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December 8th - Market speculation persists that the Bank of Japan (BOJ) may raise interest rates this month, but participants remain betting on a continued weakening of the yen. Traders at Bank of America, Nomura Holdings, and RBC Capital Markets say investor positioning reflects this bet. Citigroups "pain index" for the yen remains deep in negative territory, indicating continued negative sentiment towards the yen. Even with BOJ Governor Kazuo Ueda hinting at a possible imminent rate hike and the BOJ reportedly preparing to raise rates in December unless there is a major shock to the economy or financial markets, investors remain bearish on the yen. This is because even if the BOJ takes action, Japanese yields are still expected to be significantly lower than those in the US, which is more favorable for the dollar. Ivan Stamenovich, head of G-10 currency trading for Asia Pacific at Bank of America, said, "Positioning remains geared towards betting on the dollar to continue rising against the yen until the end of the year, and this trend is unlikely to change unless the BOJ delivers a real surprise." He added that Uedas hawkish comments sparked discussion about the currency pair, but market sentiment has not fundamentally changed.On December 8th, Israel Defense Forces Chief of Staff Zamir stated on the 7th that the withdrawal line drawn by the Israeli military under the first phase of the Gaza ceasefire agreement, known as the "Yellow Line," is the "new border" of the Gaza Strip. During an inspection of the Gaza Strip that day, Zamir said that the "Yellow Line" is the "new border" of the Gaza Strip, serving as both Israels forward defensive line and the boundary for Israeli military operations. Israel maintains operational control over large areas of the Gaza Strip and will continue to hold these lines. According to the first phase of the Gaza ceasefire agreement, the area outside the "Yellow Line" remains under Israeli control, and Israeli troops will no longer be stationed or conducting operations within the "Yellow Line."Anson Resources of Australia and Nusano of the United States have signed a lithium supply agreement.On December 8th, Venezuelan Vice President Rodríguez, speaking to oil industry workers at a heavy crude oil processing facility in Anzoátegui state on the 7th, urged the entire industry to remain "highly vigilant," noting that "the enemy never rests." Rodríguez reiterated that, given the current tense situation between Venezuela and the United States, the government will firmly safeguard national sovereignty and independence.Wave Life Sciences will release interim data from its Phase 1 clinical trial of WVE-007 (INHBE) for the treatment of obesity on Monday.

Privately issued but regulated digital currencies have benefits -cbank chiefs

Skylar Shaw

Jul 18, 2022 15:03

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If the firms can be properly regulated, consumer-focused digital tokens issued by private enterprises may be preferable to tokens issued by central banks, according to the governor of the Australian central bank on Sunday.


At a panel discussion that was live broadcast online at the G20 finance officials' summit in Indonesia, Phillip Lowe participated. Greater examination of these tokens, according to the head of the Hong Kong Monetary Authority (HKMA), might also assist lower risks associated with initiatives using decentralized financing (DeFi), a component of the cryptocurrency ecosystem.


So-called central bank digital currencies (CBDCs), which may be either retail tokens used directly by customers or wholesale tokens used by banks in the financial system, are being developed by several central banks across the globe.


This is in part a reaction to the emergence of so-called stablecoins, privately-issued tokens like Tether and USDC, whose value is tied to that of a conventional asset, often the U.S. dollar, and which are generally used as a store of value and for payment purposes.


When one stablecoin, TerraUSD, and its linked token, Luna, collapsed in May, it brought home the danger these tokens pose to financial institutions even if they were only used to support a network of DeFi apps and not for actual transactions.


If these tokens are going to be extensively utilized by the community, the state will need to support them or control them similarly to how we regulate bank deposits, according to Lowe.


The private sector is better than the central bank at innovating and designing features for these tokens, and there are also likely to be very significant costs for the central bank setting up a digital token system, he said. "I tend to think that the private solution is going to be better - if we can get the regulatory arrangements right," he said.


In order to develop a robust enough regulatory structure for such tokens, Lowe and the other panelists agreed that more work needed to be done.


More examination of stablecoins, according to HKMA CEO Eddie Yue, might also assist lower dangers from DeFi, which intends to employ computer code to do away with the need for financial intermediaries in lending, investing, and other financial operations.


DeFi initiatives are accessed via stablecoins and cryptocurrency exchanges, and according to Yue, their regulation is simpler than that of the actual items.


The technology and business innovation underlying these breakthroughs are probably going to be vital for our future financial system, thus Yue believes that crypto and DeFi won't vanish despite the Terra-Luna tragedy, even if they could be delayed.

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