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February 13th - On February 12th, Ling Ji, Vice Minister of Commerce and Deputy Representative for International Trade Negotiations, chaired a roundtable meeting with German-invested enterprises. Representatives from over 60 German companies and associations, including the German Chamber of Commerce and Industry Beijing Representative Office, the German Chamber of Commerce in China, BASF, BMW Group, and Bayer Group, attended the meeting. Relevant departments from the Ministry of Commerce, the National Development and Reform Commission, the State Administration for Market Regulation, the State Intellectual Property Office, and the Cyberspace Administration of China interacted with the German companies, actively responding to their concerns regarding government procurement, intellectual property protection, and optimizing the business environment.Switzerlands January CPI rose 0.1% month-on-month, compared to a forecast of 0% and a previous reading of 0.00%.Switzerlands January CPI rose 0.1% year-on-year, below the expected 0.10% and the previous reading of 0.10%.February 13 – Foreign Ministry Spokesperson Lin Jian held a regular press conference on February 13. According to reports, preliminary vote counts show that the Bangladesh Nationalist Party (BNP) won a majority of seats in the Bangladesh National Assembly elections, and its chairman, Tariq Rahman, son of former Prime Minister Khaleda Zia, is expected to become Prime Minister. A Bloomberg reporter asked about this at the conference. Lin Jian stated that China has noted the smooth and successful holding of the national elections in Bangladesh, with the BNP achieving a significant lead. China supports Bangladesh in advancing its domestic political agenda and is willing to work with Bangladesh to continuously advance the China-Bangladesh comprehensive strategic cooperative partnership.February 13 – Foreign Ministry Spokesperson Lin Jian held a regular press conference on February 13. A Bloomberg reporter asked, “Japan claims it has detained a Chinese fishing vessel and arrested its captain because the vessel attempted to evade inspection after entering Japan’s exclusive economic zone. What is the Foreign Ministry’s comment on this?” Lin Jian stated that the Chinese government consistently requires Chinese fishermen to operate in accordance with laws and regulations, while resolutely safeguarding the legitimate rights and interests of Chinese fishermen. He expressed hope that Japan would strictly abide by the China-Japan Fisheries Agreement, enforce the law impartially, and protect the safety and legitimate rights and interests of the Chinese crew members.

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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