PBoC looks to the future, Making way for digital cash
Thursday 29 October 2020 – Vol.11 Ed.44.4
Commentary: PBoC looks to the future
By Geoffrey Yu in London
The People’s Bank of China’s new governing law includes various changes and one important constant. The PBoC’s financial stability responsibilities remain unchanged. However, the proposal introduces ‘macro-prudential management’, as well as terms that have become familiar since the 2008 financial crisis, such as ‘stress test’ and ‘counter-cyclical buffer’. The PBoC is trying to future-proof itself. The new law could be a good template for central bank governance in the 21st century.
Read the full commentary on the website.
Podcast: Making way for digital cash
Tim Jones, executive director of the Tata Group, joins Philip Middleton, chairman of the Digital Monetary Institute, to discuss the future of digital cash. They talk about the benefits and uses of a properly designed central bank digital currency, and the privacy issues that come with digital money. They also explore how digital cash could complement physical cash, and the importance of the relationship between central banks and consumers.
Listen to the recording, or search ‘OMFIF’ on your smartphone’s podcast app.