ChainCatcher news, according to CoinDesk, analysts say that over the past eight years, the price of Bitcoin has shown a positive correlation with the size of the Chinese central bank's balance sheet. The 30-day correlation coefficient between Bitcoin's price and the size of the Chinese central bank's balance sheet is 0.66. It has been positive except for 2016 and from the end of 2022 to 2023. On the other hand, Bitcoin's correlation with the Federal Reserve's balance sheet over 30 days is -0.88, the lowest level recorded since 2016.The Chinese central bank is considering launching an economic stimulus plan of up to 1 trillion yuan (approximately 142 billion USD) to boost the economy, which has led to a significant rise in Asian stock markets, particularly the notable increase in the CSI 300 index.Analysts believe that this stimulus plan may indirectly benefit Bitcoin, as it could increase investment in blockchain and cryptocurrency-related projects. This monetary easing policy may drive more capital into the digital asset space.

ChainCatcher news, according to CoinDesk, Presto Research's analyst based in Singapore, Rick Maeda, pointed out that today's interest rate cut and reserve requirement ratio reduction by the People's Bank of China hardly triggered a reaction in the cryptocurrency market, but led to a rise in Asian stock markets, with the Hong Kong Hang Seng Index up 3.2% and the Shanghai Composite Index up 4.15%.The lack of response from Bitcoin to this news contrasts with the rise in Chinese stock indices, highlighting that its current beta seems to be more closely linked to Federal Reserve policy and the U.S. market, especially after last week's FOMC meeting, with the correlation to U.S. stocks nearing a two-year high.

ChainCatcher news, the Hong Kong Monetary Authority has launched the Ensemble project sandbox to promote tokenization applications. According to disclosed information, a total of 25 institutions are participating in the first phase, including the four major banks: HSBC, Bank of China Hong Kong, Hang Seng Bank, and Standard Chartered, as well as Ant Group and HashKey Group.The first phase of the sandbox will focus on four major tokenized asset use case themes: fixed income and investment funds, liquidity management, green and sustainable finance, and trade and supply chain financing.Hang Seng Bank's Executive Director and CEO, Angela Wong, stated that this testing provides valuable experience for tokenized deposits and asset trading, helping to improve the efficiency of existing settlement processes and reduce settlement risks, laying the foundation for the future development of new financial market infrastructure. Following this sandbox test, Hang Seng will continue to actively participate in the testing and research of Ensemble project use cases.

ChainCatcher news, according to the Hong Kong Economic Journal, in response to the recent push for financial product reform and innovation by Hong Kong's financial regulatory authorities, BOC International Securities has begun asset allocation and is currently actively launching virtual asset futures ETFs.

ChainCatcher news, the chairman of the Shanghai Clearing House, Ma Jianyang, led a team to visit and investigate the Digital Currency Research Institute of the People's Bank of China. The director of the Digital Currency Research Institute, Mu Changchun, met and held discussions, and both parties signed a business cooperation agreement. The two sides conducted in-depth exchanges on topics such as the positioning of their respective financial infrastructure responsibilities, strategic planning, and innovation paths, and unanimously agreed to take the signing of the business cooperation agreement as an opportunity to provide precise and effective services for the central bank's duties and the high-quality development of the financial market through solid and orderly system connections and business collaboration, thereby implementing the spirit of the 20th National Congress of the Communist Party of China and contributing to the realization of the goal of a strong financial nation.

ChainCatcher news, according to WatcherGuru, the Industrial and Commercial Bank of China (ICBC) praised the development of Bitcoin and Ethereum in a recently published report, comparing Bitcoin to gold and emphasizing its rapid growth in the digital economy, while referring to Ethereum as "digital oil," pointing out that its ecosystem is driving numerous Web3 applications and projects in the ever-growing market.

ChainCatcher News: The Shanghai headquarters of the People's Bank of China recently held a work meeting for 2024, which emphasized the need to persistently prevent and resolve financial risks. Strengthen risk monitoring in key areas. Properly handle risky institutions. Prevent and address risks related to speculation in virtual currency trading. Strictly investigate financial illegal activities. Deepen the governance of "funding chains" related to gambling and fraud. Enhance the effectiveness of anti-money laundering supervision. Establish a long-term mechanism for "credit repair" governance. Ensure additional supervision of systemically important financial institutions.The meeting also pointed out the need to continuously improve the level of basic financial services and deepen the innovative application of the digital renminbi. Explore innovative applications of the digital renminbi.

ChainCatcher news, the Monetary Authority of Singapore (MAS) announced new digital finance and capital market initiatives, including a cross-border digital yuan pilot between China and Singapore, allowing travelers from both countries to use digital yuan for tourism consumption in Singapore and China, in order to expand financial cooperation with China.

ChainCatcher News, the People's Bank of China and the Central Bank of the UAE have renewed a currency swap agreement in Hong Kong worth 35 billion RMB / 18 billion dirhams (4.9 billion USD), extending the bilateral currency swap agreement for five years to promote financial and economic ties. The two parties also signed a Memorandum of Understanding on Strengthening Cooperation in Central Bank Digital Currency to enhance technical cooperation in the development of central bank digital currencies. The renewed agreement will promote bilateral trade and strengthen financial cooperation between the two countries, and will facilitate the provision of liquidity to financial markets in local currencies, enabling more effective and efficient settlement of cross-border financial and trade transactions.

ChainCatcher news, the cross-border trade digital public blockchain platform Zetrix announced the launch of a pilot project in collaboration with Chinese banks to provide supply chain financing products for international importers and exporters. In addition, Zetrix is partnering with the digital solution provider Dixchain to jointly offer digital solutions for global cross-border trade and finance.It is reported that Zetrix is developed by MY EG Services Bhd, and its integration with cross-border and cross-chain solutions in China enables Zetrix to act as a blockchain gateway, facilitating global trade by deploying key building blocks of Web3 services (such as blockchain-based identifiers (BID) and verifiable credentials (VC)).

ChainCatcher news, UBS Group stated that China Bank Group's overseas investment banking institution, CCB International, issued digital structured notes initiated by UBS and allocated to its clients in Hong Kong, with a total value of 200 million RMB. UBS Group said that this transaction marks the first such product in the Asia-Pacific region that complies with Hong Kong and Swiss laws and is tokenized on Ethereum. (Source link)

ChainCatcher news, BNP Paribas announced in a statement on Thursday that it is collaborating with Bank of China (BOC) to promote digital yuan to its corporate clients.This collaboration enables BNP Paribas' corporate clients in China to connect to the Bank of China system, allowing clients to link their digital yuan wallets to bank accounts to manage their digital yuan wallets, such as tracking transactions and using digital yuan for payments. So far, China has authorized 10 banks (all domestic) to conduct digital yuan business.In addition, BNP Paribas stated that it will also explore expanding the use of the central bank digital currency (CBDC) in applications such as smart contracts, supply chain financing, as well as utilities and cross-border payments. (Source link)

ChainCatcher news, according to Shanghai Securities News, the People's Bank of China (PBOC) Operations Management Department held a press conference on April 27 for the second quarter of 2023. Zhou Dan, director of the Survey and Statistics Division of the PBOC Operations Management Department, stated that Beijing is further deepening the pilot work of the digital renminbi. Zhou revealed that since the full-area pilot of the digital renminbi in Beijing began in March 2022, the PBOC Operations Management Department has guided local operating institutions to focus on themes such as inclusive livelihood and support for agriculture and small enterprises, conducting various digital renminbi pilot activities 191 times in small, high-frequency scenarios such as transportation and shopping, with a total investment of 87.83 million yuan, significantly promoting consumption and playing a positive role in the construction of Beijing as an international consumption center city. (Source link)

According to ChainCatcher news, as reported by Shanghai Securities News, China Postal Savings Bank's Xiong'an branch, in collaboration with the Xiong'an New Area Reform and Development Bureau and the People's Bank of China Xiong'an New Area Business Management Department, successfully issued digital RMB corporate loan interest subsidy funds to 6 local enterprises. This is the first batch of digital RMB corporate loan interest subsidy funds issued by Postal Savings Bank, further expanding the application scenarios of digital RMB. (Source link)

According to ChainCatcher, the Wall Street Journal cites several cryptocurrency companies revealing that the Hong Kong subsidiary of China Communications Bank Co., Ltd. is collaborating with multiple licensed cryptocurrency companies in Hong Kong and is in discussions with other regulated companies to open accounts for them. (Source link)

ChainCatcher news, citing sources from Bloomberg, states that the Hong Kong branches of China Communications Bank, Bank of China, and Shanghai Pudong Development Bank have begun to offer banking services to local cryptocurrency companies or have already conducted investigations in this field.According to sources, at least once, a sales representative from a Chinese bank visited the office of a cryptocurrency company to promote its services. (Source link)

ChainCatcher News, People's Bank of China: Since December 2022, "currency in circulation (M0)" includes the circulating digital renminbi. At the end of December, the balance of circulating digital renminbi was 13.61 billion yuan. After revision, the growth rates of M1 and M2 at the end of each month in 2022 showed no significant changes. (Source link)

ChainCatcher News, Mu Changchun, the director of the Digital Currency Research Institute of the People's Bank of China, spoke and answered hot questions about the "Currency Bridge" project at the 2022 Hong Kong FinTech Week. Mu Changchun stated: "We have built a system for the 'Currency Bridge', with the core being the Currency Bridge blockchain. The 'Currency Bridge' project adopts a Lego-like architecture, which is a modular architecture. Compared to the 'chimney architecture', the advantage of a modular architecture is that it allows interaction and collaboration between modules, significantly reducing compliance and regulatory costs, and enhancing the flexibility and adaptability of business governance, regulation, and policy systems among multiple countries (regions)."When asked why the "Currency Bridge" uses blockchain technology, Mu Changchun stated that although blockchain technology is not the most suitable technology for payment systems, considering the numerous participants in the Currency Bridge and the different cross-border payment regulatory systems and capital flow management systems in various jurisdictions, a decentralized technological approach is a more suitable choice to better address issues such as multi-party trust and privacy protection. (Source link)

ChainCatcher news, on October 31, the official website of the People's Bank of China published a speech by Governor Yi Gang at the "2022 Hong Kong FinTech Week" event. Yi Gang stated that in designing the digital renminbi, we adopted a "dual-layer operation" and "controllable anonymity" approach, which protects personal privacy while maintaining financial security.Currently, the People's Bank of China is collaborating with the Hong Kong Monetary Authority and other monetary authorities on CBDC. We hope that such cooperation can better serve the needs of international and domestic markets and help consolidate Hong Kong's position as an international financial center. Looking ahead, we are willing to strengthen cooperation with various monetary authorities and international institutions on CBDC. (Source link)