Monetary officials think that these models aren't perfect because they don't have complete data – they don't know how much exactly each individual is spending and where they are spending this – plus, inflation is currently measured by around 0.8% of households keeping a manual diary and reporting this back to the ABS – would be much easier to have a direct line to every transaction you make and measure the relative price increases – this equals a completely centralised and controlled monetary system What they never understand is that there I no way to control a complex system like the economy – any model is never going to work as the economy is non-linear – i.e. if you put in $100 to the economy expecting a multiplier of 2 under a linear system – you would get $200 – under a non-linear system you could get $20, -$50, $100 – who knows – inputs do not equal outputs In addition – thin about Welfare payment that governments and central banks can make – a recent proposal was made in limiting spending and transactions to a card where it could only be spent on food or other essential goods – no alcohol or withdrawn as cash to spend on who knows what – this would fulfill this if CB digital currencies came into existence But also – Digital currencies in their pure form are only from CBs to commercial banks – the invention of digital CB currencies allows for the expansion of helicopter monetary policies The payment directly from a CB to your bank account – this is the basis for economic policies such as UBI based around modern monetary theory – MMT So these CB digital currencies allows for a circumvention of fiscal policy – no longer goes a government decide on welfare payments – CBs can directly pay individuals as the commercial banks would no longer be required as a financial intermediary The end result of this is Central Banks increasing their Control over the economy – We already do don't have a free market economy – money is the life blood of any economy – it is what facilitates the exchange system of the economy – but the control of the supply of money and the interest rate control affecting incentives to save or spend has completely destroyed the natural state of the economic and business cycle What is even more telling about the potential implications for us – is when looking at a speech given by the Bank of England's chief economist in 2015 – where CBDC would be the ideal mechanism to implement negative interest rate policies – if you get charged to save, then you would withdraw your cash savings and put it under your mattress – but if this is not possible, you would have no options to either spend or invest the cash Increase spending – from both the population but from a central bank through just issuing more digital currency – as well as economic transfer payments directly to the population – if this doesn't come from a government, and from the creation of the money supply – it isn't technically debt represented on a balance sheet anywhere Under the current economic environment – for governments to spend money they don't have, they get into a deficit and fund this through issuing a bond – with digital currencies directly issued from a CB – no government debt From a central bank's point of view – a digital currency can also reduce the costs involved in handling, maintaining and recycling banknotes and coins throughout financial systems and economies It is true that it does cost money to print dollars and produce coins – There can also be currency shortages - Coin shortage in the US at the moment – the costs go up over time to produce these assets, whilst inflation reduces the real value of the currency I did some maths for Australia – looking at the 20c coin – it weighs 11.3g – and constitutes 75% copper and 25% nickel – well at current market prices this represents around 7c of nickel and 11c of copper – so even the raw materials are worth around 18c – let alone the manufacturing costs – so in producing a 20c coin, the RBA may actually be losing money if commodity prices continue to rise     China is serious about this – they are rolling it out - It will initially be distributed to all commercial banks affiliated with the Chinese central bank such as the Agricultural Bank of China First phase - it is designed as a replacement for China's Reserve Money (M0) – this is the monetary reference to central bank notes and coins – it is essentially the base money supply on which banks can extend the money supply to commercial banks Second Phase - it will be distributed to large fintech companies such as China's Tencent and Alibaba to be used alongside their WeChat Pay and Alipay inhouse payments respectively The first public testing is already going on - in October 2020 - China's central bank issued 10 million yuan ($2 million AUD) of digital currency to 50,000 randomly selected consumers This digital currency is available for transactions across 3,389 retail outlets in Shenzhen Next phases of testing - 4 key cities are going to be the first cities to test the use of the DCEP These cities will be closed economies – where pilot tests and this is testament of digital currencies - Beyond this first stage of domestic integration – China is thinking of internationalising the RMB by offshoring the yuan into Hong Kong and Singapore Multinational foreign firms – companies such as McDonalds and Starbucks will also take part in the DCEP testing alongside local hotels, supermarkets, postal lockers, bakeries, bookstores, gyms   Does this relate to Australia and why would cash disappear? Studies by the Reserve Bank of New Zealand (RBNZ) suggest there are two main reasons why cash could disappear Cost - The relative cost of its use of physical cash compared to digital methods – as we went through earlier in the episode – the major reason to get rid of a fiat cash is if it is worth more than what the value you attribute to it is – i.e. why spend 0.21c to produce a 0.2c coin?   Undesirable outcomes – Central banks think that physical cash has a socially undesirable outcome – i.e. the attractiveness for tax evasion, money laundering and illegal transactions In Australia - large-scale cash transactions have been deemed such a social risk that in 2019 the Currency (Restrictions on the Use of Cash) Bill 2019 was introduced in Federal Parliament to ban cash transactions over $10,000 – this is a step to limit cash How the RBA views this topic on alternative digital payment methods Australia's digital version of the Australian dollar (AUD) will be some way off In 2020 - The Reserve Bank today announced that it is partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, on a collaborative project to explore the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT). This is part of ongoing research at the Reserve Bank on wholesale CBDC. From a central bank/governmental perspective - The benefits have been acknowledged to include improved financial tracking cost reductions from reduced production and general handling of coins and banknotes. In China, Australia and elsewhere, the cashless trend is seen to be strong with both business and consumer habits seen as key drivers in the likely seamless adoption of a DCEP.  China is the first mover – where they are cracking down on crypto assets – as they are implementing their own digital currency - China wants complete control – any nation that implements this also likely wants complete control Be prepared for the next decade of change – as central banks adopt digital money – replacing physical currency Thank you for listening to today's episode. If you want to get in contact you can do so here: http://financeandfury.com.au/contact/ 

SkyBridge managing partner Anthony Scaramucci and president Brett Messing discuss why China's recent crypto ban is different than their last attempt in 2017 and what it means for Bitcoin's hash rate.On Monday, The People's Bank of China (PBoC) issued a statement saying it summoned a meeting of leading domestic banks and mobile payment providers, asking them to more closely monitor whether their services are being using for illegal peer-to-peer crypto transactions. The PBoC said the growth of crypto unbalanced the Chinese financial system, boosting illegal capital flight and money laundering. Since the shutdown orders in late May, Bitcoin hash rate has fallen by around 30%, while Bitcoin's price is down around 20%. Mining companies operating in China have already began relocating operations, including to the United States.In 2017, China "banned" crypto, decreeing that no financial institution should provide banking or settlement services for crypto trading or transactions, but crypto trading continued to take place on over-the-counter (OTC) exchanges and Bitcoin mining proliferated to the point that nearly 70% of global hash rate emanated from China.——————————————————————Registration for SALT New York is now open! Join us September 13-15, 2021 and sign up at https://register.salt.org/event/411f76d9-c215-4719-9bc4-8dfac6cfacdd/summaryWatch this video on YouTube: https://youtu.be/-47Kt6jG8xgModerated by Anthony Scaramucci, John Darsie and Brett Messing.

Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrencies. Compared with a previous ban issued in 2017, the new ban, which was posted by the People's Bank of China (PBOC), also covers services that were not previously mentioned. The impact of this means it may be more difficult for individuals to buy cryptocurrencies using various payment channels, and could impact miners' business by making it harder for them to exchange cryptocurrencies for yuan.#Bitcoin #China #Crypto~China Bans Bitcoin Again~⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺Subscribe on YouTube ✅ https://bit.ly/PBNYoutubeSubscribeFacebook

Find out more on our website: https://bit.ly/3JtnsR3 As China actively pursues ecological and sustainable development, green finance serves a core function in the country's financial ecosystem. In August 2016 the People's Bank of China (PBOC) and seven Chinese ministries issued a guidance on building a green financial system. China's green finance landscape has grown rapidly since then. This year, green finance development has been put forth as one of the key priorities for China's 14th Five-Year Plan over the period of 2021–25, along with China's recent commitment to achieving carbon neutrality by 2060, which has set a clear direction for its economy. The webinar will discuss the progress of green finance that have been made in China and shed light on the implications of China's green finance future agenda. Speakers: Mr Wenjian Fang was appointed General Manager of Bank of China Limited London Branch and Chief Executive Officer of Bank of China (UK) Limited in November 2018. He served as the Deputy General Manager and the Chief Risk Officer of Bank of China USA from 2015 to 2018. He was the General Manager of Bank of China Limited London Branch & the Chief Executive Officer of Bank of China (UK) Limited from 2011 to 2015. Mr. Fang joined Bank of China Head Office in 1996. Educated at Beijing Foreign Studies University in China to postgraduate level, Mr. Fang also received his MBA with Distinction from University of Hertfordshire, UK in 1996. He has been a CFA Charter Holder since 2008. Dr Gerard Lyons is Chief Economic Strategist at Netwealth, an independent non-executive director at the Bank of China, and a Senior Fellow at the think tank Policy Exchange. Lyons also sits, since 2008, on the Advisory Board of the Grantham Institute – Climate Change and Environment; and has been a member of the Advisory Board of Warwick Business School since 2014. Dr Lu Li joined Bank of China's London Research Centre in 2018 and has been a China Economist since then, mainly covering China's macro economy, banking sector, and green finance. She holds a PhD degree on Finance from the Durham University and a Master degree on Banking and Finance from the University of Glasgow.

US equity markets fell for a second consecutive session, shrugging off some solid corporate earnings releases and with re-opening plays such as airlines and cruise line operators led losses – Dow down -256-points or -0.75% , with Boeing Co (down -%) and Nike Inc (-%) both dropping more than >4%. International Business Machines (IBM) Corp rose over +3.79% after posting better-than-expected first quarter earnings per share (EPS) and revenue after the closing bell of the previous session. The broader S&P 500 lost -0.68%, with Energy (down -2.66%) leading seven of the eleven primary sectors lower. The more defensive Utilities (up+1.32%) and Real Estate (+1.12%) both advanced over >1%. United Airlines Holdings Inc fell -8.53% after the carrier recorded its fifth consecutive quarterly loss after the close of the previous session. American Airlines Group Inc fell -5.48%, while cruise operators Carnival Corp (down -4.35%) and Norwegian Cruise Line Holdings (-4.36%) both fell over >4%. The Nasdaq -0.92% Apple Inc (down -1.28%) launched a new iMac and iPad with its M1 chips at a spring event overnight. The small capitalisation Russell 2000 index fell -1.96%. In merger and acquisition (M&A) news, Kansas City Southern soared +15.25% after The Wall Street Journal reported that Canadian National Railway Co (-6.76%) was planning to make a buyout bid for the railroad operator of ~US$30B, which would top Canadian Pacific Railway Ltd.'s previously agreed on buyout bid.•In US corporate earnings, Netflix Inc dropped over >8% in extended trading after the streaming video company posted disappointing subscriber growth for the March quarter. For the period, Netflix added 4M net new subscribers, falling well short of the company's guidance target of 6M, while the company sees just 1M net additions in the June quarter. Netflix finished March with 208M subscribers, up 14% from a year ago. For the March quarter, Netflix reported revenue of up 24% from a year ago to US$7.16B and slightly ahead of the company's projection of US$7.1B. Profits were US$3.75 per share, ahead of the company's estimate of US$2.97 a share. Netflix forecast June quarter revenue of US$7.3B, just below the current Wall Street consensus at US$7.4B, with profits of US$3.16 per share (above the current consensus analyst estimate at US$2.69 per share). Railroad operator CSX Corp fell over >1.5% in after hours trading after reporting that first quarter revenue fell -1% to US$2.81B (versus consensus forecasts for US$2.79B), citing “difficult operating conditions”. Net income fell more than >% to US$706M or US$0.93c versus consensus analyst estimates for US$0.93c. President and chief executive James Foote noted that “the strengthening economic momentum is providing added visibility into volume growth. Johnson & Johnson rose +2.33% after reporting first-quarter profit and sales that topped expectations, citing strength in its pharmaceutical business and continued recovery in medical devices. The company also reported US$100M in first-quarter sales of its COVID-19 vaccine that's on hold in the U.S. while health regulators investigate a rare blood-clotting issue. Abbott Laboratories fell -3.6% despite exceeding earnings expectations during a quarter in which sales of its COVID-19 tests made up 20% of total revenue. Consumer staples group and Dow constituent Procter & Gamble Co settled +0.83% higher after posting better-than-expected third quarter earnings and flagged that it would be raising prices on certain product categories. Fellow Dow component Travelers Companies Inc rose +0.87% after posting quarterly figures that topped consensus forecasts, raised its cash dividend and approved an additional US$5B of share buybacks. Aerospace and defence giant Lockheed Martin Corp fell -1.12% despite exceeding consensus first quarter earnings per share (EPS) estimates by 4%. Philip Morris International gained +2.54% after the tobacco group reported better-than-expected first-quarter profit and revenue. Baker Hughes Co, Chipotle Mexican Grill Inc, Haliburton, Lam Research Corp and Verizon Communications Inc are among companies slated to report tonight AEST. •The Travel and Leisure and Banking sectors both dropped -3.7% to lead all major sectors and major European bourses lower, leaving the benchmark pan-European Stoxx 600 index (which includes UK equities) nursing a -1.90% decline. Germany's DAX fell -1.55% . Bayerische Motoren Werke (BMW) AG fell -3.36% . France's CAC -2.09%. French food group Danone SA fell -1.8% after posting a -3.3% fall in first-quarter sales but maintained its goal of returning to profitable growth in the second half of the year Interim co-Chief Executives Veronique Penchienati-Bosetta and Shane Grant said that the company “continue to expect a return to like-for-like sales growth in the second quarter, and to profitable growth in the second half of 2021". French car parts maker Faurecia rose 1% after first-quarter sales beat market expectations, underpinned by strong growth in China. In broader stock moves, Austrian chipmaker ams AG tumbled 13.26% after a media report that it lost some business from Apple Inc. Sandvik AB (down -2.56%) said that order intake increased organically in the first quarter by +12% to SEK 25,847M (~US$2.97B) "...driven by strong momentum in mining and continued improvement in short-cycle businesses." Sandvik runs a mining equipment business, alongside machine tooling and materials technology business. Mining accounts for 40% of the company's revenues. "We continued to see strong momentum in mining with accelerating demand for our equipment, parts and services. The order intake level for Sandvik Mining and Rock Solutions was at an all-time high, driven by organic growth of +36% year on year," said Sandvik Chief Executive Officer (CEO) Stefan Widing in a news release. The European Medicines Agency said its safety committee concluded that a warning about unusual blood clots with low blood platelets should be added to the product information for Johnson & Johnson's coronavirus vaccine, but said the benefits outweighed the risk. In economic data, the German producer price index (PPI) for March•London's FTSE 100 shed -2.00%. Associated British Foods Plc fell -5.93% after adjusted operating profit almost halved from the same period last year. Rio Tinto Plc fell -2.2% following the iron ore major's first quarter operations review. In economic data, labor market data for March recorded that UK unemployment rate unexpectedly declined for a second consecutive month to 4.9% despite tight nationwide COVID-19 lockdown measures. Consumer price inflation (CPI) and producer price inflation (PPI) figures for March are released tonight AEST. •Base metals weaker across-the-board – copper lost -0.53% to ~US$4.23/lb after rising as much as +1.1% to US$9,483 per tonne or ~US$4.30/lb earlier in the session, and flirting with the US$9,617 per tonne level hit in February (which was its highest since August 2011). The most-traded June copper contract on the Shanghai Futures Exchange rose as high as ¥69,750 yuan (~US$10,737) per tonne, not far from its February peak of ¥71,080 per tonne (which was its highest since March 2011) before settling +1.1% higher at ¥69,450 per tonne. Elsewhere, nickel fell -0.84%, aluminium -0.80% and zinc -1.46%. The People's Bank of China (PBoC) yesterday (20 April) left their benchmark one year loan prime rate (LPR) unchanged for a twelfth consecutive month at 3.85% as widely expected (while the five-year rate also remained steady at 4.65%). •Benchmark spot iron ore (62% fines) jumped +US$7.81c or +4.30% to US$189.61mt . China's most traded iron ore futures contract (September delivery) rose over >4% yesterday (20 April) to hit a new record high of ¥119.05. The World Steel Association released its Short Range Outlook for 2021 and 2022 yesterday (20 April) and forecasts that steel demand will grow by 5.8% in 2021 to reach 1,8740.0M tonnes, after declining -0.2% in 2020. The association forecasts steel demand to see further growth of 2.7% to 1,924.6M tonnes in 2022.•Gold futures (June delivery) added +US$7.80 or +0.4% to US$1,778.40/oz, reversing an earlier decline as US Treasury yields receded. Silver futures (May delivery) unchanged at US$25.84/oz. •Oil prices retreated as record cases of COVID-19 in India (the world's third-largest importer of oil) dimmed the outlook for the nation's economy and energy demand, while there was apparent progress in the Iran's nuclear deal negotiations - WTI fell -US$0.94c or -1.5% to US$62.44/barrel, with the May contract expiring at the conclusion of the session. Last night's session marked the one-year anniversary of a negative price close for the front-month WTI crude futures contract. On 20 April, 2020 the May WTI crude plummeted -306% or -US$55.90, to settle at negative -US$37.63/barrel. The new front month June WTI contract fell -US$0.76c or -1.2% to US$62.67/barrel. Brent shed -US$0.48c or -0.7% to US$66.57/barrel. India's Prime Minister Narendra Modi held an address to the nation on Tuesday (20 April), ruling out a nationwide lockdown as a measure to curb the pandemic and urging states to ensure that lockdowns are only chosen as the last resort, according to the Hindustan Times. Elsewhere, Bloomberg reported that Iran's President Hassan Rouhani said negotiations toward a nuclear deal were 60% to 70% complete. Meanwhile, the U.S. House Judiciary Committee's move on the No Oil Producing and Exporting Cartels Act of 2021, known as NOPEC, called attention to long-running efforts to by the U.S. to make it illegal for the Organisation of Petroleum Exporting Countries (OPEC) to manipulate oil prices. The NOPEC bill would make it illegal for any foreign state to act collectively to limit oil production or set prices. After the markets' close, the American Petroleum Institute (API) released their latest weekly inventory data, recording a +436K barrel increase in US crude stoc

Time Magazine now accepts bitcoin and other cryptocurrencies for digital subscriptions. In a rare show of support for cryptocurrencies, a deputy governor of the People’s Bank of China (PBoC) has reportedly singled out bitcoin and stablecoins as feasible investments. The Wall Street Journal’s editorial board criticized the U.S. Securities and Exchange Commission (SEC) in an editorial for causing “confusion” over its approach to cryptocurrency. This puts pressure on the SEC with the Ripple XRP lawsuit. Coinbase CEO Brian Armstrong praised SEC commissioner Hester Pierce for her safe harbor regulations.Hester Pierce interview - https://youtu.be/_qihfMbIk_g

While excellent newsletters on specific themes within public policy already exist, this thought letter is about frameworks, mental models, and key ideas that will hopefully help you think about any public policy problem in imaginative ways. Audio narration by Ad-Auris.Global Policy Watch: A Mint With a Role- RSJThe People’s Bank of China (PBOC) has been trialling a form of digital Yuan for the past year. Last week the trials entered their second phase. (Umm, they seem to have more phases for this than for developing their Covid vaccines).The Wall Street Journal woke up to the digital Yuan (paywalled) last week with this article that starts off like a Marquez novel:“A thousand years ago, when money meant coins, China invented paper currency. Now the Chinese government is minting cash digitally, in a re-imagination of money that could shake a pillar of American power.” What’s not to like an article that begins with hyperbole? But there’s some grain of truth there. Before we go further we need to make sense of sovereign digital currencies or what’s now being called Central Bank Digital Currencies (CBDC). What’s Money?Like we have written in an earlier post, money performs three roles for us: it is a store of value, it is a medium of exchange, and it is a unit of measure. Through it we save for the future, pay for goods and services and measure the value of very different things using a common unit. These roles mean anything that aspires to be a currency (the usable form of money) should have a relatively stable value over time and should be widely acknowledged as a store of value and unit of account among people. If it does so, the network effect takes over after a while and it becomes a widely used currency. Throughout history, a key feature of a sovereign state was its control over the supply and circulation of money that’s used within its boundaries. The royal mints, after all, have been around for more than two thousand years. As modern nation-states emerged through the 19th and 20th centuries and as global trade increased, central banks emerged to manage the monetary system and provide financial stability. There are three forms of money in any modern economy: Banknotes: These are physical paper currency notes issued by the central bank that we all use in our everyday lives. This is a direct promise by the central bank to pay the holder of the note a specified sum of money. This promise is printed on all currency notes.Bank Deposits: Ordinary people and businesses don’t hoard banknotes to conduct their business. They deposit their money in commercial banks. These deposits are stored in electronic form by these banks. The banks offer two services to their customers. They convert these deposits to central bank money in the form of banknotes when you demand it at an ATM and they offer to transfer your money to someone else through a payment system that exists between banks. Unlike banknotes, your deposits aren’t risk-free. They aren’t backed by any sovereign guarantee. A bank will be able to convert your money into banknotes only if it is solvent and it is able to honour its commitments. We have seen instances of a bank failing to do so in India (Yes Bank, PMC etc).Central Bank Reserves (“reserves”): Commercial banks have their own accounts with the central bank where they deposit their funds. These deposits are used by banks to pay each other to settle transactions between them. The reserves are the other form of central bank money apart from banknotes. These are risk-free and therefore used for settlements among commercial banks. Where does CBDC then fit in?Simply put, a CBDC is a digital form of a banknote issued by the central bank. Now you might think we already use a lot of digital money these days. Yes, there’s money we move electronically or digitally between banks, wallets or while using credit/debit cards in today’s world. But that’s only the digital transfer of money within the financial system. There’s no real money moving. The underlying asset is still the central bank money in the form of reserves that’s available in the accounts that commercial banks have with the central bank. This is what gets settled between the commercial banks after the transaction. This is an important distinction. We don’t move central bank money electronically. But CBDC would actually allow ordinary citizens to directly deal with central bank money. It will be an alternative to banknotes. And it will be digital. CBDC: The Time Is NowSo, why are central banks interested in CBDC now? There are multiple reasons. One, cryptocurrency that’s backed by some kind of a stable asset (also called ‘stablecoin’) can be a real threat as an alternative to a sovereign currency. Stablecoins are private money instruments that can be used for transactions like payments with greater efficiency and with better functionality. For instance, the current payment and settlement system for credit cards in most parts of the world has the merchant getting money in their bank accounts 2-3 days after the transaction is done at their shops. A digital currency can do it instantly. For a central bank, there could be no greater threat to its ability to manage the monetary system than a private currency that’s in circulation outside its control.Two, in most countries, there’s an overwhelming dependency on the electronic payment systems for all kinds of transactions. As more business shifts online and electronic payment becomes the default option, this is a serious vulnerability that’s open to hackers and the enemy states to exploit. A CBDC offers an alternative system that’s outside the payment and settlement network among commercial banks. It will improve the resilience of the payment system. Three, central banks need to offer a currency solution for the digital economy that matches any form of digital currency that could be offered by private players. Despite the digitisation of finance and the prevalence of digital wallets in the world today, there’s still significant ‘friction’ in financial transactions all around us. You pay your electricity bill electronically by receiving the bill, then opening an app and paying for it. Not directly from your electric meter in a programmed manner. That’s just an example of friction. There are many other innovations waiting to be unleashed with a digital currency. Central banks need to provide a platform for such innovations within an ecosystem that they control. CBDC offers that option.Lastly, digital money will reduce transmission loss both ways. Taxes can be deducted ‘at source’ because there will be traceability of all transactions done using CBDC. It will also allow central banks and the governments to bypass the commercial banks and deliver central bank money in a targeted fashion to citizens and households without any friction. The transmission of interest rates to citizens for which central banks depend on commercial banks could now be done directly. While these are the benefits of a digital currency, there are other massive macroeconomic consequences including the loss of relevance of bank deposits that we have with our banks. A CBDC that offers interest would mean we will have a direct deposit account with the central bank. This will mean a move away from deposits in banks to CBDC with the central bank. Also, the nature of a bank ‘run’ will change. Today a bank ‘run’ means a rapid withdrawal of banknotes from a bank by its depositors who are unsure of the solvency of the bank. This takes time and is limited by the amount of money available in ATMs. In a CBDC world, the ‘runs’ will be really quick and only constrained by the amount of CBDC issued by the central banks. Depositors will replace their deposits with CBDC pronto. This secular move away from deposits will increase the cost of funds of commercial banks. They will have to depend on other sources of funds than the low-cost deposits that customers deposit every month in the form of salaries to them. A reduction in deposits will reduce the availability of credit in the system. This will have a repercussion on the wider economy. It will also mean greater demand for reserves from the central bank by the commercial banks to provide credit to their customers. Central banks will increase their reserves and their balance sheets will become bigger. In summary, central banks will become more powerful. China’s Digital Yuan Play For these reasons, I believe CBDC is inevitable in this decade. Central banks will have to contend with the competition of cryptocurrency and the needs of the digital economy. They will find a mechanism to create a ‘platform-based model’ where the central banks create CBDC using a Distributed Ledger Technology (DLT) or a centralised ledger model while allowing private players to provide interfaces for customers to deal with this ledger. They will have to provide some level of comfort on privacy to their citizens by separating the transaction layer of CBDC from the core ledger. But for China, the benefits of a digital Yuan do not just stop there. Beyond these benefits, a CBDC is a boon for a surveillance state as it turns into an ‘eye in the sky’ for every transaction happening in the economy. For China where all banking is owned by the state, the secular shift from deposits of commercial banks to CBDC is also a lesser problem. And most importantly, China is looking at leadership in CBDC to replace the US Dollar in global trade. A digital Yuan is the most feasible option for it to challenge the entrenched ‘dollarisation’ of the physical currencies around the world. 88 per cent of global trade is done using the US Dollar and it is what sustains the Dollar as the global reserve currency. For China to replace the US as the future global superpower, it will have to find ways to make Yuan the reserve currency. An early lead in adopting CBDC for domestic and cross-border payments is a great option to make a real fist of it.China’s early trials in this space will force a response from other large economies on CDBC. The interoperability of sovereign CBDCs and how quickly the US is able to put together a CBDC alliance that counters China will be interesting to watch. In the meantime, I expect the current Chines regime to overplay its hand here like it has been usual for it in the last few years. Expect China to play hardball with the digital Yuan in global trade. This will be an interesting space in geo-economics to watch. PolicyWTF: Casually Banning Films CommitteeThis section looks at egregious public policies. Policies that make you go: WTF, Did that really happen?— Pranay KotasthaneMost film certification authorities in democratic republics categorise movie content according to age-appropriateness and nothing more. But India’s is an exception. The Central Board of Film Certification (CBFC) — commonly referred to as the “Censor Board” — also plays the role of a film editor. The CBFC is empowered to ask filmmakers to drop certain scenes. Not just that, the CBFC in its wisdom can just plainly refuse to certify a movie. In such cases, filmmakers have the option of appealing to the reviewing committee of the CBFC. If even that fails, they could hitherto appeal to a 5-member Delhi-based tribunal called the Film Certification Appellate Tribunal (FCAT). This tribunal has now been shut down through an ordinance along with eight other tribunals. The stated intent is that this move will streamline legal recourses. Filmmakers will now have to appeal to High Courts directly and wait for the law to take its own (long) course. In other words, “tareekh pe tareekh, tareekh pe tareekh, tareekh pe tareekh…”You would have already guessed why this is a PolicyWTF. Higher transaction costs, the existing burden on our High Courts, lack of state capacity, yadda yadda yadda. You can read these arguments here, here, and here. I won’t go there.Instead, let’s address the larger PolicyWTF - the CBFC itself. As long as it is a government-appointed body with the power to play the role of a film editor, absurdities will continue. It is for this reason that the Shyam Benegal Committee in 2016 recommended that the CBFC’s powers to modify and change movies should be taken away and it should purely function as a certification body. Exactly what was needed. But it was also exactly what the government wouldn’t allow. And so, five years after that report, we still have a CBFC which is rubbing its hands to also edit OTT content. Moreover, the percentage of films without any cuts fell to its lowest levels over the last 100 years in 2016-17. And now, even the FCAT has been shut down. Clearly, film censorship is going in a direction opposite to what previous committees have recommended. So, is there a solution to this meta policyWTF? Yes, turns out markets can help here. In 2016, my former colleagues Madhav, Adhip, Shikha, Siddarth, Devika and Guru wrote an interesting paper in which they recommended that film certification should be privatised. Deploying the Banishing Bureaucracy framework, they wrote:The CBFC be renamed the Indian Movie Authority (IMA) and that the primary purpose of the IMA would be to license and regulate private organisations called Independent Certifying Authorities (ICAs) which will then certify films. The certificate granted by ICA will only restrict what age groups the film is appropriate for. This is the only form of pre-censorship that is necessary in today’s age as all other restrictions on film exhibition should be applied retrospectively. The choice of ICAs available for producers to approach will render the question of subjectivity moot as the producer can switch to another ICA if unsatisfied with the certificate. The IMA will set the guidelines for the ICAs to follow and will be the first point of appeal.From Privatising Film Certification: Towards a Modern Film Rating Regime, Madhav Chandavarkar et al, Takshashila Discussion Document.In other words, this solution reimagines the CBFC as a body that grants licenses to independent and private certification organisations called ICAs. These ICAs need to adhere to certain minimum threshold criteria set by the CBFC. Beyond these criteria, some ICAs may specialise themselves as being the sanskaari ones trigger-happy to award an “A” certification while others may choose to adopt a more liberal approach. In the authors’ words:This will allow the marketplace of ideas to draw the lines of what kind of content is fit for what kind of audience with the government still being capable of stepping in to curb prurient sensibilities.This solution has the added benefit of levelling the playing field between OTT content and films. Currently, the CBFC has no capacity to certify the content being churned out on tens of streaming services. By delegating this function to private ICAs, the government can ensure adherence to certification norms.In essence. just as governments can often plug market failures, markets too can sometimes plug government failures. Reforming our ‘Censor Board’ requires giving markets a chance.There’s a lot more detail in the paper about grievance redressal, certification guidelines, and appeals procedure. Read it here. PS: A couple of days after the FCAT was shut down in India came the news that Italy on the other hand has abolished all film censorship and moved to a self-certification system instead. Saluti! A Framework a Week:Tools for thinking about public policy— Pranay KotasthaneDr Yuen Yuen Ang is one of the most insightful writers on China’s economy. Her first book explained how China managed to escape poverty. Her second book, China’s Gilded Age: The Paradox of Economic Growth and Vast Corruption has a framework on corruption that’s relevant to us in India.Created based on China’s Gilded Age: The Paradox of Economic Growth and Vast CorruptionThe framework classifies government corruption on two axes — “who in the government engages in corruption?” and “does the money giver get anything in return?”. Four types of corruption result from this categorisation as shown above.Ang claims that in most East Asian economies, the dominant mode of corruption is “access money” — bribes given to political elites with an explicit quid pro quo arrangement. On the other hand, the dominant mode of corruption in India is “speed money” — bribes given to low-level bureaucrats for property registration, a driving license, and so on. Though it intuitively sounds right, I take this result with heaps of salt as it is based on a survey measuring perceived corruption from the eyes of just 15 experts from the countries discussed. Nevertheless, I found the framework interesting. A typology of corruption is a great idea. The book claims that with rising income levels, corruption doesn’t vanish but just gets institutionalised in the ‘access money’ quadrant. To drive the point home, Ang connects these four types of corruption to four kinds of drugs. In her words:“all corruption is bad – they are all drugs – but petty theft and grand theft are like toxic drugs [or drinking bleach, a term suggested by Jordan Schneider]; speed money is like painkillers; access money is like anabolic steroids – they help you grow rapidly but come with serious side effects that accumulate over time.Access money functions as an incentive system for politicians and capitalists to work together, especially when massive infrastructure, involving huge sunk costs, is required for an emerging economy to take off. Access money overpays capitalists to do this, through cheap loans, subsidies, state backing, and in return you get feverish growth that lifts 700 million people out of poverty.”That’s neat storytelling!HomeWorkReading and listening recommendations on public policy matters[Article] Stewart Paterson’s white paper on the Hinrich Foundation site: The digital Yuan and China’s potential financial revolution.[Article] Shyam Benegal on his tryst with CBFC. Money quote: ‘With Bhumika, there were no cuts, no obscenity. According to the censor guidelines, there was nothing that was transgressed, yet it was given an A certificate. I asked, why? They said, the subject of your film is adult. Get on the email list at publicpolicy.substack.com

Do not forget to subscribe to the new Fed Watch: Bitcoin and Macro new feed. Search for “Fed Watch - Bitcoin and Macro” on your podcast app. iTunes: https://podcasts.apple.com/us/podcast/fed-watch-bitcoin-and-macro/id1543640492 In this episode of Bitcoin Magazine’s Fed Watch podcast, Christian Keroles and Ansel Lindner reminisce about the year on the podcast so far and cover recent developments from the major central banks of the world. There have been so many great guests on Fed Watch this year so far that span a unique swath of bitcoin and macro. If you haven’t listened to these past episodes, subscribe and check out the back catalog. This year’s list of guests includes Max Kaiser, Nik Bhatia, Michael Lebowitz, Elliot Johnson, Mark Moss, Greg Foss, and Daniel Prince. Fed Watch has established itself as the bitcoin podcast which goes past the surface arguments about the monetary system, uncovering uncomfortable topics and diving deeply into how bitcoin will reshape that system. The main part of this episode is summarizing central bank related news for the last month, particularly the People’s Bank of China (PBOC), the European Central Bank (ECB), and the Federal Reserve. Articles mentioned in the episode China Digital Yuan Will Co-Exist With Alipay, WeChat, PBOC Says https://www.bloomberg.com/news/articles/2021-03-25/china-digital-yuan-will-co-exist-with-alipay-wechat-pboc-says China Asks Banks to Curtail Credit for Rest of Year https://www.bloomberg.com/news/articles/2021-04-06/china-is-said-to-ask-banks-to-curtail-credit-for-rest-of-year ECB tries to dispel myths about CBDC https://www.finextra.com/newsarticle/37744/ecb-bids-to-bust-cbdc-myths Lagarde Says Market Can Test ECB Resolve as Much as It Wants https://archive.ph/SyLZK Treasury General Account balance https://fred.stlouisfed.org/series/WTREGEN Thanks for listening. Make sure to visit our Sponsor b.tc/conference and find our new RSS feed! Written by Ansel Lindner Economist, author and bitcoin specialist. Find more from Ansel at the Bitcoin & Markets podcast (bitcoinandmarkets.com), the BitcoinDictionary.cc, and macro blog Bitcoin & Markets Research (BTCM.co).

Articles mentioned in the episode China Digital Yuan Will Co-Exist With Alipay, WeChat, PBOC Says https://www.bloomberg.com/news/articles/2021-03-25/china-digital-yuan-will-co-exist-with-alipay-wechat-pboc-says China Asks Banks to Curtail Credit for Rest of Year https://www.bloomberg.com/news/articles/2021-04-06/china-is-said-to-ask-banks-to-curtail-credit-for-rest-of-year ECB tries to dispel myths about CBDC https://www.finextra.com/newsarticle/37744/ecb-bids-to-bust-cbdc-myths Lagarde Says Market Can Test ECB Resolve as Much as It Wants https://archive.ph/SyLZK Treasury General Account balance https://fred.stlouisfed.org/series/WTREGEN Summary In this episode of Bitcoin Magazine’s Fed Watch podcast, Christian Keroles and Ansel Lindner reminisce about the year on the podcast so far and cover recent developments from the major central banks of the world. There have been so many great guests on Fed Watch this year so far that span a unique swath of bitcoin and macro. If you haven’t listened to these past episodes, subscribe and check out the back catalog. This year’s list of guests includes Max Kaiser, Nik Bhatia, Michael Lebowitz, Elliot Johnson, Mark Moss, Greg Foss, and Daniel Prince. Fed Watch has established itself as the bitcoin podcast which goes past the surface arguments about the monetary system, uncovering uncomfortable topics and diving deeply into how bitcoin will reshape that system. The main part of this episode is summarizing central bank related news for the last month, particularly the People’s Bank of China (PBOC), the European Central Bank (ECB), and the Federal Reserve. Thanks for listening. Make sure to visit our Sponsor b.tc/conference and find our new RSS feed! Written by Ansel Lindner Economist, author and bitcoin specialist. Find more from Ansel at the Bitcoin & Markets podcast (bitcoinandmarkets.com), the BitcoinDictionary.cc, and macro blog Bitcoin & Markets Research (BTCM.co).

Articles mentioned in the episodeChina Digital Yuan Will Co-Exist With Alipay, WeChat, PBOC Says https://www.bloomberg.com/news/articles/2021-03-25/china-digital-yuan-will-co-exist-with-alipay-wechat-pboc-saysChina Asks Banks to Curtail Credit for Rest of Year https://www.bloomberg.com/news/articles/2021-04-06/china-is-said-to-ask-banks-to-curtail-credit-for-rest-of-yearECB tries to dispel myths about CBDC https://www.finextra.com/newsarticle/37744/ecb-bids-to-bust-cbdc-mythsLagarde Says Market Can Test ECB Resolve as Much as It Wants https://archive.ph/SyLZKTreasury General Account balance https://fred.stlouisfed.org/series/WTREGENIn this episode of Bitcoin Magazine's Fed Watch podcast, Christian Keroles and Ansel Lindner reminisce about the year on the podcast so far and cover recent developments from the major central banks of the world.There have been so many great guests on Fed Watch this year so far that span a unique swath of bitcoin and macro. If you haven't listened to these past episodes, subscribe and check out the back catalog. This year's list of guests includes Max Kaiser, Nik Bhatia, Michael Lebowitz, Elliot Johnson, Mark Moss, Greg Foss, and Daniel Prince.Fed Watch has established itself as the bitcoin podcast which goes past the surface arguments about the monetary system, uncovering uncomfortable topics and diving deeply into how bitcoin will reshape that system. The main part of this episode is summarizing central bank related news for the last month, particularly the People's Bank of China (PBOC), the European Central Bank (ECB), and the Federal Reserve.Thanks for listening. Make sure to visit our Sponsor b.tc/conference and find our new RSS feed!Written by Ansel LindnerEconomist, author and bitcoin specialist. Find more from Ansel at the Bitcoin & Markets podcast (bitcoinandmarkets.com), the BitcoinDictionary.cc, and macro blog Bitcoin & Markets Research (BTCM.co).

In this episode, we look at China's plans for a Digital Currency, officially titled the Digital Currency Electronic Payment (DCEP), also known as the digital RMB (the Renminbi is China's currency). In February, the People's Bank of China (PBOC) launched the latest round of pilot trials, with reported plans of a major roll-out by the end of the year ahead of the February Winter Olympics in Beijing. While several countries are experimenting with digital currencies, China's recent trials in several cities have placed it ahead of the curve. What is a Digital Currency, and how does it work? How is it different from e-wallets? How widely is it being used? What are the reasons behind the roll-out? Is it a response to the rise of cryptocurrencies? And part of China's broader push to tame its Internet giants? What are the global implications? Guest: Santosh Pai, Honorary Fellow, Institute of Chinese Studies (ICS) New Delhi, and a corporate lawyer Host: Ananth Krishan, China correspondent, The Hindu

In our last episode of Season 2, we speak with Dr. Ma Jun, founder and president of the Institute of Finance and Sustainability (IFS) in Beijing. IFS brings together leading finance experts at the national and local levels in China to promote green finance. Areas of focus include International Collaboration, Energy and Climate Change, ESG Investment, Greentech Innovation and Investment, and Financing Nature-Based Solutions. In addition to their domestic work, they also support green finance internationally, especially along the Belt and Road. In addition to leading IFS, Ma Jun is a member of the Monetary Policy Committee of the People’s Bank of China (PBOC) and is the former Chief Economist of their research bureau. Learn about the origins of IFS, the financial policies that can help China decarbonize the economy, and what’s in store for the next five years of aligning the Chinese economy with an ecological civilization. In this last episode, we answer the question of how much China needs to invest each year to reach its net zero goal. And Marilyn and Andrew tell us how they really feel about green taxonomies. Relevant Links: Institute of Finance and Sustainability: http://www.ifs.net.cn/ Green Investment Principles for the Belt and Road: https://gipbr.net/

The Central Bank of Nigeria, has explained preciously the reason for its directive to Deposit Money Banks (DMBs) and other financial institutions to stop trading in cryptocurrencies.Issuing a press statement on Sunday through Mr Osita Nwanisobi, its acting director of corporate communications, titled ‘Response to Regulatory Directive on Cryptocurrencies' the Apex bank said it felt the need to provide further reasons about its standpoint to the general public .The attention of the Central Bank of Nigeria (CBN) has been drawn to various comments and reactions following our recent reminder to Deposit Money Banks (DMBs) to desist from transacting in / and with entities dealing in cryptocurrencies. Most of these reactions reveal that there appears to be a need to provide further justifications about our position, especially to the general public.For those who are not conversant with the universe of cryptocurrencies, it is important to state that Cryptocurrencies are digital or virtual currencies issued by largely anonymous entities and secured by cryptography. Cryptography is a method of encrypting and hiding codes that prevent oversight, accountability, and regulation. While there are a number of cryptocurrencies now in circulation, Bitcoin was the first to be introduced in 2009, and now accounts for about 68 percent of all cryptocurrencies. As regards our recent policy pronouncement, it is important to clarify that the CBN circular of February 5, 2021 did not place any new restrictions on cryptocurrencies, given that all banks in the country had earlier been forbidden, through CBN's circular dated January 12, 2017, not to use, hold, trade and/or transact in cryptocurrencies . Indeed, this position was reiterated in another CBN Press Release dated February 27, 2018.It is also important to note that the CBN's position on cryptocurrencies is not an outlier as many countries, central banks, international financial institutions, and distinguished investors and economists have also warned against its use. They have all made similar pronouncements based of the significant risks that transacting in cryptocurrencies portend- risk of loss of investments, money laundering, terrorism financing, illicit fund flows and criminal activities. China, Canada, Taiwan, Indonesia, Algeria, Egypt, Morocco, Bolivia, Kyrgyzstan, Ecuador, Saudi Arabia, Jordan, Iran, Bangladesh, Nepal and Cambodia have all placed certain level of restrictions on financial institutions facilitating cryptocurrency transactions. In China, for example, cryptocurrencies are completely banned and all exchanges closed as well. Banks and other financial institutions are not allowed by law to transact or deal with cryptocurrencies. China's Central Bank, called the Peoples Bank of China (PBoC) has provided several directives ruling out the use of these currencies. The PBOC views cryptocurrencies as illegal because they are not issued by any recognized monetary institution and do not hold any legal status that can make them equivalent to money. Hence banks and all stakeholders are strongly advised against their use as a currency.Even famed investor Warren Buffett has called cryptocurrencies “rat poison squared,” a “mirage,” and a “gambling device.” Mr. Buffett believes it is a “gambling device” given that they are mostly valuable because the person buying it does so, not as a means of payment; but in the hope they can sell it for even more than what they paid at some point.During an online forum hosted by the Davos-based World Economic Forum few weeks ago, Andrew Bailey, the Governor of the Bank of England, highlighted the extreme price volatility of cryptocurrencies as one of the biggest flaws and explained that this flaw makes it impossible for them to be used as a lasting means of payment.“Have we landed on what I would call the design, governance and arrangements for what I might call a lasting digital currency? No, I don't think we're there yet, honestly. I don't think cryptocurrencies as originally formulated are it,” he said.It is not surprising he would take that position because, Bitcoin, the best-known cryptocurrency, hit a record high of $42,000 per unit on January 8, 2021, and sank as low as $28,800 about two weeks later. This is far greater volatility than is found with normal currencies. Let us now turn to some of the justifications for CBN's recent policy reminder. A perfunctory reflection on the definition of cryptocurrencies can already reveal several problems.First, in light of the fact that they are issued by unregulated and unlicensed entities, their use in Nigeria goes against the key mandates of the CBN, as enshrined in the CBN Act (2007), as the issuer of legal tender in Nigeria. In effect, the use of cryptocurrencies in Nigeria are a direct contravention of existing law. It is also important to highlight that there is a critical difference between a Central Bank issued Digital Currency and cryptocurrencies. As the names imply, while Central Banks can issue Digital Currencies, cryptocurrencies are issued by unknown and unregulated entities.Second, the very name and nature of “cryptocurrencies” suggests that its patrons and users value anonymity, obscurity, and concealment. The question that one may need to ask therefore is, why any entity would disguise its transactions if they were legal. It is on the basis of this opacity that cryptocurrencies have become well-suited for conducting many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion. Indeed, many banks and investors who place a high value on reputation have been turned off from cryptocurrencies because of the damaging effects of the widespread use of cryptocurrencies for illegal activities. In fact, the role of cryptocurrencies in the purchase of hard and illegal drugs on the darknet website called “Silk Road” is well known. They have also been recent reports that cryptocurrencies have been used to finance terror plots, further damaging its image as a legitimate means of exchange.More also, repeated and recent evidence now suggests that some cryptocurrencies have become more widely used as speculative assets rather than as means of payment, thus explaining the significant volatility and variability in their prices. Because the total number of Bitcoins that would ever be issued is fixed (only 21 million will ever be created), new issuances are predetermined at a gradually decelerating pace. This limited supply has created a perverse incentive that encourages users to stockpile them in the hope that their prices rise. Unfortunately, with a conglomeration of desperate, disparate, and unregulated actors comes unprecedented price volatility that have threatened many sophisticated financial systems. In fact, the price of ether, one of the largest cryptocurrencies in the world, fell from US$320 to US$0.10 in June 2017. The price of Bitcoins has also suffered similar volatilities.Given that unlike Fiat Money which accompanied by full faith and comfort of a country or Central Bank, cryptocurrencies do not have any intrinsic value and do not generate returns by themselves. When one buys a stock, say of a conglomerate in the Nigeria Stock Exchange, its price reflects the activity and production of that conglomerate and the value people place on their goods and/or services. This price may rise as the conglomerate produces better goods/services and probably gains greater market share. The reverse would be true if the conglomerate does not innovate to improve the quality of its goods/services. In other words, the price of that stock reflects market fundamentals. In contrast, , cryptocurrencies do not have fundamentals and would never have fundamentals. Investors only buy in the hope that its use and acceptability will rise, thereby pushing up its demand and price. But since new versions of cryptocurrencies come on stream with new mathematical models, an infinite supply may someday crash the price to zero.At this juncture, the CBN would like to assert that our actions are not in any way, shape or form inimical to the development of FinTech or a technology-driven payment system. To the contrary, the Nigerian payment system has evolved significantly over the last decade, leapfrogging many of its counterparts in emerging, frontier and advanced economies propelled by reforms driven by the CBN. This is evident from the variety of participants, products, channels, cutting-edge technology in the payments system. It is also validated by the astronomical growth of volume/value of transactions and the fact that Nigeria is an investment destination of choice for international financial technology companies because of CBN's policies that have created an enabling investment environment in the payments system.These developments in the payments and settlements space has helped to grow the financial system, improving financial inclusion, the quality and convenience of financial services and has also created millions of direct and indirect jobs for teeming youth population.The innovations in Nigeria's payment system were catalyzed by regulatory reforms driven by the CBN which entailed the issuance of a raft of guidelines and regulations on Operations of Electronic Payments Channels in Nigeria; Transaction Switching; Card Issuance and Usage, Licensing of payment service providers; Mobile Money Services, Electronic Payments of Salaries, Pensions, Suppliers and Taxes, Licensing Super Agents in Nigeria; and use of USSD for Financial Services in Nigeria, Super Agents and Agent Banking Operations and Payment Service Banks to mention a few.The robust regulatory framework put in place by the Bank opened up the payment system to innovation with several new players across in the following licensing categories- Payment Terminal Service Providers (PTSPs), Payment Solution Service Providers (PSSPs), Mobile Money Opera

Following a contentious US election Peter Lewis, who hosts one of the most popular English language radio programmes in Hong Kong, gives his perspective on what a Biden administration could mean for China and its economy. He also discusses why the People's Bank of China (PBoC) is concerned about a recent surge in the value of the yuan, the growing competition amongst APAC's major financial centres and whether Hong Kong's new national security law could threaten its position within the global financial system.

The People's Bank of China (PBoC) held its benchmark interest rates steady for the fifth straight month at its September fixing, after the central bank maintained borrowing costs on medium-term loans last week, as policymakers face a challenge in sustaining stable expansion over the next few years. Recent economic data showed the economy has steadily recovered from the COVID-19 shocks. The one-year loan prime rate (LPR) was left unchanged at 3.85 percent while the five-year remained at 4.65 percent. --- This episode is sponsored by · Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA Support this podcast: https://anchor.fm/newscast-africa/support

The people Bank of China (PBoC) injected CNY 50 billion into the banking system via reverse repos at an interest rate of 2.2 percent on July 13th. It is the first injection in July, aiming to ensure banking liquidity is at a reasonable and sufficient level. Investors expect the central bank to keep its policy easing stance and continue to support credit to economy. In the first half of the year, Chinese banks loaned a record high of CNY 12.09 trillion.                                   According to CNBC, Guo Kai, deputy director of the monetary policy department of the People’s Bank of China, told reporters on Friday that the central bank isn't planning much more stimulus.Learn more about your ad choices. Visit megaphone.fm/adchoices

The People's Bank of China is poised to become the first major central bank to issue a digital version of its currency, the yuan, seeking to keep up with -- and control of -- a rapidly digitizing economy. PBoC's official website, the word “Bitcoin” is not mentioned even once, although China is one of the top players in the crypto industry. The principles and technologies on the basis of which it is planned to create a state digital currency are also not explained. Unlike cryptocurrencies such as Bitcoin, though, dealing in the digital yuan won't have any presumption of total anonymity, and its value will be as stable as the physical yuan.The What…The People's Bank of China (PBoC) has spoken about its commitment towards creating a digital version of the yuan.According to the People's Bank of China's (PBoC) deputy director Mu Changchun, head of the institution's digital currency research institute, it will provide no scope for speculating on its value and it will not have the backing of a basket of currencies.Mu recently  said that China's new national digital currency would operate on a two-tier system, with the PBoC on top, and commercial banks allowed on the second tier of the centralized system.Mu made it clear that China is not launching a war on cash by introducing its own digital currency. Rather, Beijing intends for the new currency to complement the paper yuan.The How…In 2013 China invoked a prohibition of financial institutions from handling bitcoin transactions.In 2014 China creates a special group for cryptocurrency research.In 2015 China begins active studying of cryptocurrency-related regulatory experience from other countries.In 2016 China first official announcement that it will create a national cryptocurrency.In 2017 China creates a research institute setup to further facilitate the development of its national cryptocurrency. They also ban local cryptocurrency exchanges.In 2019 PBoC moves forward with the creation of its national cryptocurrency on the heels of Libra, currency wars, trading disagreements with U.S. sanctions.In 2020 - March The Bank of China was alleged to have completed the development of the currency's basic functions and to have already moved on to drafting laws for its implementation. Screenshots of a purported pilot version of a wallet app for China's forthcoming digital yuan are circulating on social media. According to Ling Zhang, the app is available for download in four cities selected for the initial trial — Shenzhen, Chengdu, Suzhou and Xiongan. She highlights the inclusion of Xiongan, a new metropolis located on the outskirts of Beijing, which has been the site of a so-dubbed “smart city brain project.” The Xiongan New Area will have enhanced intelligent infrastructure that spans satellite information services, sensor recognition, a 5G network, super-computing and big data facilities. The city has already attracted the country's tech giants Tencent, Alibaba, JD.com and Baidu, with President Xi Jinping visiting on more than one occasion. PBoC digital currency is likely to be tested in these four regions that these locations were likely chosen because they are considered “tier 1 or 2” cities and “are home to tech talent,” especially Shenzhen, deemed the Silicon Valley of China.BIS Bulletins are written by staff members of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS.In 2020 - April China appears to have been accelerating the development of the digital yuan, according to the BIS Bulletin (shown above) notwithstanding the COVID-19 crisis. China is reportedly working with private industry to accelerate the roll-out of its central bank-backed digital currency. According to several international reports several Chinese tech giants, including Alibaba, Tencent and Huawei, as well as China Merchants Bank, have been working with the People's Bank of China (PBoC) to issue an official digital yuan.Insiders tell the Global Times that Alipay, the financial arm of Chinese e-commerce and cloud computing giant Alibaba, has filed five patents from January through March that are linked to the development of China's digital yuan. Most transactions in China are already conducted digitally using WeChat pay or Alipay. Insiders say that the central bank is now drafting legislation for the roll-out following several patents covering a spate of technological challenges, including issuance, anonymous trading support, anti-money laundering, transaction history and digital wallets that will be used to store the currency.The PBoC has not yet issued an exact launch date for its digital yuan.In 2020 - May According to the official letter obtained by the reporter of Science and Technology Board Daily, Suzhou Xiangcheng District will be an important pilot area for the Digital Yuan. They are cooperating with the central bank and the four state-owned banks of China Construction Industry and Agriculture to promote the pilot work of its digital currency. The official letter requires that the enterprises and institutions and various management committees in each district of Xiangcheng District sign a digital currency distribution agreement with the wage distribution bank, install a digital wallet for all staff (except retirees), and include transportation subsidies in the monthly salary. The signing of this issuance agreement, and the installation of digital wallets will need to be complete by the end of May, and the completion of the issuance will occur in June. 50% will be issued through Digital Yuan. The dates for the tests or the actual launch have not been confirmed by the PBoC yet but there are chances it might occur during the Winter Olympics of 2022. China has reiterated that the blockchain tests will not have any impact on mainstream markets either.The Why…In July of 2019, Wang Xin, director of the PBoC Research Bureau, said that, with the development of the Libra cryptocurrency project, the People's Bank of China should accelerate the growth of its own digital currency, which it has been working on over the past few years. “If [Libra] is widely used for payments — cross-border payments in particular — would it be able to function like money and accordingly have a large influence on monetary policy, financial stability, and the international monetary system?”In particular, China is concerned about which currencies Libra will be tied to and what role the U.S. dollar will play in this project. Wang said:“If the digital currency is closely associated with the US dollar, it could create a scenario under which sovereign currencies would coexist with US dollar-centric digital currencies. But there would be in essence one boss, that is the US dollar and the United States. If so, it would bring a series of economic, financial and even international political consequences.”According to Chinese authorities they need to strengthen the national currency and consider the Hong Kong model to create a digital renminbi, which involves issuing money through commercial enterprises under the supervision of the central bank. As the virus has spread and citizens have been placed under lock down, paper notes have followed. Banknotes have been disinfected with ultraviolet light and high-temperature ovens in China, and placed in a 14 day quarantine period in places as far afield as Hungary and the U.S. If this trend continues and prompts widespread distaste for physical cash, the credit card industry is likely to benefit, along with payment firms like PayPal, and card-issuing banks. On the other hand, if authorities recognize the opportunity to seize tighter control over the economy, governments could be galvanized into releasing their own central bank digital currencies. This would enable a new era of economic experimentation as governments tighten the reins around currency more than ever before to drive through unpopular economic measures like quantitative easing and negative interest rates.The Master Plan for ChinaThe digital yuan can disrupt both traditional banking and the post-Bretton Woods system of floating exchange rates that the world has lived with since 1973. No wonder that for China, “blockchain and the yuan digital currency are a national strategic priority — almost at the level of the internet. It's no coincidence that China hastened its national cryptocurrency after Facebook Inc. announced the Libra project, which was touted as an alternative dollar.An inflection point for Bitcoin…will coincide with the release of the Digital Yuan. 

China’s central bank unexpectedly cut the rate on reverse repurchase agreements by 20 basis points on Monday, the largest in nearly five years, as authorities ramped up steps to relieve pressure on an economy ravaged by the coronavirus pandemic. The People’s Bank of China (PBOC) announced on its website that it was lowering the 7-day reverse repo rate to 2.20% from 2.40%, but it did not give a reason for the move. Ma Jun, a central bank adviser told state media that China still has ample room for monetary policy adjustment and the rate decision took into consideration the return of Chinese companies to work, the global virus situation and a deterioration in the external economic environment. --- Support this podcast: https://anchor.fm/newscast-africa/support Learn more about your ad choices. Visit megaphone.fm/adchoices

China's central bank unexpectedly cut the rate on reverse repurchase agreements by 20 basis points on Monday, the largest in nearly five years, as authorities ramped up steps to relieve pressure on an economy ravaged by the coronavirus pandemic.The People's Bank of China (PBOC) announced on its website that it was lowering the 7-day reverse repo rate to 2.20% from 2.40%, but it did not give a reason for the move.Ma Jun, a central bank adviser told state media that China still has ample room for monetary policy adjustment and the rate decision took into consideration the return of Chinese companies to work, the global virus situation and a deterioration in the external economic environment.--- Support this podcast: https://anchor.fm/newscast-africa/support --- Send in a voice message: https://anchor.fm/africabusinessnews/message Support this podcast: https://anchor.fm/africabusinessnews/support

A agenda de indicadores e eventos desta quinta-feira traz a reunião por teleconferência do ministro da Economia, Paulo Guedes, com o presidente da Azul Linhas Aéreas Brasileiras, John Rodgerson, sobre situação do setor diante do coronavírus. Há também a divulgação dos balanços da Braskem e da Bradespar. No exterior, o presidente do EUA, Donald Trump, concede coletiva sobre o coronavírus. Já o Banco do Povo da China (PBoC, na sigla em inglês) define as taxas de juros.

Britain’s 47-year membership of the EU ended on Friday and marks the first exit by any big country from the bloc and strips the 27-member union of one of its largest economies and most powerful military and diplomatic players. However is there too much noise from the coronavirus market impact to discern the impact of this on markets? Does the UK have enough Economic cloud to get a deal it wants? On the coronavirus, we ask if China can stem market risks from this and for his thoughts on the People’s Bank of China (PBOC) targeted measures to calm markets.

Raising the inflation rate target is something that both the Federal Reserve and the People's Bank of China (PBOC) have announced they are seriously considering in 2020. Whether the numbers are actually real or not, the official inflation rate has been very low in developed countries for many years. The Fed is pondering raising the target higher than the current 2% over the medium term, while China is targeting a whopping 4%. Why might they be doing this? I believe it is another method of both countries trying to extend the current economic cycle, which is clearly aging. There is still plenty of leverage in the system and could cause other problems if a downturn begins. I'll have to assume for now that this program will be successful if implemented. As usual, we'll take a look at the trend going on in the S&P500 and update the views from last video. Also, we'll take a look at some inflation themed trades which have been down for several years and might start showing some signs of life. As always, this video is for entertainment purposes only and should not be considered financial advice. Reading Links: https://www.bloomberg.com/opinion/articles/2019-12-02/federal-reserve-s-inflation-approach-to-benefit-markets https://www.scmp.com/economy/china-economy/article/3040251/chinas-central-bank-hints-possibility-higher-2020-inflation Follow me Patreon - https://www.patreon.com/clockworkcharts Twitter - https://twitter.com/clockworkcharts Instagram - https://www.instagram.com/clockwork_charts

Fear of exchange raids in China take Bitcoin down to $7000. We look at the (false) rumours of police raids on Binance and Bithumb & the new announcement from the People's Bank of China (PBoC). Algorand announced major updates to their platform leading to Layer-1 issuance of tokens & atomic swaps.

Just earlier this month, China announced that it intends to launch its own cryptocurrency, specifically one that is backed by the People's Bank of China (PBoC) after four to five years of research. Many deemed that this is a response to Libra, a cryptocurrency project spearheaded by Facebook, as central banks around the world have expressed their concerns about the lack of central bank oversight for this specific project. But what exactly has been going on with PBoC's cryptocurrency — and other blockchain projects, for that matter — throughout their research period? In order to find out, our Editor-in-Chief Angie Lau sat down with Professor He Zhiguo from the University of Chicago Booth School of Business to unpack this issue from the inside.

Just earlier this month, China announced that it intends to launch its own cryptocurrency, specifically one that is backed by the People’s Bank of China (PBoC) after four to five years of research. Many deemed that this is a response to Libra, a cryptocurrency project spearheaded by Facebook, as central banks around the world have expressed their concerns about the lack of central bank oversight for this specific project. But what exactly has been going on with PBoC’s cryptocurrency — and other blockchain projects, for that matter — throughout their research period? In order to find out, our Editor-in-Chief Angie Lau sat down with Professor He Zhiguo from the University of Chicago Booth School of Business to unpack this issue from the inside.

News: Official Chinese Position Regarding Bitcoin Mining. In recent days a number of conflicting reports have surfaced pertaining to the stance of China’s government with regards to bitcoin mining. Last week, Bloomberg reported that the People’s Bank of China (PBOC) had met to discuss curbing mining operations in China, whilst Chinese media reports denied such – however, it has since emerged that the local government of Xinjiang province has mandated an “orderly exit” of its bitcoin mining industry. IBM, Comcast Back New Blockchain Startup Fund. Tech giant IBM and the venture arm of telecoms conglomerate Comcast are backing an investment fund focused on scaling early stage startups that help enterprises use blockchain technology. Dogecoin Market Cap Hits $1 Billion, to Its Creator's Dismay. Dogecoin, the parody coin named for an internet meme featuring a Shiba Inu dog, has broken off the leash. Interesting Video of the Day: Crypto Tips: How to Easily Secure Your Favorite Cryptos with the Ledger Nano S https://www.youtube.com/watch?v=v7Q6Gd0LNGA Coin Talk: Ledger Nano Ebay Scam. Texas Regulator Orders BitConnect to Call Off Token Sale. We Discuss the recent drop in Coin Market Cap and discuss why Golem is on Thriller Podcast's upcoming list of crpytos to watch. Main Topic: Top Crypto's Under .10 Cents. We dive into Thriller Podcast's top Crpyto's under .10 cents and why we see these gaining value. 1. ReddCoin (RDD) .02 cent 2. Siacoin (SC) .07 cent 3. Dent (DENT) .07 cent 4. DigitalNote (XDN) .07 cent 5. Dogecoin (DOGE) .01 cent 6. Bytecoin (BCN) .01 cent New Patron: Thanks Division 1 Credits: Music for the Podcast: sunsetsandhearts.com & theraveonettes.com Host: Car@thrillerpodcast.club Support the Show: Patreon: http://bit.ly/patreonThriller Tip Jar: paypal.me/snsts Hardware Wallets We Recommend: Ledger Nano S: http://amzn.to/2p7E20u KeepKey: http://amzn.to/2FygKb3 Trezor: http://amzn.to/2FAoAkE Suggested Reading: Mastering Bitcoin: Programming the Open Blockchain http://amzn.to/2Fx5hsl Republic, Lost: Version 2.0: http://amzn.to/2FHvY0N The Creature from Jekyll Island: A Second Look at the Federal Reserve: http://amzn.to/2FMRtO5 The Internet of Money Vol. II: http://amzn.to/2p5DHf1 Mastering Ethereum: Building Smart Contracts and Dapps: http://amzn.to/2p1IHSC Social: Telegram Group: http://bit.ly/telegramThriller Facebook: http://bit.ly/fbThriller Twitter/Periscope: http://bit.ly/twitterThriller Instagram: http://bit.ly/instagramThriller Soundcloud: http://bit.ly/soundcloudThriller YouTube: https://bit.ly/youtubeThriller SnapChat: Car-Gonz Google Voice: (512) 537-9209 Find Thriller Podcast: SubReddit: http://bit.ly/redditThriller Stitcher Podcasts: http://bit.ly/stitThriller Google Play Podcasts: http://bit.ly/thrillergp Apple Podcasts: http://bit.ly/appleThriller AnchorFM: http://bit.ly/anchorThriller Fiat Currency Donation: Venmo: @thrillerCar Square Cash Tag: $thrillerCar Square Cash App: http://bit.ly/sqrcashThriller Cryptocurrency Donations: Donate Bitcoin: 1B7kNMw3UuFifAzi3SVQNeKJq3qhbG45aV Donate Bitcoin Cash:189GhQDQYhebGAweWWoFt2LU7AsXAjgWow Donate Ethereum: 0x1471B0F3c973c596b312EAe210414648e169f749 Donate Litecoin: LUKRRKyZNPnd7PXs89N19cTTXb3LKGW4wp Donate Dash: Xq8zyZHX1kHKdyHGpiFxLz4wEE7dZLJhxH Donate Cardano: DdzFFzCqrhstWXmb8DqiUMtWWmKTkeEdZnLFJcHK24xdeBA8mkfnLGp3aYfvVXtTd5eLMamHPXRGZbA6oXXGBReRrTUVN1sFiJojhLt9 Donate Stellar: GCNE4BNCKLRVEVJ5JWD365P6YQ5SZLGFCQNJMWODO7ERFYSR2S4CG45C Donate Monero: 48CQ9X2fnpKUjnsZJDBaLHfapBTEbskSJeyjiyVq126SCAiUghEWqhoAtBqw2vPJ7rZjiGfJ87p3x9EnGcnwH9nCVnrVCaq

This week in episode 23 of the Informed Choice Podcast, we talk about election results, forgotten subscriptions and bond bubbles.     Martin starts the podcast this week by talking about his filming weekend with the GB TREC Team and the election results last week.     New research has found that people in Britain are wasting £338 million each month in unused subscription fees. Are you one of them and what steps can you take to avoid wasting money through forgotten subscriptions?     Another big finance story this week was the news that China has cut interest rates. The People’s Bank of China (PBoC) at the weekend delivered another cut to the benchmark lending and deposit rates. Both the lending and deposit rates were cut by 25 basis points, or 0.25 per cent, taking the lending rate to 5.1% and the deposit rate to 2.25%.     What does this mean for the Chinese economy and investment markets?     Martin looks at an excellent article by Duncan Weldon, BBC Newsnight economics correspondent, which explains the reasons for the sovereign bond bubble bursting. Is your investment portfolio positioned correctly?     If you listen to this podcast, please take one minute to leave an honest review on iTunes.     Reviews from listeners are so important to help others find the podcast, and we also really want your feedback so we know which elements of the show you enjoy and what we can improve. To leave a review, simply visit www.icfp.co.uk/itunes.     Martin will read out reviews at the end of each future episode, so please make sure you leave a note of your real name, so you get a mention.   If you have a personal finance or investment question you would like Martin to answer on the podcast, you can leave a voicemail for the show by following the link at icfp.co.uk/podcast. We’ll answer your question in a future episode and send you a gift to say thank you for taking part.

In this episode of China Money Podcast, senior strategist for Greater China at BNP Paribas Investment Partners Chi Lo, talked with out host Nina Xiang about the future policy direction of the Chinese central bank; why he believes the biggest risk in the Chinese economy is a property correction and its knock-on effect on banks and other sectors; as well as his advice for investors on building exposure to China now. Read an excerpt below, but be sure to listen to the full episode in audio. Don't forget to subscribe to the podcast for free in the iTunes store. Q: Earlier this month, the People's Bank of China (PBoC) announced a selective bank reserve requirement ratio (RRR) cut of 0.5%. Now the big question on everyone's mind is: Will the Chinese central bank extend the RRR cut to all Chinese commercial banks. What's your view? A: It depends. I think the PBoC's policy move will be data dependent in the next few months. It will depend on how the economy reacts to the selective RRR cuts and also the mini-stimulus packages implemented in the past few months. If the numbers react well, then I don't think there will be a need for a universal RRR cut or an interest rate cut. We think the PBoC is taking a universal RRR cut and interest rate cut as a last resort. Our base case forecast is for the Chinese economy to recover during the second half of the year. Therefore, no major further monetary loosening is needed. Q: Which economic indicators do you think the Chinese government will focus on to determine if the economy is responding well to their policy measures? A: I think they will focus on bank credit, because that's a key leading indicator. They will also focus on electricity power output, transport volume growth, as well as the property market. Depending on how deep the property market correction will go, the authorities will decide how much easing they want to put into the economy. Q: Some economists argue that an across-the-board RRR cut will not stimulate bank lending that much. Do you agree? A: Overall, I do. The smaller and rural banks in China have about 7% excess reserve above the official minimum bank reserve requirement ratio. For the other banks, they also have excess reserve ratio of 2% to 3%, which means they are already putting aside 22% to 23% of reserves, above the official 20% official RRR. So it's hard to tell if the RRR cut will be effective. The problem with the Chinese economy is that the system is too used to bailouts when something goes wrong. This time around, Beijing has been holding off any significant bailout because its policy objective has changed from "growth quantity" to "growth quality". It's not easy. It's painful. Q: So you see there will be more pain, more bankruptcies in the economy? A: You already see property developers and corporates jumping and yelling that there is not enough liquidity. But the truth is that the amount of liquidity now is just less when compared to past cycles, but it's still (ample). When you look at the total aggregate financing numbers, there is still a lot of money being pumped into the economy. This is a normalization of liquidity growth in China. Q: In another word, it's China's own tapering? A: You can say that. Actually, China tapered much earlier than the U.S. Federal Reserve. China started tapering about a year ago. Q: How should China manage the process of injecting market disciplines in the economy, but also not to go too far to cause unwanted social pressure? A: On a macro level, a growth rate of 7% to 7.5% is what I call the "pain threshold." China's Premier Li Keqiang recently reiterated that he wanted to see 7.5% GDP growth this year. I don't think they will be very strict about the 7.5% objective. As long as there is progress on structural reforms, Beijing will be okay with growth lower than 7.5% but above 7%. Bankruptcies will also rise, and this is part of Beijing's game plan.

In this episode of China Money Podcast, our guest is Stephen Roach, current senior fellow at Yale University’s Jackson Institute of Global Affairs and former chairman of Morgan Stanley Asia and the firm's chief economist. He spoke with our host, Nina Xiang, on the Fed's tapering of its quantitative easing programs and its impact on China; a potential U.S. default and what that means for China's over US$3 trillion foreign reserves; and why he believes the fears of a China slowdown are vastly overblown. Listen to the full interview in the audio podcast, watch an abbreviated video version (coming soon) or read an excerpt below. Be sure to subscribe to the podcast in the iTunes store. Q: What impact will the U.S. Federal Reserve's reduction of its quantitative easing (QE) programs have on China? A: The policy experiment of the Fed is very risky. It's untested. It's unconventional. In my view, it's a big mistake. Initially, the policy grew out of a deep and legitimate concern of the U.S. and the world economy in crisis. Lacking a leeway in cutting interest rates, which were near zero, the Fed embarked on asset purchases, or liquidity injections. The Fed continued to do it even as the crisis ended and the economy attempted to recover. Last month, when the Fed surprised the market by backing off from QE, it found out that it might be difficult to get out from what could be a "policy trap" that it set itself. China would be adversely impacted if the global economy were dealt a blow by the Fed's policy withdrawal. Where China is exposed to any direct impact (from the U.S.) is if the U.S. were to default on its sovereign debt. China, with its US$3.25 trillion foreign exchange reserves and the biggest share being U.S. dollar assets, could be hit very hard. Q: With the U.S. in the middle of a government shutdown, can you walk us through what you think is the worst-case scenario if a U.S. default takes place? A: It's pretty straightforward. The yields of U.S. treasuries will go up. They will no longer be given the premium of the riskless assets that lies at the core of the world's financial systems. How much it will go up, for how long? It's hard to know. That would certainly result in a loss in the value of any Treasury-based securities. Q: If you were the governor of the People's Bank of China (PBOC), how would you manage China's foreign reserves differently? A: The dollar-denominated concentration of China's reserves is very much tied to the currency policy of the PBOC. If the Chinese government were to significantly reduce their exposure to U.S. dollar-based assets, then the RMB would rise, possibly significantly, against the U.S. dollar. The RMB has risen close to 35% against the U.S. dollar since mid-2005. The Chinese exporters have dealt with it well and managed to maintain their competitiveness. If there were to be a sharp further appreciation of the RMB because of a U.S. default or other reasons, it would put pressure on Chinese exporters. A U.S. default, which I still believe is a low probability outcome for a sustained period of time, or intensification of U.S. trade frictions that could cause retaliatory reactions from the Chinese, could cause the RMB to appreciate suddenly. But ultimately, I think the best case is to expect gradual further appreciation of the RMB. Q: What policy initiative would you like to see coming from the Third Plenum of the Party Congress in November? A: I like to see initiatives aimed at providing broader support to Chinese consumers. The top of my list is to inject public funds into the social safety net institutions like social security and healthcare. The enrollment has increased a lot, but the assets in these plans are small and the benefit streams are limited. I like to see interest rate liberalization for deposits, and I'd like to see Hukou reform. Q: About China's property market, when do you think the bubble will burst?

Any Flagship Friday is a happy Flagship Friday when we've got shit to talk about Craig Wright, scamlord extraordinaire, Satoshi Suck-a-moto, the douchebag to end all douchebags. And guess what: this is a happy Flagship Friday. :) So, JOIN US on this episode to listen to us talk shit about Craig Wright and discuss his defeat in court, something that we've been longing for for quite some time.  Also, the wonderful People's Republic of China is making a step towards transparency and democracy with launching its own cryptocurrency! Maybe...! Does something smell fishy...?  Anyway - on the side of good news, we're talking official crypto banks in Switzerland, crypto bird feeders and more! Dive into the cryptoverse with us on this week's Flagship Friday. --- Rapid Fire - Wikipedia is a verified Brave browser publisher. Considering they send emails out every year asking for donations, this is another great way to donate to Wikipedia. -https://twitter.com/batgrowth/status/1166228879444459521?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed&ref_url=https%3A%2F%2Fwww.notion.so%2Fcryptobasic%2FFlagship-Friday-8-30-19-11c48208b4f6492e8868966bbe44fb6c  - Venezuelan pharmacy, Farmarket, has added Dash as a payment option in 22 locations.: https://dashnews.org/dash-integrated-into-venezuelan-pharmacy-chain-farmarket-with-22-locations/  - US Air Force Partners With Constellation Blockchain Firm: https://www.coindesk.com/us-air-force-partners-with-blockchain-firm-to-automate-data-management  - Interactive Bird Feeder With Crypto: https://www.youtube.com/watch?v=otpqipL3H8Q  - Interactive Bird Feeder where for $0.50 USD you can feed the birds with BTC, LTC, Dogecoin or NANO. Birds that pop in are House Sparrows, Collared Doves, Great Tit, and Blue Tit. - Located in Slovakia. --- - Craig Wright Loses Case again Ira Kleinman - A Reporter named Katie Ananina was in the courtroom for the case and was live Tweeting it on Monday. - Wright's lawyers continue to argue Wright can't provide proof YET (remember he was moving the goalposts - this time to Jan 21, 2020) - They just kept begging for more time in different ways. - Kleinman family lawyer gets to recap all CSW lies, including the phrash "Dr. Wright is dishonest. He is a Serial Forger" - He even kinda quotes Twain - "The problem with not telling the truth is to remember the lies you previously said" - Finally the judge says this "Dr. Wright did not impress me as someone telling the truth. All of his testimonies have been rejected on this matter". Why isn't that perjury? - 50% of all patents are given to Dave's estate. 50% of all the supposed BTC is ordered paid as well, which is about 480K BTC. https://twitter.com/PeterMcCormack/status/1166086602441068544?s=20  https://twitter.com/PeterMcCormack/status/1166086602441068544?s=20  --- - Alleged Capital One Hacker Accused of Secretly Mining Cryptocurrency: https://cointelegraph.com/news/alleged-capital-one-hacker-accused-of-secretly-mining-cryptocurrency  - individual accused of perpetrating a massive-scale hack of credit card issuer Capital One - hacked cloud customers’ servers to mine cryptocurrency for herself. - Exploited the fact that some people misconfigured the webapp firewalls on the servers they rented - Online she posted that “if I had a partner I could have them take over my crypto-jacking enterprise and be a stay at home.” - Thompson allegedly gained access to 140,000 Social Security numbers, 1 million Canadian Social Insurance numbers and 80,000 bank account numbers, as well as data pertaining to customers’ credit scores, credit limits and balances. - World's First Licensed Crypto Bank Seen As Game-Changer: https://www.zerohedge.com/news/2019-08-28/worlds-first-licensed-crypto-bank-seen-game-changer-switzerland  - Reported from ZeroHedge the co-founders of Sygnum crypto bank have hailed the award of Swiss banking license as a game changer. - Could open the floodgates of integration of cryptocurrencies and other digital assets into established financial sector. - First time this type of license has been granted WORLDWIDE. Obviously Zug is a crypto hub so the fact that Switzerland is the first country in the world to do this is not a surprise. - The Swiss Financial Market Supervisory Authority was skeptical bc they wanted to safely and reliably integrate the worlds of crypto and mainstream finance. - Sygnum even created its own digital payment token backed by the Swiss franc. - Curious what you guys think about the implications of this - Telegram Pushes Ahead With Plans for ‘Gram’ Cryptocurrency: https://www.nytimes.com/2019/08/27/technology/telegram-cryptocurrency-gram.html  - Telegram doing their own crypto like Libra - Called the Gram, and they told investors they are ready to send out first batches withing a few months - Leaked, investors had signed NDA lol, this is anonymous but NYT - 200m to 300m global users - They raise $1.7b in 2018 but unlike FB have mostly kept project secret - A spokesman for Telegram did not respond to multiple requests for comment. - "company was created by Pavel Durov, a self-described libertarian who fled Russia after clashing with the government and being forced to sell off his first successful social network, VKontakte.' - NYT say they saw a pitch for Gram that said it would be decentralized like BTC so it can skirt government regulations. That they will be governed by decentralized network once released (and telegram no control) - Telegram promised in legal documents that it would deliver Grams to investors by Oct. 31, 2019, or return the money! - Pre offering btw was 2.89b Gram for $1.7B --- Crypto Around the World - "Argentina's New Shitcoin": https://decrypt.co/8695/argentina-reward-waste-management-with-new-wastecoin-called-jellycoin  - a "wastecoin" called JellyCoin has been created by Argentina to reward waste management. --- - Chinese Government Crypto? Yes! No. Maybe? Bullish or Bullshit?!?! - Forbes - Alibaba, Tencent, Five Others To Receive First Chinese Government Cryptocurrency: https://www.forbes.com/sites/michaeldelcastillo/2019/08/27/alibaba-tencent-five-others-to-recieve-first-chinese-government-cryptocurrency/#1c559cc61a51  - China's central bank will launch a state-backed cryptocurrency and issue it to seven institutions in the coming months - Source was Paul Schulte, independent researcher (head of financial strategy for China Construction Bank until 2012) - Industrial & Commercial bank of China, Bank of China, Agricultural Bank of China, alibaba, Tencent, and Union Pay - Forbes says it was confirmed by second anonymous source, said it may launch for their big shopping day (singles day, Nov 11) - “China is barreling forward on reforms and rolling out the cryptocurrency,” “It will be the first central bank to do so.” - Not Launching a Cryptocurrency in November: China’s Central Bank: https://www.newsbtc.com/2019/08/28/not-launching-a-cryptocurrency-clarifies-chinas-central-bank/  - The People’s Bank of China (PBoC) called the coverages “inaccurate speculation,” - Reuters attempted to reach all the seven institutions for confirmation. Alibaba declined to comment, while others did not respond. THAT'S A SCAM - SUB Shuts doesn Telegram Group - Co-Founder Deletes Twitter: https://www.reddit.com/r/CryptoCurrency/comments/cui4a8/substratum_shuts_down_its_telegram_group_since/  - Trevon James Facing SEC Charges: https://www.reddit.com/r/CryptoCurrency/comments/cui4a8/substratum_shuts_down_its_telegram_group_since/  - This was kinda amazing. The title to HIS OWN VIDEO it this - "Trevon James Facing SEC Charges for Bitconnect | Jail Time?!" - The first link in his shownotes is something called Trontopia. - Spends a decent amount of the video talking about how he shouldn't have even been able to promote it because he didn't create it so its not his fault he didn't make it. - He's not getting a lawyer - Top comment on his youtube "Trevon now works for the feds. For life. Watch yo back round here" lolol - He has 176 Patrons on Patreon. KIDDING ME?? - He literally has a video that says "CAN I REPEAT THE SUCCESS OF BITCONNECT ON MY CHANNEL NOW" as his latest release. "I'm gonna try to recreate the huge euphoria of Bitconnect with a Decentralized Application" which then cuts to "Hey its not on me dawg" with throwing his hands up. - LA man pleads guilty to $25 mill BTC money laundering scheme - 25 year old LA man operating an unlicensed biz. $25 mil exchanged over 2 years. Kunal Kalra, known as Kumar, skeclemayne, and coinman. Los Angeles man pleads guilty to $25 million Bitcoin money laundering scheme | Micky: https://micky.com.au/los-angeles-man-pleads-guilty-to-25-million-bitcoin-money-laundering-scheme/