Concerned over high-end chips and chip manufacturing equipment falling into the hands of Beijing through Macau, the Biden Administration has extended its strict chip export restrictions to Macau. In October 2022, The U.S. government announced the strictest chip export restrictions on China. On Jan. 17, the Biden administration further imposed the same export restrictions on…
US Adds 7 Chinese Aerospace Entities to Export Control List Over Chinese Military Ties
The Commerce Department announced on Aug. 23 that it has added seven Chinese entities to the economic blacklist over their roles in weaponizing U.S. technology to bolster the Chinese military. The targeted entities are state-owned aerospace and technology corporations, including China Aerospace Science and Technology Corporation 9th Academy 771 and 772 Research Institute, China Academy…
Omicron Shows Policymakers Can’t Let Guard Down: BIS
LONDON—The newly-discovered Omicron variant shows policymakers and financial markets cannot lower their guard on COVID-19 and will have to calibrate their policies carefully, the Bank for International Settlements said on Monday. Dubbed the central bank to the world’s central banks due to its regular gatherings of decision makers, the Swiss-based BIS said Omicron had already…
Central Bank Digital Currencies Can Slash Cross Border Payment Time: BIS
HONG KONG—Central bank digital currencies (CBDCs) can slash the time needed for cross border payments to seconds from days and cut costs, the Bank of International Settlements (BIS) said, citing a pilot scheme to test the digital forms of fiat currencies. The trial showed cross border transactions could be made in a few seconds, instead…
Central Bank Group BIS Warns of Green Asset Bubble Risk
LONDON—The central bank to the world’s central banks, the Bank for International Settlements, has warned of the growing risk of a price bubble in environmental-focused asset markets. Some estimates indicate Environmental, Social, and Governance (ESG)-focused assets have soared to a value of $35 trillion and now account for more than a third of all assets…
Act Fast or Miss the Digital Payments Boat, BIS Tells Central Banks
LONDON—Major central banks should press ahead now with digital currency projects to avoid falling behind comparable private sector payment initiatives that are already taking root, a Bank for International Settlements official said on Friday. Corporate moves into digital payments, including Facebook with its diem stablecoin, have accelerated since the pandemic, as have contactless card transactions,…
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