DOCSLIB.ORG

Hong Kong at the Front in Driving Digital Yuan

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Hong Kong at the Front in Driving Digital Yuan ONLINE STUDY ROADS AHEAD Education tech booms during pandemic ‘Pragmatic’ HK property tycoon Gordon Wu but will it replace physical classes? reflects on his role in Shenzhen’s success story > GBA2 > GBA3 GBAFriday, November 6, 2020 FOCUS HONG KONG EDITION | CHINA DAILY Saying, paying it digitally Central banks worldwide are speeding up the use of digital currencies to overhaul the international settlement system. The Chinese mainland has also made substantial progress in introducing the digital yuan to help drive its economic reforms. Chai Hua reports from Shenzhen. he world is fast going digital, had also transferred funds from creeping into every sector their personal bank accounts after of economic and social life. spending all the money on their “red But can we cope with such envelopes”. Self-transferred funds Scan to watch anT expeditious transformation? The reached 900,000 yuan. the video answer, according to those in the Shenzhen’s pilot program is know, is a resounding “yes”. significant in the digital yuan’s Sovereign digital currency, issued development, indicating the by central banks, is the latest to come trial has moved from closed to under the spotlight. It’s a new variant open tests, said economist Song of central bank money distinct from Qinghui. The central bank physical cash or a reserve account. (PBOC) had set up a fi ntech It’s a new arena for global financial subsidiary in the city two powerhouses to restructure the years ago. international settlement system, where The payment payment is held as an “irrevocable and experience is similar to unconditional transfer” of money from that of Tencent’s WeChat the payer to the recipient. Pay and Alibaba According to a survey by the Group’s AliPay, which Switzerland-based Bank for have long dominated International Settlements, 80 percent the Chinese mainland’s of the world’s central banks are already online payments engaged in work related to digital market, but Song currencies. It said about 10 percent pointed out they of them have started pilot projects, are fundamentally Hong Kong at the front while 40 percent have progressed from di¡ erent. conceptual research to experiments or The digital yuan is proof of concept. a kind of legal tender China has had a digital yuan rollout and the platform in driving digital yuan in four cities. According to the People’s or stores can’t Bank of China, there have been trace consumers’ By LUO WEITENG in Hong Kong Chen believes a more compelling story more than four million transactions personal spending data, [email protected] comes from the digital yuan’s capability to involving about two billion yuan ($299 he explained. essentially connect Hong Kong life with that million) in the digital currency to date. Shu Tao, professor of fi nance The visionary digital yuan project offers in mainland cities, adding fl esh to the bones In the United States, the Digital at The Chinese University of Hong The Central Committee of the potentially huge opportunities for those with for the “living circle” in the Bay Area. “It acts Dollar Foundation initiated the Digital Kong, Shenzhen, and associate Communist Party of China and the the foresight to jump on the bandwagon. as a lever to expedite deeper integration of the Dollar Project in May to explore design director of the Shenzhen Finance State Council last month unveiled Those on the trail could include Hong Kong, Bay Area,” he said. options and approaches for the digital Institute, said it’s the digital version a five-year plan to implement pilot which has the best of both worlds and will Au King-lun, executive director of the Finan- dollar. One of its main aims is to of China’s physical currency, but reform projects in Shenzhen to turn it continue to be at the forefront of promoting cial Services Development Council, said Hong “support the USD as the world’s reserve AliPay and WeChat Pay are still the into a model socialist city with Chinese the yuan’s internationalization, experts said. Kong is well positioned to become a “sandbox” currency”. payment channels. characteristics. The plan vows to “A currency’s internationalization cannot for the digital yuan. He said the payment function establish a fi ntech innovation platform be possible without an international fi nancial As China further opens up its fi nancial mar- Pilot program in Shenzhen is overlapped and competition is in Shenzhen to promote the application center playing a part. Hong Kong has what it ket and reduces its reliance on the US dollar, In Shenzhen, the country’s trial with unavoidable. One of the digital yuan’s and international cooperation in the takes to be the fi rst stop outside the Chinese the yuan, which earned nominal international its sovereign digital currency came in strengths is that no extra platform use of the digital currency. mainland testing the digital yuan’s potential,” currency status at the International Monetary the form of a large-scale digital yuan fee or interest is charged for users Slated as the “new engine” in the said Fielding Chen Shiyuan, Hong Kong-based Fund in 2016, will gain prominence. test to pave the way for international and businesses, he said. Third-party development of the Guangdong- senior vice-president at China Construction Morgan Stanley has painted a rosy pic- cooperation in the use of the digital payment platforms usually demand a Hong Kong-Macao Greater Bay Area Bank (Asia) Corp. ture for the yuan’s future, predicting it could currency. fee of about 0.6 percent from stores and being close to the two special As the largest o¡ shore yuan center, Hong account for up to 10 percent of global foreign The pilot program, involving tens and service providers and about 0.1 administrative regions, Shenzhen is Kong has a pool of more than 670 billion yuan exchange reserve assets by 2030 and become of thousands of ordinary consumers percent for large people-to-people poised to take the lead in launching ($99.8 billion) although most of it is illiquid. the No 3 global currency after the greenback in mid-October, gave the public a fund transfers. cross-boundary trial programs for the “For the time being, o¡ shore yuan in Hong and the euro. close look at the digital currency. Zhu Guanming, a restaurant digital yuan, said Shu. But he said it Kong is mostly used in fi nancial investment Though China’s share of global GDP is pro- About 10 million yuan ($1.49 million) owner in Shenzhen’s Luohu district, will still depend on the progress of and restricted to stores, companies and banks. jected to hit 18.56 percent by yearend, the in digital renminbi was distributed welcomed the new payment mode. renminbi internationalization and a The digital yuan may expand the use of the cur- share of renminbi in global reserve hovers at to 50,000 users in the form of “red “I certainly prefer to use the digital long testing period is likely. rency to more scenarios in people’s daily lives, 2 percent currently. The yuan is now the sixth envelopes”. currency to save platform fees.” The PBOC began research on a o¡ ering a solution to a lack of liquidity and most used currency in international payments About two million Shenzhen Another advantage is that it sovereign digital currency as early inadequate use of yuan in the city,” said Chen. and is used to settle about 20 percent of China’s residents applied for the “lucky draw”. can boost transaction efficiency. as 2014. So far, Shenzhen, Chengdu, “Hong Kong boasts a well-established fi nan- trade, according to the IMF. The winners were thrilled not only Manager Yi Zhaoxia at a bookstore Suzhou and Xiongan New Area in cial market infrastructure and e-banking sys- The Basel-based Bank for International Set- by the fi nancial bonus but also the in Shenzhen said the monetary value Hebei province have been approved tem suited for digital currency transactions tlements said the yuan’s share of international privilege of trying out the new money of sales is deposited directly into the for internal tests, along with pilot without causing too much of an issue,” said currency transactions last year was just 4.3 per- form at more than 3,000 stores. store’s bank account and there is no implementations during the 2022 Herbert Yum, research manager at market cent, compared to 88 percent for the US dollar. Liu Haoliang said he was very need to use a separate third-party Winter Olympics. research provider Euromonitor International. Hui said the imbalance between the coun- excited to have been chosen because account. PBOC Deputy Governor Fan Yifei According to Euromonitor, Hong Kong cash try’s double-digit share of global GDP and the he was keen to see what a digital yuan However, Shu reckoned that told a recent forum that 113,300 private transactions have accounted for 17 percent of yuan’s single-digit share of international trans- looks like and wanted to try it out. customers’ choices will dominate the and 8,859 corporate “digital currency the city’s total consumer transactions this year actions calls for more e¡ orts to widen its use. “I shared a screenshot of the notice future of the payment structure. As the wallets” have been opened as of August. — down 6 percent from 2017. The digital yuan pilot project, together with with my friends as soon as I received existing channels have almost covered At the same time, more than “The rapid development of cashless transac- the newly-launched Wealth Management Con- it,” he said.
Load more

Recommended publications
  • Digital RMB: Assessing the Benefits—And Challenges—Of China's New
    CFO Insights January 2021 Digital RMB: Assessing the benefits—and challenges—of China’s new currency Throughout last year, China reported The possibilities are not lost on CFOs. In important implication of DC/EP for MNCs substantial progress on its digital renminbi fact, in Q4 2020 CFO Signals report, almost concerns changes to China’s electronic (RMB) and electronic payment system 40% of respondents expect the RMB’s payment capabilities and usage. Chief (DC/EP), and is now testing it in a growing use as a trading currency to increase, and among those is greatly enhancing the number of cities. And as these new 41% expect digital currencies for business ability of the People’s Bank of China’s capabilities are introduced and evolve, CFOs transactions overall to rise (see Figure 1). (PBOC) to monitor payments and clearing at multinational companies (MNCs) have a And in this issue of CFO Insights, we’ll discuss data, which will strengthen its ability to fight leading role to play in understanding how to both the introduction and evolution of fraud, illegal foreign exchange transactions, help capture value from them. electronic payments in China, as well as the tax evasion, and capital flight. implications for MNCs going forward. First, combined with the government’s China’s ruling party has long focused on recent moves to regulate the country’s Timeline: Diversification of electronic direct control over financial services as a dominant e-payment processors, the DC/ payments major lever for economic management, EP could help MNCs make inroads into the While a great deal of attention has been with just a couple of dominant e-payment country’s large and growing e-payment devoted to China’s digital RMB―which will systems receiving regulatory approval and market.
    [Show full text]
  • Detecting Digital Fingerprints: Tracing Chinese Disinformation in Taiwan
    Detecting Digital Fingerprints: Tracing Chinese Disinformation in Taiwan By: A Joint Report from: Nick Monaco Institute for the Future’s Digital Intelligence Lab Melanie Smith Graphika Amy Studdart The International Republican Institute 08 / 2020 Acknowledgments The authors and organizations who produced this report are deeply grateful to our partners in Taiwan, who generously provided time and insights to help this project come to fruition. This report was only possible due to the incredible dedication of the civil society and academic community in Taiwan, which should inspire any democracy looking to protect itself from malign actors. Members of this community For their assistance in several include but are not limited to: aspects of this report the authors also thank: All Interview Subjects g0v.tw Projects Gary Schmitt 0archive Marina Gorbis Cofacts Nate Teblunthuis DoubleThink Lab Sylvie Liaw Taiwan FactCheck Center Sam Woolley The Reporter Katie Joseff Taiwan Foundation for Democracy Camille François Global Taiwan Institute Daniel Twining National Chengchi University Election Johanna Kao Study Center David Shullman Prospect Foundation Adam King Chris Olsen Hsieh Yauling The Dragon’s Digital Fingerprint: Tracing Chinese Disinformation in Taiwan 2 Graphika is the network Institute for the Future’s The International Republican analysis firm that empowers (IFTF) Digital Intelligence Lab Institute (IRI) is one of the Fortune 500 companies, (DigIntel) is a social scientific world’s leading international Silicon Valley, human rights research entity conducting democracy development organizations, and universities work on the most pressing organizations. The nonpartisan, to navigate the cybersocial issues at the intersection of nongovernmental institute terrain. With rigorous and technology and society.
    [Show full text]
  • China's Belt and Road
    Independent Task Force Report No. 79 Report Force Task Independent China’s Belt and Road China’s Belt Independent Task Force Report No. 79 China’s Belt and Road March 2021 March Implications for the United States Jacob J. Lew and Gary Roughead, Chairs Jennifer Hillman and David Sacks, Project Directors Independent Task Force Report No. 79 China’s Belt and Road Implications for the United States Jacob J. Lew and Gary Roughead, Chairs Jennifer Hillman and David Sacks, Project Directors The Council on Foreign Relations (CFR) is an independent, nonpartisan membership organization, think tank, and publisher dedicated to being a resource for its members, government officials, business executives, journalists, educators and students, civic and religious leaders, and other interested citizens in order to help them better understand the world and the foreign policy choices facing the United States and other countries. Founded in 1921, CFR carries out its mission by maintaining a diverse membership, with special programs to promote interest and develop expertise in the next generation of foreign policy leaders; convening meetings at its headquarters in New York and in Washington, DC, and other cities where senior government officials, members of Congress, global leaders, and prominent thinkers come together with Council members to discuss and debate major international issues; supporting a Studies Program that fosters independent research, enabling CFR scholars to produce articles, reports, and books and hold roundtables that analyze foreign policy issues and make concrete policy recommendations; publishing Foreign Affairs, the preeminent journal on international affairs and U.S. foreign policy; sponsoring Independent Task Forces that produce reports with both findings and policy prescriptions on the most important foreign policy topics; and providing up-to- date information and analysis about world events and American foreign policy on its website, CFR.org.
    [Show full text]
  • Proquest Dissertations
    TO ENTERTAIN AND RENEW: OPERAS, PUPPET PLAYS AND RITUAL IN SOUTH CHINA by Tuen Wai Mary Yeung Hons Dip, Lingnan University, H.K., 1990 M.A., The University of Lancaster, U.K.,1993 M.A., The University of British Columbia, Canada, 1999 A THESIS SUBIMTTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHY in THE FACULTY OF GRADUATE STUDIES (Asian Studies) THE UNIVERSITY OF BRITISH COLUMBIA September 2007 @ Tuen Wai Mary Yeung, 2007 Library and Bibliotheque et 1*1 Archives Canada Archives Canada Published Heritage Direction du Branch Patrimoine de I'edition 395 Wellington Street 395, rue Wellington Ottawa ON K1A0N4 Ottawa ON K1A0N4 Canada Canada Your file Votre reference ISBN: 978-0-494-31964-2 Our file Notre reference ISBN: 978-0-494-31964-2 NOTICE: AVIS: The author has granted a non­ L'auteur a accorde une licence non exclusive exclusive license allowing Library permettant a la Bibliotheque et Archives and Archives Canada to reproduce, Canada de reproduire, publier, archiver, publish, archive, preserve, conserve, sauvegarder, conserver, transmettre au public communicate to the public by par telecommunication ou par Nnternet, preter, telecommunication or on the Internet, distribuer et vendre des theses partout dans loan, distribute and sell theses le monde, a des fins commerciales ou autres, worldwide, for commercial or non­ sur support microforme, papier, electronique commercial purposes, in microform, et/ou autres formats. paper, electronic and/or any other formats. The author retains copyright L'auteur conserve la propriete du droit d'auteur ownership and moral rights in et des droits moraux qui protege cette these.
    [Show full text]
  • China's Belt and Road Initiative and Its Implications for Global Development
    ACTA VIA SERICA Vol. 6, No. 1, June 2021: 91–118 doi: 10.22679/avs.2021.6.1.004 China’s Belt and Road Initiative and its Implications for Global Development MICHAEL DUNFORD* China’s Belt and Road Initiative (BRI) is China’s contribution to the need for the world to collectively address deficits of peace, development, governance, and problems relating to climate, the environment and human health. The rise of China and the BRI do challenge the current ‘rules-based global order’ and the economic dominance and moral, political, economic, and cultural leadership of the United States and its allies. However, China’s goal is not hegemony but a multipolar world in which common values coexist with principles of peaceful coexistence (including non-interference in the internal affairs of sovereign states). The evolution of the BRI is outlined, and the ways in which it reflects Chinese interests are summarized, including its roles in addressing natural resource dependence and excess capacity, a transition from investment promotion and factor-intensive growth to going out and industrial upgrading, going West, and the effective deployment of China’s foreign exchange assets. Although China does therefore potentially gain, the BRI is designed so that partners also gain in a quest for win-win co-operation and mutual benefit. The values that underlie this approach and the call for a community with a shared future are compared with competing western values, whose roots lie in Enlightenment thought and are associated with a record of colonialism and imperialism. In this light, the article concludes with a consideration of the global implications of the BRI, the challenges it * Dr.
    [Show full text]
  • In China, the Digital Renminbi Is Becoming a Reality by Mark Kruger August 21, 2020 – CIGI
    In China, the digital renminbi is becoming a reality By Mark Kruger August 21, 2020 – CIGI After more than five years of intensive design particularly well developed. The two dominant work, the People’s Bank of China (PBOC) has platforms — Alibaba’s Alipay and Tencent’s started to pilot its digital currency. In southern WeChat Pay — had 890 million users in 2018. Shenzhen, eastern Suzhou, mid-western As a Chinese resident, having downloaded the Chengdu, and northern Xiong’an, public two companies’ apps and linked them to my servants and employees of state-owned credit card, I use my phone to shop anywhere, institutions are receiving a small amount of from upscale malls to street vendors. All I need their remuneration in the digital renminbi, to do is scan the ubiquitous Alipay or WeChat which can be spent at a host of retail stores and Pay QR codes and enter the purchase price. restaurants. Almost immediately, a mechanized voice The PBOC is hardly unique among central informs the vendor that a purchase of a banks in working to develop a digital currency, particular amount has been made. I really but it is one of the most advanced. According never have to carry cash. Indeed, I see far to a survey carried out by the Bank for fewer automated teller machines in Chinese International Settlements (BIS) late last year, cities than in their North American and while 80 percent of central banks are engaged European counterparts, because there is really in some sort of digital currency research and no need for people like me to refill our wallets development, only 10 percent have progressed with bills.
    [Show full text]
  • Clio's Scroll
    The Berkeley Undergraduate History Journal DEPARTMENT OF HISTORY, UNIVIERSTY OF CALIFORNIA, BERKELEY Clio’s Scroll Vol.21 Fall 2019 No.1 Clio’s Scroll The Berkeley Undergraduate History Journal Vol. 21, No.1 Fall 2019 The Berkeley Undergraduate History Journal DEPARTMENT OF HISTORY, UNIVIERSTY OF CALIFORNIA, BERKELEY Clio’s Scroll Vol.21 Fall 2019 No.1 Contents 12 Editorial Board 4 Note from the Editors 3 5 Contributors Scelera Carnis: Same-sex Acts in Medieval Monasteries 6 Danielle O’Dea California State University, Channel Islands 331 Transmission Down Through the Centuries: The Transforming Social Dimensions Behind the Art of Remounting Chinese Scrolls Meishan Liang University of California, Berkeley 678 Cracks in the Great Wall of Chinatown: Reinventing Chinese American Identity in San Francisco’s Chinese New Year Celebrations Richard Lim University of California, Berkeley 9106 About Clio’s Scroll Clio’s Scroll, the Berkeley Undergraduate History Journal, is published twice yearly by students of the Department of History at the University of California, Berkeley. The journal aims to provide undergraduates with the opportunity to publish historical works and to train staff members in the editorial process of an academic journal. Clio’s Scroll is produced by financial support from the Townsend Center for the Humanities, the Associated Students of the University of California (ASUC), and the Department of History. Clio’s Scroll is not an official publication of the ASUC or UC Berkeley. The views expressed herein are solely those of the authors and do not necessarily represent those of the journal, the editors, the university, or sponsors. The Berkeley Undergraduate History Journal DEPARTMENT OF HISTORY, UNIVIERSTY OF CALIFORNIA, BERKELEY Clio’s Scroll Vol.21 Fall 2019 No.1 Editorial Board EDITOR-IN-CHIEF GERAINT HUGHES is a senior History and Classics double major, hoping to either go into International Relations or become a history professor (fingers crossed).
    [Show full text]
  • A Review of Technology Standards and Patent Portfolios for Enabling Cyber- Physical Systems (CPS) in Advanced Manufacturing
    This article has been accepted for publication in a future issue of this journal, but has not been fully edited. Content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2016.2619360, IEEE Access 1 Manuscript ID Access-2016-01636 A Review of Technology Standards and Patent Portfolios for Enabling Cyber- Physical Systems (CPS) in Advanced Manufacturing AMY J.C. TRAPPEY1, CHARLES V. TRAPPEY2, USHARANI HAREESH GOVINDARAJAN1, JOHN J. SUN1, ALLEN C. CHUANG1 1Department of Industrial Engineering and Engineering Management, National Tsing Hua University, Taiwan 2Department of Management Science, National Chiao Tung University, Taiwan Corresponding author: Amy J.C. Trappey ([email protected]) ABSTRACT Cyber-Physical Systems (CPS) are a collection of transformative technologies for managing interconnected physical and computational capabilities [1]. Recent developments in technology are increasing the availability and affordability of sensors, data acquisition systems, and computer networks. The competitive nature of industry requires manufacturers to implement new methodologies. CPS is a broad area of engineering which supports applications across industries such as manufacturing, healthcare, electric power grids, agriculture, and transportation [2-9]. In particular, CPS is the core technology enabling the transition from Industry 3.0 to Industry 4.0 (I 4.0) and is transforming global advanced manufacturing. This paper provides a consolidated review of the latest CPS literature, a complete review of international standards, and a complete analysis of patent portfolios related to the 5C’s CPS architecture model by Lee, et al. [1]. The critical evaluation of international standards and the intellectual property contained in CPS patents is unaddressed by previous research and will benefit both academic scholars and industry practitioners.
    [Show full text]
  • Infrastructure 360 Review – Bri Focus
    INFRASTRUCTURE 360 REVIEW – BRI FOCUS 1ST EDITION Progressing through the pandemic refinitiv.com An LSEG Business SUMMARY • All in all, Infrastructure 360 is tracking $2.5 trillion worth of Belt and Road Initiative (BRI) projects [See methodology on Pg 31] • In the first half of 2020, under the cloud of COVID-19, the number of new BRI projects exceeded the highest point of 2018, but declined by 14% in the second half of the year • The second half of 2020 also recorded a 49% decline in value, compared to the first half of the year • The Transportation sector remained the biggest focus of BRI investments, followed by Power & Water and Real Estate sectors • Thailand and Vietnam were the top BRI project nations in terms of value and number of projects respectively • On the M&A front, acquisitions in the Belt and Road nations touched $8.6 billion in 2020, down 32% from a year ago. The volume of deals also declined by 13% • Energy & Power was the top BRI M&A sector in terms of value, followed by Consumer Products & Services and Industrials • Both, the 14th Five-Year Plan (2021 to 2025), approved by China’s National People’s Congress, and the Regional Comprehensive Economic Partnership (RCEP), the world’s biggest trade pact, will have major repercussions for the prospects of the BRI Infrastructure 360 Review – BRI Focus 2 YEAR OF THE PANDEMIC SLOWS BRI’S MARCH The global investment landscape was subdued last year as COVID-19 swept across the world. The United Nations Conference on Trade and Development (UNCTAD) estimates that global foreign direct investment (FDI) fell 42% in 2020, to an estimated $859 billion, compared to $1.5 trillion the year before.
    [Show full text]
  • Perspectives on Chinese Digital Rmb Strategy
    PERSPECTIVES ON CHINESE DIGITAL RMB STRATEGY John Ferguson Ms. Shannon Parker May 11, 2020 GOV97: Technology and Revolution in China and Beyond Introduction Literature review Analysis Advantages of the digital RMB Timing of the RMB The Belt and Road Initiative and the Digital Silk Road Foreign lending A Chinese fintech empire Domestic stimulus Conclusion 1 Introduction In mid-April amid the COVID-19 pandemic, an image (see Figure 1) of the first test trials of the digital RMB—China’s ambitious digital currency—were leaked and widely disseminated around the world, generating widespread curiosity. ​The People’s Bank of China (PBOC)—China’s central bank and the entity responsible for the ​ digital currency—is experimenting with paying salaries and granting subsidies to workers at state-owned banks in four pilot cities: Shenzhen, Chengdu, Suzhou, and Xiong’an, with a nationwide rollout potentially ready as early as mid-May. While a digital RMB has been under research since 2014, this expedited rollout is unexpected given the unusual speed​ and timing​ suggesting that China, typically known for taking a more gradualist approach, may be ​ ​ pushing for the digital currency to be released as soon as possible. Figure 1: Leaked image with English translation1 1 “China’s Central Bank Hints at Launch Timing of Digital Renminbi Currency,” Ledger Insights - enterprise blockchain, April 20, 2020, ​ https://www.ledgerinsights.com/china-central-bank-digital-currency-cbdc-renminbi-timing/. 2 Why has China chosen this moment of economic and social turmoil to roll out such a complex and ambitious plan? This paper argues that China is seeking to expedite the development of the official DCEP (Digital Currency Electronic Payment) now in order to leverage the COVID-19 economic crisis as a part of an internationalization strategy to eventually replace the US dollar as the world’s reserve currency.
    [Show full text]
  • The Crypto-Renminbi Challenge to the Dollar
    The Crypto- Renminbi By Chi Lo Challenge To the Dollar hile the Chinese renminbi is not expected to displace the U.S. dollar as the world’s Maybe not soon, dominant global currency in the medium term, its creeping challenge to erode the global dominance of the dollar is certainly but it’s coming. intensifying. The latest challenge comes in the form of an official digital renminbi. The wake- up call of the renminbi challenge came from a message that went viral on WApril 30, 2020, on social media, and was picked up and reported by a few newspapers that China was set to exclude the U.S. dollar in its stock ex- change transactions and that the People’s Bank of China would de-link the renminbi from the U.S. dollar by stop-setting the exchange rate’s daily fix- ing. The message claimed that the move to oust the U.S. dollar amounted to an economic war against America that would lead to a sharp fall in the dollar against the renminbi. The viral message also attributed its claims to a report by The Guardian on April 28, 2020, on the People’s Bank of China’s immi- nent launch of its official digital currency. Upon fact checking and with hindsight, most of the viral message was THE MAGAZINE OF INTERNATIONAL ECONOMIC POLICY just fake news, with no official announcement supporting the claims of 220 I Street, N.E., Suite 200 ousting the U.S. dollar from Chinese stock transactions and scrapping the Washington, D.C. 20002 Phone: 202-861-0791 Fax: 202-861-0790 Chi Lo is a Senior Economist at BNP Paribas Asset Management and www.international-economy.com author of Demystifying China’s Mega Trends: The Driving Forces That [email protected] Will Shake Up China and the World (Emerald Publishing, 2017).
    [Show full text]
  • Thesis 24 PART I: THEORY
    UvA-DARE (Digital Academic Repository) Never again Legal change after public health crises in China van den Dool, A. Publication date 2019 Document Version Final published version License Other Link to publication Citation for published version (APA): van den Dool, A. (2019). Never again: Legal change after public health crises in China. General rights It is not permitted to download or to forward/distribute the text or part of it without the consent of the author(s) and/or copyright holder(s), other than for strictly personal, individual use, unless the work is under an open content license (like Creative Commons). Disclaimer/Complaints regulations If you believe that digital publication of certain material infringes any of your rights or (privacy) interests, please let the Library know, stating your reasons. In case of a legitimate complaint, the Library will make the material inaccessible and/or remove it from the website. Please Ask the Library: https://uba.uva.nl/en/contact, or a letter to: Library of the University of Amsterdam, Secretariat, Singel 425, 1012 WP Amsterdam, The Netherlands. You will be contacted as soon as possible. UvA-DARE is a service provided by the library of the University of Amsterdam (https://dare.uva.nl) Download date:01 Oct 2021 Never Again: Legal Change After Public Health Crises in China Annemieke van den Dool Copyright © Annemieke van den Dool 2019 Cover design by Mattias van den Dool Enebjörk | Oranges on Apple Trees Book design by Mattias van den Dool Enebjörk | Oranges on Apple Trees Printed in the Netherlands by Print Service Ede All rights reserved.
    [Show full text]