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On July 17, due to previous rainfall and upstream water flow, the water level at the Mudanjiang Hydrological Station on the middle reaches of the Mudanjiang River, a tributary of the Songhua River, rose to the warning level (235.00 meters) at 9:00 AM. According to the regulations for numbering floods in major rivers, this flood is designated as "Mudanjiang Flood No. 1 of 2026". The Ministry of Water Resources is closely monitoring the flood situation in the Songhua River, Mudanjiang River, and other rivers, strengthening rainfall and water level monitoring, increasing the frequency of rolling forecasts and warnings, activating the flood defense emergency response in advance, and dispatching working groups to the front lines to provide assistance and guidance. It is also urging local authorities to strengthen the scheduling of water conservancy projects in the basin, implement all flood defense measures meticulously, and relocate people in danger zones in advance to ensure the safety of peoples lives.On July 17, Li Bin, Deputy Director of the State Administration of Foreign Exchange (SAFE), stated at a press conference held by the State Council Information Office that SAFE has strengthened foreign exchange market supervision and cracked down on illegal foreign exchange activities such as underground banks. In the first half of this year, over 300 related cases were investigated and dealt with, with fines and confiscations exceeding 400 million yuan, effectively maintaining the order of the foreign exchange market.On July 17, the Information Office of the Hubei Provincial Peoples Government held a press conference to introduce the economic performance of Hubei Province in the first half of 2026. According to the unified accounting results of regional GDP, Hubei Provinces GDP in the first half of the year was 3,133.672 billion yuan, representing a year-on-year increase of 5.0% at constant prices.On July 17, Li Bin, Deputy Director of the State Administration of Foreign Exchange, stated at a press conference held by the State Council Information Office that the State Administration of Foreign Exchange has always adhered to the principle of combining facilitation with risk prevention, resolutely safeguarding the bottom line of security under open conditions, continuously improving the "macro-prudential + micro-regulatory" dual management framework, strengthening counter-cyclical adjustments and expectation guidance when necessary, maintaining the stable operation of the foreign exchange market, and preventing systemic risks.On July 17th, at a press conference held by the State Council Information Office, Xiao Sheng, Director of the Capital Markets Department of the State Administration of Foreign Exchange, stated that my countrys external debt has remained generally stable, with continuous structural optimization and high security. Over the past three years, my countrys external debt has remained relatively stable between US$2.3 trillion and US$2.5 trillion. By the end of the first quarter of 2026, RMB-denominated external debt accounted for 55%, an increase of 10 percentage points compared to the end of 2022; the proportion of medium- and long-term external debt remained stable at over 40%, and the risk of maturity and currency mismatch in external debt has significantly decreased. At the end of 2025, my countrys debt-to-equity ratio, debt service ratio, and the ratio of short-term external debt to foreign exchange reserves were 11.9%, 56.3%, 6.2%, and 39.2%, respectively, all significantly lower than international safety warning lines.

The South African Central Bank is Considering a Digital Rand to Reduce Cross-Border Payment Expenses

Jimmy Khan

May 19, 2022 09:35

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According to a senior central bank official, a digital rand in South Africa might reduce the high cost of cross-border payments for banks, but its adoption is still a few years away.


However, South African Reserve Bank (SARB) Deputy Governor Kuben Naidoo told Reuters that crypto asset regulation is in the works and may be implemented within nine to 15 months.


According to a World Bank analysis from 2021, remitting money from South Africa to another nation costs 13% of the transaction, which is more than twice the average of the Group of 20 (G20) top global economies.


It costs 6.2 percent to send money to South Africa.


Some governments are considering introducing electronic versions of conventional currencies, known as central bank digital currencies (CBDCs), and are researching how the underlying technology may be utilized.


The digital yuan initiative in China is the most advanced among big economies, while central banks from the eurozone to the United States are researching CBDCs at various levels.


Nigeria's central bank launched the eNaira last year for everyday usage.


South Africa has experimented with a wholesale CBDC on a modest scale and engaged in a cross-border trial with the central banks of Malaysia, Australia, and Singapore.


Regulators will next test the digital brand on a larger scale and create guidelines for its usage.

"We're still testing and learning," Naidoo added.


Meanwhile, Naidoo said that the South African Reserve Bank wants to regulate crypto assets in order to avoid theft, money laundering, and monetary policy undercutting, and that it aims to have it in place within the next 15 months.


"You might undermine the central bank's authority if crypto assets become a very pervasive currency," he warned.

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