@pstAsiatech news of e-cny's demise has always been greatly exaggerated. Just like Chinese industrial policy, when the government spends hundreds of billions on a project they do not just let it die if there's a slow start.
Chart 1 🇨🇳: A consensus is building within G7 that what makes Chinese industrial overcapacity harmful is that the surge in Chinese exports is accompanied by a drop in China’s imports.
This is visible across the majority of G7 economies, as shown by @clichfield1.
@ChorzempaMartin@gdp1985 Yes that is fair - either way was just useful to see new data and will be curious when we get something official. There’s a reason this data point is out there + macau onboarding last week.
FT has a story on mbridge and a new data point:
"So far mBridge had processed about Rmb470bn ($69bn) in transactions to date, the people familiar with the matter said."
That would mean mBridge has processed 15 billion since January. cc @ChorzempaMartin@gdp1985
https://t.co/BPEEE2I19M
@gdp1985@ChorzempaMartin And I agree the comparison with CIPS in the piece doesn't quite make sense. It's just interesting since we never get mBridge data points except once in a blue moon from PBOC.
Joined @NPR's @davidfolkenflik this morning to preview the G7 summit in France. Iran, AI, inflation, and yes, imbalances (wonky but critical), all on the agenda.
https://t.co/0dIxpzdBHQ
There’s a major event happening this weekend between heavyweights. I’m talking about the G7 summit, of course. Our team @ACGeoEcon has the 7 charts you need to get ready:
https://t.co/t0cxDRYfE8
Excellent piece from @Brad_Setser and Shahin Vallee on currency and trade. October marks 10 years of RMB inclusion in SDR basket, making it the perfect time for a serious reckoning with the issues they call out clearly here. (Next formal review is 2027).
https://t.co/GGHV9K18tH
In a new op-ed for the @FT I argue that one of the toughest challenges for Warsh will be how to handle the Fed's unofficial mandate - protector of global economic stability:
https://t.co/yf0AaPEO5r
The European Central Bank @ecb cited our research on Project mBridge and the e-CNY in their annual report on the international role of the euro.
Read the full report here🔗 https://t.co/CSmYFP2DWq
Our team is working to model potential revenue from the new 301s. Bottom line - no one should be surprised. They said they were going to rebuild the tariff wall and they meant it. Revenue is needed, bond markets have made that clear.
📊 In new analysis, assistant director of trade Madeline Chalecki breaks down how the proposed rates fit into the broader tariff landscape, estimates potential tariff collections, examines the strategic logic behind the administration's approach, and explores which countries and sectors stand to gain—or lose—the most. ➡️https://t.co/qyJNUhQBLv
@petereharrell Exactly - those complaints are often also directed toward European payment systems including digital euro so I was wondering if this is a template
Among the many things in USTR's Brazil 301 investigation one of the most novel are US complaints about Pix - Brazil's payment system. Featured over 20 times the report claims that it "unfairly disadvantaged U.S. companies" - Europe beware...
cc @petereharrell
Trump taps Bill Pulte as Acting Director of National Intelligence — says he will also remain in his current roles as well (director of the Federal Housing Finance Agency and chairman of Fannie Mae/Freddie Mac)