Latest news with #PeopleBankofChina
South China Morning Post
11 hours ago
- Business
- South China Morning Post
Mainland China, Hong Kong launching Payment Connect scheme to facilitate capital flows
China's central bank is launching a new connect programme with Hong Kong to facilitate cross-border payments – Beijing's latest move to open up its financial sector and also leverage the southern financial centre to better connect with the rest of the world. The Payment Connect programme will link the mainland's Internet Banking Payment System and Hong Kong's Faster Payment System (FPS), allowing users to make payments and wire money faster and more conveniently. The programme will begin on Sunday. 'It's another milestone in deepening financial cooperation between the mainland and Hong Kong. It fully indicates the central government's determination to consolidate and improve Hong Kong's international financial status,' Pan Gongsheng, governor of the People's Bank of China, said at the launch ceremony on Friday in Beijing. '[The connect programme] will improve the efficiency of cross-border payments, facilitate economic and trade cooperation, as well as boost people exchanges,' he said. 'It will bring new vigour for Hong Kong's development and also boost cross-border use of the yuan.' Eddie Yue, chief executive of the Hong Kong Monetary Authority, said the scheme provided residents and institutions with a safe, efficient and convenient payment option, while also hailing the deepening economic cooperation.
Reuters
11-06-2025
- Business
- Reuters
ECB, China's central bank renew cooperation agreement
FRANKFURT, June 11 (Reuters) - The European Central Bank said on Wednesday it signed a memorandum of understanding with the People's Bank of China to update their existing cooperation in central banking. The update of a 2008 agreement between the two central banks includes a framework for the regular exchange of information, dialogue and technical cooperation, the ECB said in a statement.
Bloomberg
28-05-2025
- Business
- Bloomberg
China Seeks to Slow Yuan's Gains After Months of Propping It Up
The dollar's extended slide has prompted China's central bank to change tack in managing its currency, as it pivots from supporting the yuan to guarding against the risk of a rapid appreciation. The People's Bank of China has set the yuan's daily fixing at a slightly weaker level than market forecasts this week, after setting it stronger for most of the past six months. The PBOC is also on track to pause bill sales in Hong Kong for a third month, the longest run since 2018, leaving liquidity ample and easing upward pressure on the yuan.
Reuters
14-05-2025
- Business
- Reuters
China April bank lending tumbles more than expected amid trade war
BEIJING, May 14 (Reuters) - China's new bank loans tumbled more than expected in April as a protracted trade war with the United States further eroded the market's appetite during a typically slow month for loan demand. Chinese banks extended 280 billion yuan ($38.87 billion) in new yuan loans in April, below analysts' forecasts and plummeting from March's 3.64 trillion yuan, according to Reuters calculations based on data released by the People's Bank of China. In a Reuters poll, analysts had expected April new yuan loans would reach 700 billion yuan, compared with 730 billion yuan a year earlier. Total outstanding yuan loans rose 7.2% in April from a year earlier, Analysts had expected growth of 7.4%, unchanged from March. The central bank does not provide monthly breakdowns. Reuters calculated the April figures based on the bank's January-April data released on Wednesday and earlier reported January-March figures. Banks extended a total of 10.06 trillion yuan in new loans in the first four months, down from 10.19 trillion yuan in the same period last year. Lending is typically slow in April as Chinese banks front-load it at the beginning of the year to win high-quality customers and gain market share. On the whole, however, borrowers' confidence has been undermined by a prolonged property crisis, local government debt and deflationary pressures. In April, the trade war with the United States escalated, shrinking credit appetite further and adding to an already cautious mood among households and businesses. China's economy expanded at a faster-than-expected pace in the first quarter, and the government has maintained a growth target of around 5% this year, but analysts fear U.S. tariffs could shift momentum sharply lower. Last week, the central bank stepped up efforts to cushion the impact of a trade stand-off with Washington, announcing a raft of stimulus measures, including interest rate cuts and a major liquidity injection. Since then, a meeting between U.S. and Chinese officials in Switzerland this weekend offered markets some hope that a conflict disrupting the global economy could be resolved. The U.S. administration said on Monday the two sides had agreed to a 90-day pause under which both Washington and Beijing would cut their import tariffs. Wednesday's central bank data showed broad M2 money supply grew 8.0% from a year earlier, ahead of analysts' 7.3% forecast in a Reuters poll and 7.0% growth in March. The narrower M1 money supply rose 1.5% year-on-year, compared with 1.6% in March. Outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, grew 8.7%, up from 8.4% in March. More government bond issuance aimed at boosting the economy helped TSF growth. TSF includes off-balance sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies, and bond sales.
