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The China Earthquake Networks Center officially reported that a magnitude 3.0 earthquake occurred at 15:18 on April 23 in Linzhou City, Anyang City, Henan Province (36.02 degrees north latitude, 113.96 degrees east longitude), with a focal depth of 10 kilometers.On April 23, the Ministry of Commerce held a regular press conference this afternoon. Regarding the U.S. Customs and Border Protections commencement of tariff refunds on April 20, the Ministry of Commerce stated that China consistently opposes any form of unilateral tariff increases. The U.S.s unilateral measures, such as reciprocal tariffs and fentanyl tariffs, violate international trade rules and U.S. domestic law, harm global trade order, and are not in the interests of any party. He Yongqian stated that the U.S. tariff refund measure is a positive step in correcting a wrong path. It should be noted that these tariffs are collected directly by U.S. Customs from U.S. importers and ultimately borne by U.S. consumers. He suggested that Chinese exporting companies, based on their own circumstances, actively communicate with relevant stakeholders to safeguard their legitimate rights and interests.The Central Bank of the Philippines stated that the decision to raise interest rates was not unanimously adopted.Frances preliminary composite PMI for April was 47.6, below the expected 48.6 and the previous reading of 48.8.Frances preliminary manufacturing PMI for April was 52.8, below the expected 49.5 and the previous reading of 50.

Banks should manage heightened risks from crypto firm deposits –Fed’s Barr

Skylar Shaw

Oct 13, 2022 16:00

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According to Michael Barr, the vice chair of supervision at the Federal Reserve, banks that accept deposits from cryptocurrency companies should be wary of increasing liquidity concerns, especially if enterprises are closely linked to other businesses that deal in digital assets.


According to Michael Barr, the vice chair of supervision at the Federal Reserve, banks that accept deposits from cryptocurrency companies should be wary of increasing liquidity concerns, especially if enterprises are closely linked to other businesses that deal in digital assets.


Barr stated that the Federal Reserve is collaborating with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency to highlight the risks to banks of concentrating their deposits in the cryptocurrency industry and to warn that banks may experience deposit fluctuations linked to price fluctuations in the larger crypto market.


The degree of centralization and interconnection among crypto-asset businesses, which increases stress, has been made clear by the recent volatility in the cryptocurrency markets, he added.


Despite the fact that banks were not directly impacted by these events' losses, these incidents have brought attention to possible concerns for financial institutions.


Speaking at DC Fintech Week, Barr stated that the goal of the banking regulators' interactions with financial institutions regarding the dangers of accepting deposits from cryptocurrency firms is "not to discourage banks from providing access" to banking services for cryptocurrency companies, but rather to ensure that any risks are properly mitigated.


Since assuming the top regulatory position at the Fed in July, Barr hasn't spoken in detail on cryptocurrencies and fintech until now. In the address, Barr said that regulators must strike a balance between encouraging innovation and providing barriers to protect customers and prevent systemic dangers.


Barr also cautioned that misleading statements made by cryptocurrency businesses concerning deposit protection may mislead clients and encourage withdrawals from banks with a cryptocurrency slant who provide such services at times of high stress.


These remarks come after the FDIC ordered several other crypto businesses, including the cryptocurrency exchange FTX, to stop making what it deemed to be "false and deceptive" assertions about whether the company's assets are government-insured in August.

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