Latest news with #PeoplesBankofChina
South China Morning Post
9 hours ago
- Business
- South China Morning Post
JD.com founder bets on stablecoins to cut cross-border e-commerce transaction costs
' intends to secure stablecoin licences across key currency markets globally … to reduce cross-border transaction costs by 90 per cent,' Liu said in a media briefing on Tuesday. 'We hope that JD stablecoin will become a universal payment method worldwide.' 'I believe stablecoins will become the next-generation payment system – that is beyond doubt,' Jingdong Coinlink CEO Teddy Liu said at an event in Hong Kong earlier this month. He said the company may even issue an offshore yuan stablecoin, but added that it would only come with Beijing's approval. In his keynote speech at the Lujiazui Forum in Shanghai on Wednesday, People's Bank of China Governor Pan Gongsheng acknowledged the positive role of stablecoins, pointing out that these virtual assets are reshaping the global payment system and shortening cross-border payment cycles.
Business Standard
21-05-2025
- Business
- Business Standard
China stocks consolidate just under two-month high
Chinese shares saw modest gains, consolidating just under a two-month high as sentiments stayed broadly supported on trade hopes and prospect of a steady domestic economic undertone. The benchmark Shanghai Composite index edged up by 0.21% to 3,387.51 while Hong Kong's Hang Seng index added 0.62% to close at 23,827.78. Yesterday, China cut its key lending rates. The Peoples Bank of China reduced the one-year loan prime rate (LPR) from 3.1% to 3.0% and adjusted the five-year LPR from 3.6% to 3.5%. This adjustment represents the first rate cuts since the central bank made a 25-basis-point reduction in October.
