Latest news with #People'sBankOfChina
Bloomberg
2 days ago
- Business
- Bloomberg
Being a Bully on Trade Won't Work Longer Term, Lagarde Warns
There's no longer-term advantage to being a bully on global commerce, according to European Central Bank President Christine Lagarde. 'Coercive trade policies are not a sustainable solution to today's trade tensions,' she said Wednesday in a speech at the People's Bank of China in Beijing.
South China Morning Post
15-05-2025
- Business
- South China Morning Post
China to enhance Swap Connect by extending tenor, use loan prime rate as reference
Mainland China and Hong Kong are expanding the product offerings under the Swap Connect scheme, increasing the tools to manage interest-rate risks, as regulators look to further open up the capital market to global investors. The tenor of interest-rate swap contracts would be extended to 30 years from 10 years 'to meet the diverse risk management needs of market institutions', the Securities and Futures Commission (SFC) said in a statement on Thursday. Contracts using the onshore Loan Prime Rate as the reference rate would also be introduced, it added. 'Relevant infrastructure operators in both markets will implement these enhancement measures progressively,' the SFC said, following its joint effort with the People's Bank of China and the Hong Kong Monetary Authority. Swap Connect, launched in May 2023, is the world's first derivatives mutual market access programme, with its initial phase designed to help global investors manage interest-rate risks when they invest in yuan-denominated bonds. The scheme was updated last year to enable institutions to trim capital costs and foster active trading. 08:23 China unveils policy package to guard against US tariffs ahead of trade talks in Switzerland China unveils policy package to guard against US tariffs ahead of trade talks in Switzerland Swap Connect allows domestic and foreign investors to conveniently complete interest-rate swap transactions, according to regulators. It centralises clearing through mutual access in terms of trading, clearing and settlement, without changing trading habits and in compliance with the laws and regulations of both markets.
Reuters
12-05-2025
- Business
- Reuters
Brazil central bank to sign currency swap deal with China's PBOC
BRASILIA, May 12 (Reuters) - Brazil's central bank said Monday it will sign a currency swap agreement with the People's Bank of China, with a maximum outstanding value of 157 billion reais ($27.69 billion) and a five-year term. The agreement, to be signed on Tuesday in Beijing during Brazilian central bank governor Gabriel Galipolo's visit to China, aims to provide liquidity to support financial markets in times of stress, the bank said. The announcement marks another step in strengthening ties between Latin America's largest economy and China, amid heightened global volatility triggered by sweeping trade tariffs imposed U.S. President Donald Trump. It follows Monday's announcement of more than $4.5 billion in planned Chinese investments in Brazilian sectors ranging from auto manufacturing and renewable energy to pharmaceuticals and semiconductors, as leftist President Luiz Inacio Lula da Silva visits the country. Washington and Beijing reached a deal to temporarily ease tariffs, but even before tensions escalated between the two, Lula had long emphasized China's global importance, saying on Monday that "if it's up to my government, our relationship with China will be indestructible." Brazil's central bank noted it already has a similar currency swap arrangement with the U.S. Federal Reserve, made permanent in 2021, which allows the Brazilian monetary authority to access U.S. dollars through repurchase operations backed by U.S. Treasury securities. The bank added it is also in talks with other counterparts to establish similar agreements, which it said have become common since the 2008 global financial crisis. China is Brazil's largest trading partner, while the U.S. remains Brazil's biggest source of foreign investment. ($1 = 5.6699 reais)
South China Morning Post
12-05-2025
- Business
- South China Morning Post
China unveils plans for Nansha as third financial hub in Greater Bay Area
China unveiled new measures to develop Nansha in the southern Guangdong province into a pilot zone for financial opening, making it the third financial hub in the Greater Bay Area after Qianhai and Hengqin, to deepen market ties with Hong Kong. Advertisement Nansha will become a hub for technological innovation and a node linking the Bay area and global financial markets, according to a statement on Monday by authorities including the People's Bank of China, the National Financial Regulatory Administration and the China Securities Regulatory Commission. The announcement contained measures to support tech industries and improve the convenience of cross-border payments. Regulators also pledged to further open the financial sector with new initiatives to facilitate cross-border investment and trade. 'The announced measures further facilitate cross-border financing, settlements, futures trading and equity investments,' David Liao, co-CEO of Asia and the Middle East at HSBC Holdings, said in a statement. This allows Nansha to support companies in exploring overseas markets and creates new opportunities for international banks, he added. Beijing unveiled its Greater Bay Area plan in 2019 to create an economic powerhouse by 2035. It refers to a scheme to link the cities of Hong Kong, Macau and nine cities in Guangdong – Guangzhou, Shenzhen, Zhuhai, Foshan, Zhongshan, Dongguan, Huizhou, Jiangmen and Zhaoqing – into an integrated economic and business hub.
Reuters
09-05-2025
- Business
- Reuters
China's central bank to encourage financial support for consumption and trade
BEIJING, May 9 (Reuters) - China's central bank will guide financial institutions to expand support for consumption and foreign trade, it said in its monetary policy implementation report for the first quarter, which was released on Friday. The People's Bank Of China will maintain ample liquidity, prevent forex overshooting risks, keep consolidating the trend of stabilisation in the property market and study the rollout of guidance on financial support for consumption, the report said.
