The People's Bank of China (PBOC) has announced plans to enhance the resilience of the foreign exchange market and to potentially cut the reserve requirement ratio (RRR) and interest rates at an appropriate time. This decision comes from a recent quarterly meeting of the PBOC's monetary policy committee, which also emphasized the need to improve monetary policy control and adjustment to be more forward-looking and effective. Additionally, the PBOC aims to maintain ample liquidity in the financial system, guide financial institutions to increase credit supply, and support technological innovations, domestic consumption, and foreign trade through new structural monetary policy tools. The central bank also plans to keep the yuan stable at a reasonable and balanced level, addressing behaviors that disrupt the forex market order. It will also boost consumption, stabilize foreign trade, support banks in replenishing capital, and improve the basic system of real estate finance. In the realm of digital currencies, Chinese state media has expressed concerns over the dominance of US dollar stablecoins, warning that they could consolidate US dollar hegemony. In response, there is a call for China to accelerate the development of its own stablecoin to expand the international status of the yuan. The media also noted that Bitcoin is too volatile to serve as a currency but has investment value.
🇨🇳 CCP MEDIA JUST PUBLISHED AN ARTICLE SAYING #BITCOIN HAS INVESTMENT VALUE WE KNOW WHAT’S COMING NEXT 🚀 https://t.co/B0Vo1rl8AK
🇨🇳 JUST IN: Chinese Communist Party media published a key article on crypto, highlighting: • Bitcoin is too volatile to be a currency but has investment value. • Dollar stablecoins could boost U.S. dominance in global finance. • China should speed up digital yuan and asset https://t.co/1ey2akPD9l
中国人民銀、為替市場の回復力強化を提案 https://t.co/RGZpD6ARI2 https://t.co/RGZpD6ARI2