China’s next world-first, Central bank gold reserves before and after Covid-19

China’s next world-first, Central bank gold reserves before and after Covid-19

Monday 6 July 2020   –   Vol.11 Ed.28.1

Commentary: China’s next world-first

By Katie-Ann Wilson in London

In the 11^th century, China was the first to issue banknotes and develop the concept of legal tender. Now, it is one of the first countries to develop a central bank digital currency that can be used for all retail payments. In April, Beijing confirmed plans to pilot a digital renminbi. OMFIF’s Digital Monetary Institute was told the People’s Bank of China will adopt a two-tier model, issuing and redeeming its CBDC via commercial banks, payment services and telecoms.

Read the full commentary on the website.

Podcast: Central bank gold reserves and Covid-19

Kurtulus Taskale Diamondopoulos, director of central banks and public policy at the World Gold Council, joins Pierre Ortlieb, economist at OMFIF, to discuss WGC’s annual central bank gold survey in the broader context of gold reserves management amid the coronavirus pandemic. They cover the state of play in global central bank gold holdings, valuation and accounting issues, the mechanics of gold swaps and deposits, and the outlook for the yellow metal.

Listen to the recording, or search ‘OMFIF’ on your smartphone’s podcast app.