Top news of the week:

• PBOC: Renminbi has become the fourth payment currency in the world

  September 26, 2022

  According to the report published by the People’s Bank of China (PBOC), cross-border renminbi receipts and payments in non-banking sectors hit a record high of 36.6 trillion yuan (US$5.1 trillion) last year, up 29 percent year-on-year. SWIFT data shows that renminbi, whose international payment share increased to 2.7 percent in December 2021 and further increased to 3.2 percent in January 2022, has surpassed the Japanese yen to become the fourth payment currency in the world.

• The PBOC raises risk reserve ratio for forward FX sales to 20 percent

  September 27, 2022

  In order to stabilize foreign exchange market expectations and strengthen macro-prudential management, the PBOC has decided to raise the foreign exchange risk reserve ratio for forward foreign exchange sales from zero to 20 percent, effective from September 28, 2022.

• China to allow deferrals of govt-levied charges, tax concessions for private pensions

  September 28, 2022

  According to a State Council executive meeting chaired by Premier Li Keqiang, China would allow market entities to defer payments of certain government-levied charges and deposits to further reduce financial burdens. Decisions were also made to enhance government services, ensure a bumper autumn harvest with improved rural infrastructure, offer tax concessions for private pension schemes, and promote the development of the self-employment sector.

• The Ministry of Commerce issued a document to facilitate foreign trade

  September 29, 2022

  On September 27, with the approval of the State Council, the Ministry of Commerce officially issued a document to support the stable development of foreign trade with policies and measures including improving the foreign trade performance to explore the international market, stimulating the vitality of innovation, and strengthening support to promote the smooth flow of foreign trade.

• Chinese mainland rises to 11th place on WIPO’s innovation rankings

  September 30, 2022

  The Chinese mainland has climbed to 11th place on the Global Innovation Index (GII) 2022 released by the World Intellectual Property Organization (WIPO), up one place from its 2021 ranking. This elevation in rank marks the Chinese mainland’s 10th consecutive ascent, bringing it to the top of the 36 upper middle-income economies, according to the China National Intellectual Property Administration (CNIPA) on Thursday.