By Reuters Staff
2 Min Read
BOAO, China, April 20 (Reuters) - China is expected to face pressure from a rebound of non-performing loans, and banks must fully evaluate the risk and be prepared in advance, a senior banking regulator said on the sidelines of the Boao Forum on Tuesday.
China has implemented monetary and fiscal policies since last year to support an economy jolted by the COVID-19 pandemic. Financial institutions were encouraged to lower rates for virus-stricken firms, and relief measures were rolled out to give borrowers breathing space during the virus crisis.
Although many small enterprises have benefited from such policies, some companies have still suffered from the pandemic, and adjustments to domestic and global supply chains are expected to cause some defaults, said Xiao Yuanqi, vice chairman of the China Banking and Insurance Regulatory Commission. (CBIRC)
Expert: Debt issues need elegant solution--China Economic Net
en.ce.cn - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from en.ce.cn Daily Mail and Mail on Sunday newspapers.
Expert: Debt issues need elegant solution By CHEN JIA in Boao, Hainan | China Daily | Updated: 2021-04-22 07:49 Share CLOSE Zhou Xiaochuan, former governor of the People s Bank of China, answers reporters queries at the Boao Forum for Asia Annual Conference 2021. [Photo by Feng Yongbin/China Daily]
Former PBOC governor says write-offs may increase financial challenges
Appropriate measures should be adopted to sort out the debt repayment issues of emerging economies, instead of waiving off the debts altogether, a former Chinese central bank official said.
Zhou Xiaochan, former governor of the People s Bank of China, the central bank, said though many of the emerging economies are facing deteriorating financial conditions due to COVID-19, they will likely see an increase in the moral hazards and other related problems if the debts are written off altogether.
China should not rush on digital yuan for cross-border payments - former central bank head Reuters 1 hour ago © Reuters/JASON LEE Former governor of the People s Bank of China (PBOC) Zhou Xiaochuan attends the 2019 New Economy Forum in Beijing
BOAO, China (Reuters) - China should not rush to use the digital yuan for cross-border payments due to regulatory obstacles and foreign concerns about it s global impact, Zhou Xiaochuan, the country s former central bank governor, said at the Boao Forum on Wednesday.
China is one of the frontrunners in the global race to launch central bank digital currencies to modernise financial systems, ward off the threat from cryptocurrencies like bitcoin and speed up domestic and international payments.
By Syndicated Content
Apr 21, 2021 12:30 AM
BOAO, China (Reuters) - China should not rush to use the digital yuan for cross-border payments due to regulatory obstacles and foreign concerns about it s global impact, Zhou Xiaochuan, the country s former central bank governor, said at the Boao Forum on Wednesday.
China is one of the frontrunners in the global race to launch central bank digital currencies to modernise financial systems, ward off the threat from cryptocurrencies like bitcoin and speed up domestic and international payments.
The digital yuan, which will be mainly for domestic retailing payments, is likely to be used for cross-border payments but it faces complex issues such as restrictions on money laundering and terrorist and gambling funding, Zhou said.
vimarsana © 2020. All Rights Reserved.