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On October 12, the National Development and Reform Commission publicly solicited opinions on the "Interim Measures for the Registration and Administration of Public Data Resources (Draft for Public Comments)". The National Bureau of Statistics will strengthen the registration and administration of public data resources, promote the standardization of registration services, and establish and improve the public data resource directory based on registration information and government data directories. Build a national public data resource registration platform, connect with provincial public data resource registration platforms, and promote the interconnection of registration information. Implement "one certificate, one code" for electronic certificates nationwide to support the query and sharing of registration information.On October 12, the heads of relevant departments of the State Financial Supervision and Administration Bureau answered questions from reporters on the "Management Measures for Syndicated Loan Business". The key revisions to the "Measures" include: First, clarifying the regulatory orientation, requiring banks to better support the development of the real economy when conducting syndicated loan business, and effectively prevent and resolve risks. Second, enriching the syndicated organization model, optimizing the distribution ratio and secondary market transfer rules, and improving the convenience of conducting syndicated loan business. Third, standardizing the principles and methods of syndicated charges, and further improving the syndicated pricing mechanism. Fourth, more systematic requirements are put forward for the management of syndicated loans. In addition, this revision changed the "guidelines" to "measures" and added relevant content such as supervision and management.The State Financial Supervision and Administration Bureau issued the Management Measures for Syndicated Loan Business.On October 12, the Peoples Republic of China and the Lao Peoples Democratic Republic issued a joint statement, which mentioned that the two sides will accelerate the implementation of the memorandum of understanding on industrial cooperation, focusing on strengthening cooperation in the fields of automobiles, consumer goods, raw materials, photovoltaics, and electronic information industries. The two sides will further strengthen trade exchanges and enhance the scale and level of trade. Jointly implement the zero-tariff arrangement for 100% of Laotian tariff items exported to China. Promote the "single window" cooperation of China-Laos international trade and promote the export of more high-quality Laotian agricultural and food products to China. Strengthen the construction of infrastructure such as ports, improve the level of customs clearance facilitation, promote bilateral economic and trade cooperation and personnel exchanges, and help the social and economic development of border areas.On October 12, at the 3rd OpenHarmony Technology Conference, the open source Hongmeng OpenHarmony 5.0 Release version was officially pre-released. In addition, 32 OpenHarmony technology clubs made their debut and the first batch of 30 OpenHarmony developer associations were launched.

NY Fed official: Digital dollar could speed foreign exchange settlement

Cory Russell

Nov 07, 2022 15:06

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Using a central bank digital dollar to shorten settlement times in foreign currency markets, according to a senior Federal Reserve Bank of New York official, has potential.


The head of the bank's markets division, Michelle Neal, did not indicate that the introduction of a central bank digital currency, or CBDC, was near. But she said that bank research has shown how this particular kind of money may help an important aspect of the financial system.


Neal said in the text of comments prepared for a conference in Singapore that foreign currency spot transactions "are crucial in the context of cross-border payments, and serve as a building block for lengthier, more sophisticated transactions." She said that there is potential for improvement since the settlement of these deals takes roughly two days.


A Fed digital dollar used in wholesale transactions, together with the capability to record transactions, "results in immediate and atomic settlement," the research endeavor claims.


In less than 10 seconds, on average, settlement might happen, according to Neal's study, "indicating that horizontal scalability was viable."


The Federal Reserve has been looking on ways to introduce a totally digital dollar, known as Fedcoin by some. According to Fed officials, elected officials would need to endorse the launch of any such asset.


Some central bankers have questioned the need of a CBDC for the United States.


Before the New York Fed's report on the study project was released, Neal made his remarks.


The first phase of work "revealed promising applications of blockchain technology in modernizing critical payments infrastructure," according to Per von Zelowitz, director of the bank's New York Innovation Center, in that press release. "Our inaugural experiment provides a strategic launch pad for further research and development regarding the future of money and payments from the U.S. perspective," he added.


The research issued a warning that its conclusions "are not meant to achieve any particular policy result" and did not have consequences for the implementation of a completely digital central bank currency.

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