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On May 27, Shanghai Mayor Gong Zheng met with a delegation led by Singapores Minister for Law and Second Minister for Home Affairs, Tang Zhenhui. Gong Zheng stated that Shanghai is willing to continue working with Singapore to leverage the Shanghai-Singapore Council platform to deepen exchanges and cooperation in areas such as trade, industrial investment, education, science and technology, and cultural tourism, achieving a higher level of mutual benefit and win-win results, and bringing greater well-being to the people of both cities. He expressed hope that the two sides would conduct extensive exchanges and pragmatic cooperation in areas such as professional services, cross-border trade, and green finance. He also warmly welcomed more Singaporean companies to participate in the China International Import Expo (CIIE), bringing more high-quality goods and services to Shanghai and into China.Iran’s Deputy National Security Council Deputy Secretary Bagheri met with the Swiss National Security Advisor today on the sidelines of an international conference in Moscow.Futures News, May 27th - Data released by the Petroleum Institute of Japan (PAJ) on Wednesday showed that for the week ending May 23rd, Japans commercial crude oil inventories stood at 9.4797 million kiloliters, an increase of 489,137 kiloliters from the previous weeks 8.9906 million kiloliters. Refinery operational capacity (BPSD) utilization was 82.1%, compared to 80.3% the previous week. Refinery design capacity (BPCD) utilization was 73.5%, compared to 76% the previous week. Due to changes in Japans petroleum product supply structure, the PAJ has suspended the release of weekly inventory details for gasoline, jet fuel, kerosene, and diesel.On May 27, at the opening ceremony of the 20th Shenzhen International Financial Expo, Hong Danyi, Vice President of Tencent Financial Technology, announced that Tencents cross-border payment platform, TenPay Global, and PayPal World have achieved interconnection. PayPal users can now make purchases smoothly at tens of millions of WeChat Pay merchants in China. The first phase will be open to users in the United States.On May 27th, Futures News reported that, to further standardize the handling of preliminary procedures for coal-fired power projects and effectively improve the work efficiency of leagues, cities, and project construction units, the Development and Reform Commission of the Autonomous Region organized a service coordination meeting on energy conservation review and carbon emission assessment for coal-fired power projects on the afternoon of May 26th. The meeting, through policy interpretation and on-site Q&A, fully promoted the coordination of energy conservation review and carbon emission assessment services for coal-fired power projects. At the meeting, the Development and Reform Commission of the Autonomous Region systematically interpreted the latest policy requirements for energy conservation review of coal-fired power projects, deeply analyzed common problems in the project application process, clarified the list and standards for material submission, and, focusing on the core concerns of national review, provided detailed explanations of key aspects such as project energy efficiency levels, carbon emission control, and technical feasibility, providing clear guidance for project units and drafting agencies. Next, the Development and Reform Commission of the Autonomous Region will further strengthen overall coordination, proactively provide services, and solidly carry out all tasks such as joint assessment and demonstration and document preparation for preliminary projects.

US Fed Considering CBDC, But Not Decided To Pursue or Implement

Cory Russell

Apr 15, 2022 10:40

The Federal Reserve of the United States has said that it is exploring creating a central bank digital currency (CBDC). The central bank has not yet determined whether or not to pursue or deploy a digital dollar, according to the central bank.


The Fed, on the other hand, has already issued a CBDC report emphasizing the use of stablecoins like USD Coin and Tether; the statement on Thursday is the most important to date.

Fed Exploring CBDC “Benefits and Risks”

In a tweet today, the authority said that it is looking into the possible advantages and hazards of CBDCs.


It has also produced a series of CBDC FAQs, explaining why it is contemplating it now. Given technology improvements ushering in a rush of new private-sector financial goods and services, the Fed believes it is the "appropriate moment" to examine a digital dollar.


CBDCs, according to the bank, might provide a variety of advantages. A digital dollar, for example, might give consumers and businesses a simple, electronic version of central bank money, as well as a platform for entrepreneurs to develop new financial goods and services and promote quicker and cheaper payments.

Lawmakers Critical of Fed’s Progress

US legislators questioned Fed Chair Jerome Powell in January on the pace and status of the Fed's CBDC review, which was set to be released last summer.


Fed Governor Christopher Waller stated last month that he isn't sure that a CBDC is necessary for retail consumers in particular.


"Are we actually in need of it?" That is something I have yet to be persuaded of. It's not to say I couldn't be, but I've never seen that on a retail CBDC."


Tom Emmer, a Minnesota politician, sponsored a measure in January to restrict the Fed from exercising unilateral authority over the US CBDC. The lawmaker wants the central bank to be prohibited from issuing digital dollars to people directly.

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