It’s instructive to read Mervyn King, former governor of the Bank of England, in his book The End of Alchemy: Money, Banking and the Future of the Global Economy, to grasp why a repeat is so likely. He recalls that in the run-up to the...
The HKMA will also develop common standards by forming an “architecture community”, which has already attracted interest from some of the largest banks and technology companies, such as HSBC, Standard Chartered, Bank of China (Hong Kong), Ant Group, Microsoft and Hashkey Group.Here are some of...
“Building on the success and experience of phase 1, the next phase will delve deeper [to explore] where an e-HKD could add unique value, namely programmability, tokenisation and atomic settlement,” the HKMA said in a press release on Thursday. Atomic settlement refers to instant payments.In...
Rather than take drastic action to silo China from the US and insulate its economy from what already looked like a ticking time bomb, Wang promised his old friend the country would not dump its massive holdings of US treasury bills.Though that news was a...
Central banks around the world have been pivoting towards innovating future types of money on digital networks, aligning with the “unified ledger” vision that the Bank for International Settlements (BIS) outlined last June.A unified ledger combines central bank and commercial bank money with other assets...
The city’s de facto central bank is testing an ecosystem that includes digital forms of deposits by commercial banks, financial products using distributed ledger technology and central bank money for settlement purposes, said Howard Lee, the HKMA’s deputy chief executive.The aim of the project is...
Regulators in three of the biggest financial markets in Asia said they welcome tokenised securities – traditional investment products like stocks, bonds and mutual funds that use distributed ledger technology- as a means to promote efficiency, disintermediation, liquidity and financial inclusion in markets. They also...
Yet, since the start of this year, doubts have crept in about the Fed’s ability and willingness to loosen policy significantly. The uncertainty stems from deeper concerns about a costly policy mistake, either due to a premature easing of policy or a belated one. In...