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June 12th - Data from the Peoples Bank of China shows that loan interest rates remained low in May. The weighted average interest rate for newly issued corporate loans (domestic and foreign currencies) in May was approximately 3.0%, about 25 basis points lower than the same period last year. Data shows that since the second half of 2018, my country has lowered the reserve requirement ratio 18 times, providing sustained medium- and long-term liquidity to the market and playing a role in the banking system and financial markets. Compared to the high point since the beginning of this interest rate cut cycle in the second half of 2018, policy interest rates have been lowered 10 times, accumulating a reduction of 1.15 percentage points. Experts have stated that in recent years, measures such as rectifying banks irregular manual interest payment practices, guiding non-bank interbank demand deposit rates to follow policy interest rate adjustments, and supporting banks in stabilizing net interest margins have facilitated the transmission of interest rate policies. Overall, my countrys policy interest rates are effectively transmitted, and loan interest rates have remained stable with a slight downward trend, staying at a low level.On June 12, the Peoples Bank of China (PBOC) issued a notice soliciting public opinions on the "Administrative Measures for Large-Denomination Certificates of Deposit." The Measures, comprising 24 articles, specifically stipulate the scope of issuers and investors of large-denomination certificates of deposit, the elements of the certificates, issuance preparation, management of each stage of issuance and maturity, information disclosure, and supervision. Key revisions include: clarifying supervision requirements and measures. First, it clarifies that the pricing of all relevant business stages of large-denomination certificates of deposit should comply with the interest calculation and settlement rules issued by the PBOC and be included in self-regulatory management. Second, it clarifies that if an issuer fails to fulfill its information disclosure obligations as described in these Measures, or violates regulations regarding issuance, trading, transfer, early withdrawal, and redemption, the PBOC will impose penalties in accordance with the "Law of the Peoples Republic of China on the Peoples Bank of China" and other relevant laws and regulations. Third, it clarifies the responsibilities of the Interbank Funding Center and the Interbank Market Clearing House to summarize business information monthly and report it to the PBOC.On June 12, the Peoples Bank of China (PBOC) released a draft explanation of the "Measures for the Administration of Large-Denomination Certificates of Deposit (Draft for Public Comment)," which states that the "Measures" reserve policy space for the future development of large-denomination certificates of deposit. It adds the repurchase rate (DR) of bonds held by deposit-taking financial institutions or other rates recognized by the PBOC as a reference benchmark for the interest calculation of floating-rate certificates of deposit, thus enriching the pricing reference indicators for large-denomination certificates of deposit.The Hungarian forint rose 0.8% against the euro to 352.15, its highest level since September 2021.June 12th - Germanys economic recovery will be slower than expected due to the impact of the Iran war, but thanks to fiscal stimulus measures, the economy is expected to regain growth momentum in the coming years. The central bank stated that GDP is projected to grow by 0.5% in 2026, 0.8% in 2027, and 1.4% in 2028. This represents a downward revision of growth rates for this year and next compared to the forecast in December last year. GDP is expected to remain stable in the second quarter and grow slightly in the third quarter. The banks president stated, "The sharp rise in energy prices will weaken household purchasing power and consumer spending. However, economic activity will regain momentum during the forecast period ending in 2028." He added, "The recovery will benefit from lower energy prices, a stronger global economy, and, most importantly, strong fiscal stimulus."

Banking Behemoth Barclays Buys a Stake in Crypto Firm Copper

Skylar Shaw

Jul 26, 2022 11:35

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One of the biggest banks in the UK, Barclays, has participated in a fundraising round for Copper and is anticipated to spend millions of dollars in the cryptocurrency company, which counts Lord Philip Hammond, a former chancellor of the exchequer, among its advisors.


The investment round for Copper, which offers custody, prime broking, and settlement services to institutional investors investing in cryptoassets, is expected to be completed in the coming days.

Delay of nine months

Despite the recent cryptocurrency meltdown wiping away roughly $40 billion in investor money and more than $2 trillion in market value, Copper has still been able to attract investment from one of the most reputable banks in the world.


Barclays, the world's largest bank, has finished the lengthy investor negotiations that had been put off since November of last year as Copper struggled with a temporary regulatory registration in the UK.


More precisely, the Financial Conduct Authority (FCA) mandates interim registration for digital asset service providers in compliance with money laundering laws. This implies that in order to operate, all crypto-asset enterprises must first seek full FCA registration.


However, Copper subsequently made the decision to become regulated in Switzerland as a result of the financial watchdog's refusal to accept its license registration.


Blockchain.com and Revolut are just two of the many companies that operate under the Temporary Registration Regime (TRR), and more than 100 businesses filed for registration when the FCA took over as the UK's anti-money laundering and counter-terrorism funding body in 2020.

Banking Megacorp

Bloomberg reports that although Barclays has made an undisclosed investment in the "millions of dollars," individuals with knowledge of the situation indicated last year that the funds might increase Copper's worth to around $3 billion. Additionally, the sources said they were uncertain whether the sum raised would be made public.


In 2015, Barclays became one of the first traditional banks to promote cryptocurrency when it started enabling charities to accept contributions made in Bitcoin (BTC) as a form of alternative payment.


However, the bank also has a murky history with cryptocurrencies, having prevented UK-based clients from sending money to Binance by forbidding them from paying the exchange using a credit or debit card. The restriction was implemented soon after the Financial Do Authority said that Binance Markets Limited was no longer permitted to conduct cryptocurrency business in the nation.


Similar to this, Barclays already severed connections with Coinbase and is no longer the bitcoin exchange's financial provider.


In a Series B fundraising round that included Illuminate Financial Management, LocalGlobe, and MMC Ventures and was co-led by Dawn Capital and Target Global last year, London-based Copper received $50 million.

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