February 23, 2021
The comment by Lu Lei, a deputy head of the State
The comment by Lu Lei, a deputy head of the State Administration of Foreign
Exchange (SAFE), comes as Facebook’s (FB.Lu said that the basis of risk
management is the setting up of an effective financial infrastructure, proposing
that Shanghai, China’s financial hub, embrace digital technology as it beefs up
its systems in payment and settlement.O) plan for its Libra digital currency
project stirs global interest in the sector."We need to pay special attention to
the rapid development of digital finance and fintech," Lu told a forum in
Shanghai. "When we are not entirely certain where a (new) form of business is
heading, we must pay attention to risk management.China is stepping up its
financial opening amid a bruising trade war with the United States, which has
complained of barriers for foreign companies wanting to do business in the
country.Lu also vowed to further open China’s capital markets, including bond
markets, with plans to consolidate investment channels for foreign investors, he
said."Facebook’s digital currency ambition is causing alarm among central banks
around the world, amid concerns over its threat to the window film
Suppliers global monetary system and implications to data privacy and money
laundering activities.China also plans to reduce red tape in an outbound
investment scheme in Shanghai called the Qualified Domestic Limited Partnership
scheme - which allows foreign asset managers to raise money locally for overseas
investment - and is studying the rollout of yuan interest rate options, Lu
said.China’s parliament on Saturday passed a new law on cryptography, as the
country gears up to launch its own digital currency.Lu said that amid heated
discussions around Libra globally, SAFE is promoting the application of
financial technology and artificial intelligence (AI) in cross-border trade
finance, as well as in macro prudential management.China is studying the
application of blockchain and artificial intelligence in cross-border financing
with a focus on risk management, and will further liberalise its capital
markets, a senior foreign exchange regulator said on Sunday
Posted by: selfflk at
01:45 AM
| No Comments
| Add Comment
Post contains 336 words, total size 2 kb.
10kb generated in CPU 0.0066, elapsed 0.028 seconds.
33 queries taking 0.0237 seconds, 45 records returned.
Powered by Minx 1.1.6c-pink.
33 queries taking 0.0237 seconds, 45 records returned.
Powered by Minx 1.1.6c-pink.