China’s central bank: People’s Bank of China | South China Morning Post (2024)

China’s central bank is set to participate in treasury-bond trading in the secondary market, and a prominent researcher affiliated with the Ministry of Finance says purchases in the primary market should also be made.

The mainland has US$3.9 trillion worth of unsold properties, which makes Beijing’s funding plan account for less than 2 per cent of that excess inventory, a Barclays report said.

Roll-out provides a safe, convenient means of payment for Hongkongers spending in mainland China and mainland users in Hong Kong, HKMA says.

More than 46 per cent of urban residents polled by People’s Bank of China say job market is ‘uncertain’, while 62 per cent aim to save more, in continued challenge for policymakers counting on domestic consumption to propel the economy.

Analysts say China’s central bank, with an eye on the yuan’s stability, could let it weaken gradually, but such a move ‘could backfire to some degree’.

Gold purchases in China rose by 5.9 per cent in the first quarter compared with the same period in 2023, as consumers seek security in ‘the only safe asset’, analysts said.

Investigation into Yao Qian, who serves as the director of the department of technology supervision at the China Securities Regulatory Commission, comes amid an uptick in market reforms.

China’s banks are removing some of their long-term fixed-income products and cutting rates offered to depositors in an effort to shore up profitability, as challenges including a slumping property sector, mounting local government debt, and slow consumption recovery weigh on bank earnings.

China’s managed currency is seen as an anchor for its regional peers, meaning small moves can have an outsize impact.

In an uncertain monetary environment where the US Federal Reserve has yet to announce interest rate cuts, China’s central bank is seeing potential moves to increase activity constrained by pressures on the yuan.

China’s financial regulators could continue to lower financing costs as a means to shore up confidence, according to CCB chief financial officer Sheng Liurong.

China’s finance sector was once freewheeling, but new regulations and mandates from officials suggest banks’ new role looks beyond simple profit-seeking.

Even after President Xi Jinping has asked for China’s central bank to trade government bonds, the outcome is likely to remain limited as the bank does not want to trigger negative outcomes for inflation and exchange rates.

Results came despite government calls to slash rates and inject liquidity into the country’s slumping property sector.

President Xi has told financial cadres that their monetary policy toolkit must include a controversial means of injecting liquidity into China’s economy – one that has not been used in two decades.

Bocom paints resilient picture for year ahead despite posting slower profit growth and warning about challenges from property sector.

People’s Bank of China governor Pan Gongsheng tells the Boao Forum for Asia on Wednesday that established international institutions, including the International Monetary Fund (IMF), are in need of reform.

People’s Bank of China (PBOC) has named two new academic advisers for its monetary policy committee, which submits advice to the State Council on key moves including interest rate changes and the value of the yuan.

Senior central bank official says China’s monetary policies are ‘effective and obvious when compared with foreign central banks’.

After changes to its leadership and structure, and with draft laws altering its scope, China’s central bank looks to be taking on a different role from years past – one which seems notably distinct from Western norms.

Ant Group’s Alipay and Tencent’s WeChat Pay are enhancing operations to make it easier for foreign travellers to pay for goods and services on the mainland, the world’s largest cashless society.

China’s finance, commerce, banking, development and securities heads faced the press in Beijing on Wednesday during the annual ‘two sessions’.

Some of the 3.2 billion yuan (US$450 million) worth of commemorative coins and banknotes issued by China’s central bank may deliver handsome profits for resellers on popular local e-commerce platforms.

Any signal Fed’s Chair Jerome Powell may choose to send is of critical importance. It all comes down to how Powell and his colleagues have been reading the recent spate of economic data.

The credit-scoring company appears to be headed for official approval to begin operations after a wait of more than two years, with the People’s Bank of China guiding its application, official says.