
More recent developments

Beijing bans tech firms from buying made-for-China Nvidia chips
What happened: On September 17, FT reported that China's cyberspace authority (CAC) has banned Chinese tech companies from purchasing Nvidia's RTX Pro 6000D chips. According to FT's sources: "Several companies had indicated they would order tens of thousands of the… Read More »

PBoC relaxes cross-border interbank financing rules to promote offshore RMB liquidity
Policymakers are trying to increase offshore RMB liquidity. On Friday, the central bank (PBoC) issued a draft notice encouraging cross-border RMB interbank financing. "Cross-border interbank financing" refers to lending and borrowing between domestic and overseas financial institutions. The current system… Read More »

China, Indonesia expand local currency settlement links
On Thursday, the central banks of China and Indonesia officially launched the Local Currency Transaction (LCT) framework, a major upgrade to the Local Currency Settlement (LCS) scheme introduced in 2020. ICYDK: Under the old mechanism, the two countries allowed direct… Read More »