China’s central bank said that the country has “no intention or need to participate in a currency war” with Europe, the US and Japan, but admitted that further currency volatility was likely following last week’s move to devalue the yuan.
Ma Jun, chief economist at the People’s Bank of China (PBoC) said that the bank planned to limit its interventions to “exceptional circumstances” and to counteract “exceptional volatility”. He added that last week’s devaluation of the yuan by nearly 2% lessened the likelihood of similar moves in the future.
However, Ma said that “two-way volatility” could be expected, with the yuan appreciating and depreciating accordingly depending on the progress of the Chinese economy.
He still expects this year to record growth of around 7%, in line with the government’s forecast.
The unexpected devaluation of the yuan was regarded as an attempt to make China’s exports more competitive and triggered weakness in other Asian currencies on fears that other central banks in the region would follow the PBoC’s move.
Despite the data protection regulation being implemented in 2018, 69% of IT decision makers don’t have the backing of their board to achieve GDPR compliance, according to Calligo.
The majority of the region’s 28 member states report that the situation has worsened over the past year, reports business management consultant Verisk Maplecroft.
Regulators in the UK, the US and Hong Kong instituted proceedings against more than 1,700 individuals last year, or four times the number of cases brought against companies.
The US Commodity Futures Trading Commission approved LedgerX as the first regulated clearing house for derivatives contracts settling in digital currencies.