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China's digital yuan to become interest-bearing next year,  state broadcaster says

China's digital yuan (e-CNY) will start earning interest from January 1, 2024, becoming the world's first interest-bearing central bank digital currency, according to state broadcaster CCTV. This move aims to enhance user adoption and expand usage scenarios, solidifying China's leadership in central bank digital currencies. Currently, e-CNY usage is limited, but the People's Bank of China is promoting its digital currency through a global operation center in Shanghai and plans to issue an action plan for its management.

Reuters·
Reuters·

The offshore renminbi once broke 7, and state media warned "never bet on the unilateral appreciation of the renminbi"

The offshore RMB exchange rate broke through the 7 mark last week, reaching a new high since September 2024. In light of the rapid rise in exchange rates, the two major state media outlets, Shanghai Securities Journal and China Securities Journal, issued warnings to market participants not to bet on the unilateral appreciation of the RMB. Analysts believe that the authorities will not allow the RMB to appreciate significantly, and there is still potential for the US dollar index to rise, making the unilateral appreciation of the RMB unsustainable. The state media called on enterprises and financial institutions to adhere to a risk-neutral philosophy and to manage exchange rate risks effectively

Stheadline·
Stheadline·

China's yuan slips as state media warns against one-way bets

China's yuan slipped against the dollar, moving away from the 7-per-dollar mark, as authorities and state media cautioned against one-way bets on the currency. The People's Bank of China set a weaker-than-expected midpoint to curb yuan strength. Despite recent gains, the central bank aims to maintain currency stability, warning against exchange rate overshooting. The yuan's appreciation trend remains, but pressures may ease post-settlement periods. Global investment houses expect the yuan's upward momentum to continue into the new year.

Reuters·
Reuters·

How to view the "popular narrative": Federal Reserve interest rate cuts → Renminbi appreciation → may harm export competitiveness?

This news pertains to investment research-related information, discussing how the Federal Reserve's interest rate cuts may lead to the appreciation of the Renminbi and its impact on export competitiveness. The core viewpoint suggests that the Federal Reserve's interest rate cuts do not necessarily lead to a weaker dollar, and the appreciation of the Renminbi does not necessarily harm export competitiveness. The valuation of the Renminbi exchange rate is neutral, and stable fluctuations in the short term are the optimal option. In the long term, the exchange rate should be determined by economic fundamentals

Wallstreetcn·
Wallstreetcn·

China sets yuan fix at ¥7.0358 per dollar, well below market estimate to slow appreciation

On Friday, the People’s Bank of China announced that it has set the yuan’s daily fix at ¥7. 0358 per dollar, which is 301 pips weaker than what traders and analysts had guessed in a Bloomberg survey. To make matters worse, that difference is the biggest miss since 2018, and Beijing’s decision came right after the […] source:

CoinLive·
CoinLive·
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