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The Standard
an hour ago
- The Standard
Pano Harbour in Kai Tak commencing handover for 350 units sold
From left: Johnson Wai, deputy managing director of China Resources Land (Overseas); and Samuel Leung, deputy head of sales of Poly Property (Hong Kong)
South China Morning Post
2 hours ago
- South China Morning Post
The world is going all-in on stablecoins. Is China's digital yuan any different?
When South Korea reportedly halted its digital currency pilot programme this week in favour of stablecoins – cryptocurrencies pegged to a reference asset, typically a fiat currency – it sent shock waves through central banks across the world. Advertisement It also left China – a pioneer in central bank-backed digital currencies with its digital yuan, or e-CNY – with an important question to answer, namely whether it should continue to explore such digital assets or revisit the possibility of adopting the popular stablecoin format for its own purposes. At first glance, stablecoins appear to have similar qualities to the digital yuan or other digital currencies, but there are significant differences in their design, purpose and management. What distinguishes stablecoins from the digital yuan? Issued by China's central bank, the e-CNY is the digital form of China's sovereign currency. It can be used for everyday transactions such as retail payments, government disbursements, salaries and public transport fares, and does not require a bank account. First piloted in 2020, it had been used in 26 cities for transactions worth a total of 7 trillion yuan (US$977 billion) by June last year. The digital yuan is largely intended for small domestic retail payments, and it cannot be exchanged for foreign currencies. Its cross-border use is being developed through the mBridge project, coordinated by the multinational Bank for International Settlements. Advertisement Unlike the digital yuan, which is entirely under the umbrella of a central bank, stablecoins are blockchain-based and privately issued cryptocurrency tokens pegged to fiat currencies like the United States or Hong Kong dollars. Issuers hold reserve assets, such as US Treasury bills, to back the total value of the tokens at a ratio of one to one.
South China Morning Post
2 hours ago
- South China Morning Post
Hong Kong's May retail sales up 2.4%, ending 14-month contraction
Hong Kong's retail sales in May jumped by 2.4 per cent year on year, marking a reverse in fortunes after the city contended with a 14-month contraction, with the uptick boosted by a surge in visitors during several 'golden week' holidays. Provisional figures released by the Census and Statistics Department on Wednesday showed total retail sales in May reached HK$31.3 billion (US$3.9 billion). The figure represents the first time sales have grown since February 2024, when the city recorded an increase of 1.9 per cent year on year. A total of 1.1 million people visited Hong Kong during mainland China's five-day Labour Day golden week holiday , which ran from May 1 to 10, a rise of 22 per cent from last year – exceeding the government's original estimate of 10 per cent. But a government spokesman said industry players still needed to adapt to changes in consumption patterns despite the improvement of sales in May. 'While the retail sector continues to adapt to the changes in consumption patterns, the government's proactive efforts in promoting tourism and mega-events, in tandem with the increase in employment earnings and sustained steady growth of the mainland economy, will help bolster consumption sentiment and support the consumption market,' he said.
