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Wells Fargo, HSBC Add Offshore Yuan to Blockchain Foreign-Exchange System

Many of the world's major banks have been integrating blockchain technology into processes such as clearing and settlement in recent years. JPMorgan's Onyx network, for example, which uses tokens for short-term trading in fixed income markets, has now processed over $300 billion in volume since its inception in 2020.
— Coin Desk (November 18)   (Pocket)  

U.S. climate envoy Kerry wants development banks overhaul plan by April

SHARM EL-SHEIKH, Egypt - Nov 15 (Reuters) - U.S. climate envoy John Kerry said on Tuesday he wants to come up with a plan by April to reform the multilateral development banks system to unleash "hundreds of billions" of dollars to help vulnerable countries combat and adapt to climate change.
— Reuters (November 22)   (Pocket)  

Worst Chinese Bond Drop Since 2016 Is Coming To An End

Worst Chinese Bond Drop Since 2016 Is Coming To An End By Ye XieandGeorge Lei, Bloomberg Markets Live commentators and reporters Three things we learned last week: 1.Good policy news is bad news for Chinese bonds.Bonds tumbled the mostin six yearsearlier in the week amid growth optimism following the government’s loosening of Covid restrictions and support for the housing market. The selloff prompted retail investors to pull money from wealth-management bond products, which fueled a spiral of price declines and accelerating withdrawals. Whileredemptionremains a wild card, it’s unlikely that rates will keep shooting up. The interbank borrowing costs have already converged with the central bank’s benchmark after persistently staying below.
— ZeroHedge Opinion (November 21)   (Pocket)  

Fed's Banking Regulator: Crypto Turmoil Represents Red Flag to Financial System

Michael Barr, the Fed’s vice chairman for supervision, plans to tell lawmakers that crypto-related activities need to be regulated in a manner similar to more traditional financial services providers.
— The Wall Street Journal (November 16)   (Pocket)  

The Evolution of Central Banks

The Evolution of Central Banks LeAnn Mon, 11/14/2022 - 04:00 Central banks are in another crisis: the return of inflation after the COVID-19 pandemic. Inflation is close to or above 10 percent in the United States, the United Kingdom, and the eurozone, a development that no central banks foresaw. Such levels of inflation have not been seen in forty years. How did this happen? Before the global financial crisis of 2007–8, central banks were praised for having reached a golden age of independence, credibility for low inflation, the following of rule-like behavior, and financial stability. Since then, central banks have experienced the global financial crisis, the fear of Japan-like deflation and the zero lower bound, a new ...
— Hoover Institution (November 15)   (Pocket)