Saudi Central Bank launches joint operations center to fight financial fraud

Focus on China — Stocks fall; BIS Spending Drops in H1; The Central Bank guarantees confidentiality in the use of the digital yuan

RIYADH: Chinese stocks ended lower for a third straight session on Monday on COVID-19 outbreaks and global recession concerns.

The blue-chip CSI300 fell 0.6% to 4,212.64, while the Shanghai Composite lost 0.6% to 3,250.39 points.

The Hang Seng index fell 0.2% to 20,562.94, while China’s corporate index lost 0.4% to 7,077.09 points.

BRI spending drops in first half

China’s financing and investment spending in Belt and Road countries fell slightly in the first half of this year compared to the previous year, no new coal projects and no investment in Russia, Egypt and Sri Lanka falling to zero, new research shows.

Saudi Arabia was the biggest recipient of Chinese investment during the period, with around $5.5 billion, according to the Shanghai-based Green Finance and Development Center in a study released Sunday.

Total financing and investment amounted to $28.4 billion over the period, up from $29.6 billion a year earlier, bringing total cumulative BIS spending to $932 billion since 2013, it said. said the GFDC.

President Xi Jinping launched the BRI in 2013 with the aim of harnessing China’s strengths in financing and building infrastructure to “build a broad community of shared interests” across Asia, Africa and Latin America.

China promises privacy, information protection in use of digital yuan

China will fully respect privacy and protect personal information when using the digital yuan, state media quoting a senior central bank official said on Sunday, as Beijing pushes for greater adoption of the e -CNY.

Limited anonymity is a key feature of the digital yuan, said Mu Changchun, director general of the central bank’s Digital Currency Research Institute, noting that it ensures reasonable anonymous transactions.

“It also prevents and combats illegal activities including money laundering, terrorist financing and tax evasion, maintaining the need for financial security,” Mu said at a forum, quoted by the Securities Times. .

The People’s Bank of China is at the forefront of developing and issuing central bank digital currency, which in the case of e-CNY will replace banknotes and coins in a traceable manner. .

Other central banks are planning to develop CBDCs to modernize their financial systems, ward off competition from cryptocurrencies such as bitcoin, and speed up domestic and international payments.

China’s efforts are among the most advanced in the world, and the country has conducted various trials and pilots of different payment scenarios in recent years.

Mu also said that e-CNY, which is the digital version of fiat currency issued by the PBOC, can be used to purchase anything that can be purchased with banknotes and coins.

“Bills and coins can buy gold and convert foreign currency, just like e-CNY,” he said.

(Contributed by Reuters)

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