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On January 16th, a research report from CITIC Securities stated that the Peoples Bank of China (PBOC) lowered the interest rates of various relending tools by 25 basis points. However, this measure is not a traditional reduction in the reverse repo rate or LPR (Loan Prime Rate), but rather a targeted effort through structural tools. We believe this move will help boost banks lending activity, promote stable credit growth, and alleviate pressure on bank interest rate spreads to some extent. Regarding aggregate policy, the PBOC indicated that there is still room for reserve requirement ratio (RRR) and interest rate cuts this year. However, given the continued strong export performance and relatively strong short-term economic momentum, we expect short-term policy easing to be restrained, with the total reduction in the reverse repo rate for the year likely to be around 10 basis points. As for exchange rates, the PBOC continues its policy stance of "maintaining basic stability at a reasonable and balanced level." We believe that in the short term, the policy focus remains on preventing exchange rate overshooting, improving expectation management, and enhancing enterprises exchange rate hedging capabilities, rather than gaining a trade competitive advantage through exchange rate adjustments.On January 16th, CITIC Securities pointed out that new social financing in December 2025 was 2.21 trillion yuan, a decrease of 0.65 trillion yuan year-on-year. The decline in social financing year-on-year was in line with expectations, due to government bond issuance leading the way and weakened support from a high base. Corporate lending improved marginally in December, likely mainly due to banks proactive pre-launch project preparations. Retail lending remained sluggish, with expectations for a recovery in demand driven by macroeconomic recovery and coordinated policy efforts. The proactive fiscal policy and relatively loose monetary policy are expected to continue in 2026, with government bonds remaining a significant driver of social financing growth. Credit growth is projected to remain around 7%-8% in 2026, but a genuine improvement in bank fundamentals will require further improvement in credit demand and economic expectations.On January 16, the U.S. Senate passed a bill approving billions of dollars in funding for several federal research agencies, rejecting the Trump administrations proposed budget cuts to research and space programs. Under the bill, the National Science Foundation (NSF) will receive $8.75 billion for research in areas such as quantum information science and artificial intelligence, significantly higher than the White Houses proposed 57% budget cut. Democratic Senator Van Hollen stated that the funding will support nearly 10,000 new research projects, covering more than 250,000 researchers, faculty, and students.European Central Bank Chief Economist Lian: Current interest rate levels set a benchmark for the coming years. If the benchmark scenario holds true, there is no discussion of interest rate changes in the near term.Sources say a bipartisan group of governors will sign an agreement with the Trump administration on Friday to curb rising electricity costs in the PJM region, which covers 13 states. The agreement would cap future electricity auctions for two years and mandate that data centers share more of the financial burden of expansion.

Cuba Allows Cryptocurrency Services but Requires A License From the Central Bank

Cory Russell

Apr 28, 2022 09:50

After approving the personal use of cryptocurrencies last year, the Cuban central bank released rules for virtual asset service providers on Tuesday, a move that some experts believe might help the Communist-run Caribbean island avoid hefty US penalties.


Cryptocurrencies, which enable financial transactions to be carried out anonymously and decentralized, have previously been used to circumvent capital regulations and improve the efficiency of payments and transfers.


Those intending to use cryptocurrencies must get a license, according to the bank authorisation, which was published in the government's official gazette on Tuesday.


Before giving a license, the bank said it would assess the legality, socioeconomic interest, and project features of every request. The license would be valid for one year at first.


The introduction of mobile internet three years ago paved the path for cryptocurrency transactions in Cuba, and the number of cryptocurrency fans on the island is rising as the currencies assist the nation overcome difficulties posed by US sanctions.


Cubans are blocked off from traditional international payment systems and financial markets by the US trade embargo, which has been in place for decades. On the island, Cubans are unable to get credit or debit cards for foreign usage, and they struggle to do so overseas.


"If the central bank is developing a cryptocurrency-friendly legislative framework, it is because they have already concluded that it may help the nation," said Pavel Vidal, a former Cuban central bank economist who now teaches at the Pontificia Universidad Javeriana Cali in Colombia.


El Salvador, the first nation in the world to embrace bitcoin as legal cash, is one of Cuba's Latin American neighbors to be interested in cryptocurrencies.


Vidal said he doubted Cuba would follow El Salvador's lead and adopt bitcoin as its currency of choice or create its own cryptocurrency, instead preferring to focus on enabling remittances and international foreign trade activities.


"This may lower the cost of these international transactions and provide an alternative to dollar-based operations that are less susceptible to sanctions," he added.

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