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China’s latest act is to invite more foreign players to its US$232 trillion onshore repo market. As a precursor, Hong Kong will treat Chinese government bonds and policy bank bonds as eligible collateral in its yuan liquidity facility.
The proposed amendment to the country’s Anti-Money-Laundering Law is expected to be passed next year.
The Hong Kong Monetary Authority has issued a consultation paper on adopting the reserve requirements for cryptoassets proposed by the Basel Committee in 2022.
Experts say there are benefits to Hong Kong regulators’ cautious approach to stablecoin regulation, but some fear it will put off big market players.
The People's Bank of China (PBOC) is gearing up to introduce the Digital Yuan, a CBDC that promises to revolutionize Chinese retail payments.