Tuesday, December 8, 2020

充其量僅被半數國民認同的拜登

 我的信報文章(2020128A17) 稿前第二版本

充其量僅被半數國民認同的拜登

https://www1.hkej.com/dailynews/article/id/2655855

為了使讀者較易理解,編輯將文中“common good”的翻譯,從我的共同善意改為共同利益。我沒有異議,因為共同善意的哲學意義較重。

Common Good在當時(17-18世紀)當地的意思是所有參與者都有達成一項能滿足基督教道德要求,為有關各方帶來善果的協議的共同願望

因為那時基督道德教義氛圍和壓力十分沈重St. Thomas Aquinas(1225-74), Dante (1265-1321), John Calvin (1509-65)的道德影響力強大壓倒性因此,重點是為共同意願我中譯成「共同善意」在哲學上比較合適但較難理解


充其量僅被半數國民認同的拜登

拜登不是我的總統」的衣服口罩貼紙在亞馬遜各大網店熱賣,款式五花八門,有滑稽諷刺,也有惱怒憤恨。

[Note 1]

一項票站出口民意調顯示,投票給拜登的選民中有多達44%只因反對特朗普,而非擁護拜登。以簡單計算,實質支持拜登的選民只佔總數 (1.577)的三成。

[Note 2]

投票數據還顯示,儘管大部分主流媒體持續負面報導、評價特朗普,但與2016年相比,支持他2020年增加了超過900萬。更令民主黨人驚訝的是他不僅從非裔、亞裔、拉丁裔獲得更多選票,且在少數族裔婦女選民比例上縮窄了與民主黨對手的差距。民主黨期望的藍潮(Blue Wave)大勝利非但沒有出現還淨失七個眾議院席位。

[Note 3]

對於近年國的撕裂現象,來自11所大學(包括哈佛史丹福)15位社會科學學者,10月於《科學》期刊(Science)發表聯合研究論文稱美國這種前所未有的新型兩極分化為政治宗派主義(Political Sectarianism);當中的三個核心要素是:異他者(Othering) 厭惡感(Aversion)道德化 (Moralization) 簡言之彼此憎恨的兩個陣營均認定對方在政治道德上已經破毫無妥協的空間。

[Note 4]

較明顯的例子是偏左一方將特朗普標籤為種族主義、性別歧視、染地球,是十惡不赦壞人右傾的一方(包括一些黑人、南美裔人) 則認定民主黨的支持者若非貪婪的華爾街大鱷便是依靠福利生存的懶人是美國傳統價的背叛者。

在這種情況下使拜登可在明年1月順利接任總統,美國的外交將隱含至少三個弱點。

首先是難以調和外交諾言分裂首當其衝是環保議題如果拜登政府重新加入《巴黎氣候協定》積極推動減碳排放建立具體目標類似法國的背心運動(反對提高燃油)強力抵制很可能會出現因為2019年,美國的電動汽車累計量為140萬輛,但多達一半限於民主黨控制的加州;石油行業更是不可動搖的重鎮倒過來倘若拜登拖泥帶水,倡導綠色新政(Green New Deal)的激進左翼肯定不會放過他

[Note 5]

醫療是另一個燙鍋受廣泛疫情影響,世界經濟論壇倡議建立全新的環球醫療經濟秩序,稱「大重置」(Great Reset),聯合國秘書長與國際貨幣基金組織均表支持;但美國進和保守陣營對各種形式的醫療改革一向互不相讓因此,拜登政府的國際承諾可信度成疑

[Note 6]

第二個弱點是介入別國事務舉維艱1950年以來只有兩位美國總統沒有發動新的戰爭,一是卡特(1977-81在任) 另一特朗普(除非他突然襲擊伊朗) 原因之一是奧巴馬做得太糟糕了他支持所謂的阿拉伯之春及推動敘利亞戰,但虎頭蛇尾,造成數百萬難民湧向歐洲除了導致經濟問題還有文化衝突、流血案。

[Note 7]

特朗普既沒有派軍到委瑞拉又促成以色列與阿拉伯國家建交深受其支持者的認同、讚賞。假如拜登意圖出兵國外尤其是中東不僅歐洲會反對,且難以迴避特朗普信徒的非議。

第三個弱點是拜登的健康各國領導人都幾可肯定,已經78的拜登是單任總統,(11月底摔倒後部有細微骨折)能否完成這四年任期也是一個疑問。

拜登考慮競選副手時,黨激進左翼已限定人選必須是非白人女性當選後考慮政治任命時激左除了提交一張400人的候選名單還猛烈批評不合意的異他者(例如有報導指耶倫被提名為財長因拜登初始考慮的 Gina Raimondo 受激左反對)

[Note 8]

須知道拜登是民主黨和派反特朗普共和黨員商界等,為了壓制傾向於社會主義的桑德斯,共同協調出來的台前者左翼於幫助拜登勝選確實有汗馬功勞,因此,一旦拜登無法駕馭白宮部氣勢洶洶的激左突然重病,讓賀錦麗替代總統,不足為奇。而賀錦麗的上任很可能會深化國分裂,外交政策當然更難預測

換句話無論拜登的國際承諾有多美麗,它可能無法獲得國會通過;毋須國會確認的承諾,又可能被下一任總統推翻

如何應對這個深陷分裂的超級大國?史也許不會重演,但鑒古有助知今

16世紀中葉,位於現今荷蘭比利時一帶的17個貴族領地,因不滿宗教壓迫貿易徵稅,反抗西班牙的統治最終7個北部領地成功離帝國,組成聯盟,名為荷蘭共和(Dutch Republic 1588-1795) ,管治理念以Justus Lipsius (1547-1606) 倡議共同善意(common good)賢德君主(virtuous princely rule)

[Note 9]

由於波羅的海貿易昌盛,地理位置極佳的荷蘭共和擁有2000艘船舶,超過當時英法兩國船隊的總數通過成立荷蘭東印度公司和荷蘭西印度公司,航行到全球各地,從事貿易軍事活動,包括台灣島的殖民統治(1624-62)

於整個17世紀傲視全球的這個聯盟,在語言種族文化宗教各方面幾乎一致,但最終因亂成為弱國,政治取向的鬥爭一方堅持繼續君統治,另一方則要求建立聯邦國會式的政府,兩個陣營都拒妥協,多次兵戎相見,結果是在國際舞台黯然退幕

[Note 10]

英國能取代荷蘭共和的國際地位,原因之一是部各方願意妥協。這項意願植根於對共同善意的信念根據史學者Peter N. Miller的考證,當時許多英國政論家參政貴族, 深受西塞羅(Cicero公元前106-43,古羅馬共和首席執行官)的哲學所影響

西塞羅對(拉丁文 honestum)(utile)之間平衡關係的看法,演化成共同善意的務實觀念,推動英國政治跟隨國際形勢逐改革,實現長期穩定( Defining the Common Good 1994)

[Note 11]

展望未來,難再有單一國家能主導環球事務,亦不可能有真正的全球合作。北京倡議合作命運共同體觀念,雖然會繼續受阻,被妖魔化

但若能沉着、堅毅,一個充其量僅被半數國民認同的美國總統,妨礙不了一帶一路的成功

 

Notes for Reference

[Note 1]

 search for “Biden not my president”

 

 


[Note 2]

Wiki: 2020 U.S. presidential election “as of Dec 2, 2020”

https://en.wikipedia.org/wiki/2020_United_States_presidential_election

Biden popular vote 80,934,359 – 40% against Trump voting = net 48,560,615

實質支持拜登的選民48,560,615 / total 157,766,781 x 100% = 30.78%

 

[Note 3]

2020 Nov 4,  Massive

https://www.masslive.com/politics/2020/11/44-of-biden-voters-casted-vote-against-trump-rather-than-in-support-of-the-democratic-nominee-exit-polls-suggest.html

“…Recent exit polling data from Morning Consult suggests 44% of Biden voters cast their votes for the Democratic nominee as a vote “against” Trump, rather than in support of the former vice president. …”

 

2020 Nov 14, The Guardian

https://www.theguardian.com/commentisfree/2020/nov/14/joe-biden-trump-black-latino-republicans

Overall, comparing 2016 and 2020, Trump gained 4 percentage points with African Americans, 3 percentage points with Hispanics and Latinos, and 5 percentage points with Asian Americans. The shifts described in Edison’s exit polls are verified by AP Votecast, which showed similar movement among black and Hispanic voters this cycle.

 

Updated 2020 Nov 7, CNN

https://edition.cnn.com/interactive/2020/11/politics/election-analysis-exit-polls-2016-2020/

Democrats didn’t get the landslide win they’d hoped for, but their efforts to rebuild the party’s “blue wall” paid off with Joe Biden winning Pennsylvania, Michigan and Wisconsin, according to CNN projections, and securing the presidency.

While the full picture of how Biden won the White House is not yet clear, we do know a little bit about how the country changed during four years under President Donald Trump.

For starters, we know that turnout this cycle far exceeded 2016. But that didn’t signal a blue tidal wave as some Democrats expected. Rather, Trump’s supporters kept pace, defending the President from Democrats motivated to defeat

 

2020 Dec 3, CNN

https://edition.cnn.com/election/2020/results/house

 

Democrats gained 3 seats, lost 10 seats,

Controlling a total of 222 seats, barely exceeding the 218 majority requirement

 

[Note 4]

‘Science’  30 Oct 2020:

Vol. 370, Issue 6516, pp. 533-536

DOI: 10.1126/science.abe1715

 “Political sectarianism in America”

Political sectarianism in America | Science (sciencemag.org)

Eli J. Finkel1, Christopher A. Bail2, Mina Cikara3, Peter H. Ditto4, Shanto Iyengar5, Samara Klar6, Lilliana Mason7, Mary C. McGrath1, Brendan Nyhan8, David G. Rand9, Linda J. Skitka10, Joshua A. Tucker11, Jay J. Van Bavel11, Cynthia S. Wang1, James N. Druckman1

1Northwestern University, Evanston, IL, USA.

2Duke University, Durham, NC, USA.

3Harvard University, Cambridge, MA, USA.

4University of California, Irvine, Irvine, CA, USA.

5Stanford University, Stanford, CA, USA.

6University of Arizona, Tuscon, AZ, USA.

7University of Maryland, College Park, MD, USA.

8Dartmouth College, Hanover, NH, USA.

9Massachusetts Institute of Technology, Cambridge, MA, USA.

10University of Illinois at Chicago, Chicago, IL, USA.

11New York University, New York, NY, USA.

 

Summary

Political polarization, a concern in many countries, is especially acrimonious in the United States (see the first box). For decades, scholars have studied polarization as an ideological matter—how strongly Democrats and Republicans diverge vis-à-vis political ideals and policy goals. Such competition among groups in the marketplace of ideas is a hallmark of a healthy democracy. But more recently, researchers have identified a second type of polarization, one focusing less on triumphs of ideas than on dominating the abhorrent supporters of the opposing party (1). This literature has produced a proliferation of insights and constructs but few interdisciplinary efforts to integrate them. We offer such an integration, pinpointing the superordinate construct of political sectarianism and identifying its three core ingredients: othering, aversion, and moralization. We then consider the causes of political sectarianism and its consequences for U.S. society—especially the threat it poses to democracy. Finally, we propose interventions for minimizing its most corrosive aspects.

 

2020 Oct 29, Scientific American

https://www.scientificamerican.com/article/why-hatred-and-othering-of-political-foes-has-spiked-to-extreme-levels/

The Science paper addresses the rise of political sectarianism—the growing tendency of one political group to view its opponents as morally repugnant.

 

[Note 5]

Data: Electric Car by country

https://www.wikiwand.com/en/Electric_car_use_by_country

 

Green New Deal

https://en.wikipedia.org/wiki/Green_New_Deal

 

[Note 6]

 World Economic Forum, The Great Reset

https://www.weforum.org/great-reset/

 

IMF, Global Reset

https://www.imf.org/en/News/Articles/2020/06/03/sp060320-remarks-to-world-economic-forum-the-great-reset

 

United Nations, Global Reset

https://news.un.org/zh/story/2020/06/1058872

2020 6 3

聯合國秘書長古特雷斯今天在世界經濟論壇下屆年會主題發布會上表示,全球必須建立更具抵禦力、更平等、包容和可持續的經濟和社會,以應對大流行、氣候變化和許多其他全球挑戰。

 

KHN, “A Biden Win and Republican Senate might lead to Gridlock on Health issues”, 2020 Nov 4.

https://khn.org/news/no-winner-for-president-yet-and-health-care-hangs-in-the-balance/

Without a Democratic majority in the Senate, Biden as president could not likely advance many of his top health agenda items — including lowering the eligibility age for Medicare to 60, expanding financial assistance for health insurance under the Affordable Care Act, and creating a “public option” government health plan.

 

[Note 7]

2020 Nov 6, APAC News

https://apac.news/no-wars-trumps-positive-legacy/

Brian Toohey reports on only the second US president since 1950 not to lead America into a war.

Unlike almost all of his predecessors Donald Trump fully understood that every US war of the past 70 years ended badly. Apart from his ideological aversion to foreign conflicts, his leadership style would not translate well to a military campaign which ensured he would not drag the US into armed conflict.

 

[Note 8]

Boston Globe, “Biden must choose a black woman for vice-president”, 2020 July 28.

https://www.bostonglobe.com/2020/07/28/opinion/biden-must-choose-black-woman-vice-president/

 

CNN, “Progressives turned out for Joe Biden.  Now they want a big role in his administration”, 2020 Nov 17.

https://edition.cnn.com/2020/11/17/politics/biden-transition-progressives-pressure/index.html

The Progressive Change Institute, an organization with ties to Massachusetts Sen. Elizabeth Warren, sent a letter to the Biden transition team and made public a list of 400 names, each with a brief biography, that should be considered for key personnel roles at every level of government.

Progressive groups Justice Democrats and the Sunrise Movement have also released a roster of preferred names for key leadership roles in the administration, along with a call for the creation of a White House Office of Climate Mobilization.

 

The Guardian, “What do progressives make of Joe Biden’s cabinet picks so far?”, 2020 Nov 28.

https://www.theguardian.com/commentisfree/2020/nov/28/joe-biden-cabinet-administration-antony-blinken

 

https://www.politico.com/news/2020/11/24/biden-cabinet-picks-progressives-440463

Progressives don’t love Joe Biden’s first round of Cabinet picks. But they can live with them.

Though there are many positions left to fill, Biden’s Cabinet announcements so far fit a pattern: The former vice president has chosen people for top positions who haven’t sparked bitter or protracted fights with the left — without giving progressives any major wins. None of Biden’s nods have been wildly off the mark to the left flank of the Democratic Party. And the president-elect has also selected leaders who, despite being moderate, have spent time building relationships with progressives.

“It could have been a lot worse,” said Rebecca Katz, a progressive strategist who advised incoming left-wing Rep. Jamaal Bowman’s campaign, adding that things could still change. “He’s not picking any lefties. He’s just picking people who haven’t alienated the left, who are listening.”

For Treasury, the fear was that he might go with Rhode Island Gov. Gina Raimondo, a former venture capitalist who is disliked by labor unions because she cut pensions.

 

[Note 9]

Martin van Gelderen (1992), “The Political Thought of the Dutch Revolt 1555-1590”, Cambridge and New York: Cambridge University Press.

 

See p.180-7 re Justus Lipsius’impacts on the formation of the Dutch Republic.

 

[Note 10]

Wiki, Dutch Republic

https://en.wikipedia.org/wiki/Dutch_Republic

The income from this trade allowed the Dutch Republic to compete militarily against much larger countries. It amassed a huge fleet of 2,000 ships, larger than the fleets of England and France combined.

 

tension between political factions: the Orangists favoured a powerful stadtholder, while the Republicans favoured a strong States General. The Republicans forced two Stadtholderless Periods, 1650–1672 and 1702–1747, with the latter causing national instability and the end of Great Power status.

 

[Note 11]

Peter N. Miller (1994), “Defining the Common Good: Empire, religion and philosophy in eighteenth-century Britain”, Cambridge and New York: Cambridge University Press.

p.21-87 Chapter 1: The figure of Cicero

p.89 “… in this British reshaping of the language of common good, Cicero provided the model for the squaring of this very circle: the patriotic minister …”

 

https://en.wikipedia.org/wiki/Cicero

zh.wikipedia.org/wiki/西塞

 

 




Monday, November 2, 2020

數字人民幣國際化 與 深港合作

 

我的信報文章(2020112A16) 足本

數字人民幣國際化 與 深港合作

 

https://www1.hkej.com/dailynews/article/id/2621763

 

 

建議1: 按某個比例(例如70/30以離岸人民幣(CNH)金作為數字人民幣貨幣基礎;並保證可在香港(澳門)金融市場自由兌換成(數字)港元各地法定(數字)貨幣投資形式的貴金屬使其成為在國際外匯市場中可完全自由兌換的法定交易貨幣

 

美國保衛民主基金會(FDD, 9/11襲擊事件後成立總部設於華盛頓特區)20197月發表報告(Crypto Rogues  加密流氓)分析俄羅斯伊朗瑞拉中國四個敵對國家(adversaries) 發展數碼貨幣的意圖進展指出目的一是通過非銀行交易削弱華盛頓實施經濟制裁的能力

 

另一(也是更重要的)目的是在美國控制範圍外創造一道替代性金融價轉移系統途徑,侵蝕(eclipse) 美國的環球財務權宰。由於中國的發展模式速度最具威脅該報告提出多達八項方案以重擊

[Note 1]

 

專注於研究跨國風險的評論員Daniel Wagner105日在Fair Observer發文指出中國發展數碼貨幣面對兩個關鍵障礙: 運作技術自由兌換

 

他特別提到20196月成立的Libra Association其願景是使用區塊鏈技術建構以一籃子貨幣為基礎的數碼貨幣Libra token及支持其運作的全球網絡支付系統這個美國領導的組織試圖維持美元在全球貨幣市場上的主宰地位

[Note 2]

 

中國以自行開發的DC/EP技術跨過第一個障礙借用香港八達通卡作類比由中國開發數字人民幣系統類似於從路人甲的八達通卡直接轉錢到路人的八達通卡,或轉到商店的八達通卡(正名是數字錢包) 其中兩個特點是:不需要銀行帳不需要互聯網

[Note 3]

 

深圳於10月進行首次試驗使用1000萬元數字人民幣紅包,分發至5萬名「搖號」中籤市民的數字錢包(智能手機App)200可在3389家商店消費;的意見是:「只要出示二維碼刷碼,交易十分迅速便捷。」

[Note 4]

 

數字人民幣系統的目的當然不是簡單地提供多一個轉數付款方法它應該有自身的在價(intrinsic value)。由於多種原因(尤其是政治風險,例如西方國家,特別是五眼聯盟,可能會聯合攻擊自由浮動兌換的人民幣)人民幣資本帳在可見的將來不宜開放在岸人民幣(CNY) 不宜自由兌換

 

故此數字人民幣作為一種嶄新的交易媒介應該朝成為國際自由兌換貨幣的方向發展分三點討論

 

首先,假設大多數一帶一路地區營運商在銷售原料或品後技術上可快捷安全地通過微信支付支付寶數字貨幣系統等收取數字人民幣並存入其數字錢包儘管金額可以保留並累積在錢包(沒有利息收入),但最終總要轉換為本國或他國貨幣作營商或投資用途(見下建議2)

 

接受數字人民幣的意願信心,取決於它可以兌換什麼及是否容易兌換。離岸人民幣市場自2003至今,已經建立成可靠的自由兌換運作機制雖然其交易量的規模增長未達預期(例見ASIFMA :RMB Roadmap 2014) 唯參考國際結算銀行201912月的分析(四個原因未達預期)人民銀行有多款金融理財工具能根據(數字人民幣交易)需要擴展市場規模

[Note 5]

 

第二19-20世紀的金本位(Gold Standard)確實存在缺陷但目前的量化寬鬆濫印美元機制也存在問題中國現在有能力,也應該開發一種新的模式

 

美國金儲備位居世界首位8,13320208月的M0貨幣供應量為4,880,400百萬美元即每百萬美元為0.001666金儲備全球排名第六的中國有1,948M0貨幣供應量為8,237 百萬人民幣即每百萬人民幣為0.236494

[Note 6]

 

人民幣含金量遠高於美元中央政府有足的能力金作為數字人民幣基礎的一部分服力地激活一帶一路國家對接受和使用數字人民幣的興趣

 

第三簡易兌換數字人民幣為自由流通的港元(或數字港元)本身就是一項吸引力當然,港元聯繫匯率制度將來頗有可能受華盛頓的打擊但由於港美的貿易一直在減少,如果確實有需要的話,港元與歐元掛鉤是一種可行且可取的變化。

 

務實而言,事到如今金融管理局應制定應變計劃一旦美國採取嚴厲打擊行動可以在極短的時間(例如5個交易天)將聯匯系統切換為歐元無論怎樣,港元作為具有足外匯儲備的自由兌換貨幣是高高飄揚的旗幟

 

建議2:在深圳證券交易所,試行將B股的報價改為數字人民幣倘若成功,除了延展到上海B,還可在香港證券交易所,開發數字人民幣B股、數字港幣K股、包括ETF這類型數字貨幣投資工具上市。舉有至少三項作用

 

首先當然是加強數字人民幣的應用多元性流通性其次是向世界展示投資數字貨幣的可行性便捷性

 

第三是深化和擴大數字貨幣的資金池吸引其他數碼貨幣來使用深圳香港作為交易中心正在開發的數碼貨幣,除了上述Libra token,還有與巴哈馬元(BSD11Sand Dollar瑞士LGR Crypto銀行發行的Silk Road Coin瑞拉的國家石油幣Petro瑞典央行Riksbank發行的e-Krona等等

[Note 7]

 

深圳經濟特區成立40周年再一次迎來新的突破40條首批授權事項。授權清單涵蓋要素市場化配置、營商環境、科技創新體制、對外開放、公共服務體制、生態和城市空間治理等六方面。所有項目與數字貨幣的變革都是必不可少的配套

[Note 8]

 

毫無疑問也不必遮遮掩掩深圳已經成為大灣區創新發展的火車頭; 原因不是這樣那樣的規模(例如 人口生),而是其求進意志反觀香港則仍處於混亂停滯不前

 

意大利經濟學家帕累托(Pareto)指出有一類受過良好教育的人(包括各行各業菁)由於一種被他名為剩餘物II(Residue Class II)在分析模型中屬於恆常數(constant)的頑固性格經常阻礙社會從一個均衡點轉移到另一個均衡點;那就是空談理想不切實際結果是使社會很長時間處於非均衡

[Note 9]

 

協助數字人民幣國際化是香港取得進的關鍵機會萬勿錯失

 

Notes for reference

 

[Note 1]

Wiki, FDD

https://en.wikipedia.org/wiki/Foundation_for_Defense_of_Democracies

zh.wikipedia.org/wiki/民主基金会

 

FDD, “Crypto Rogues: US State Adversaries Seeking Blockchain Sanctions Resistance”, July 2019.

https://www.fdd.org/wp-content/uploads/2019/07/fdd-report-crypto-rogues.pdf

 

[Note 2]

Fair Observer, 2020 Oct 5.

https://www.fairobserver.com/business/technology/daniel-wagner-china-digital-currency-electronic-payments-dcep-system-finance-tech-news-14221/attachment/china-dcep-2/

 

Libra Association

https://libra.org/en-US/association/

 

wiki, Libra the currency

https://en.wikipedia.org/wiki/Libra_(digital_currency)

 

[Note 3]

zh.wikipedia.org/wiki/数字人民

 

人民日報:一圖了解數字人民幣DCEP  2020/10/12

https://www.jinse.com/blockchain/864931.html

 

麻辣財經:數字人民幣,將怎樣影響你我的錢包?

2020082415:09 來源:人民日報中央廚房-麻辣財經工作室

http://money.people.com.cn/BIG5/n1/2020/0824/c42877-31834774.html

 

[Note 4]

文匯報: 中籤媽媽讚數字人民幣「快捷方便」

2020-10-13

https://www.wenweipo.com/s/202010/13/AP5f84e7b1e4b00e3df3e71122.html

深圳派1000萬元 191萬人爭5萬個紅包

 

[Note 5]

Asia Securities Industry & Financial Markets Association

RMB Roadmap 2014

https://www.asifma.org/wp-content/uploads/2018/05/rmb-roadmap.pdf

By 2020, the USD, EUR and CNY FX and rates markets will dominate global financial markets. Daily CNY FX turnover should grow from the current USD 120bn to exceed USD 500bn. China’s capital account should be ‘basically open’ by 2020, i.e., open but with some Chinese characteristics. Direct investment will flow much more easily than today, with only large deals subject to approval requirements. Portfolio flows will take place within significantly expanded QFII and QDII frameworks.

 

Bank for International Settlements, “Renminbi turnover tilts onshore”, 2019 Dec 8.

https://www.bis.org/publ/qtrpdf/r_qt1912w.htm

The average daily turnover of the Chinese renminbi (RMB) surpassed $280 billion per day in April 2019, yet it remained only the world's eighth most traded currency (Graph B1, left-hand panel). The share of RMB in global FX trading rose by less than between previous Triennial Surveys, to 4.3% in 2019, because of subdued growth in offshore RMB (CNH) trading.  RMB turnover remains lower than expected based on real economy indicators, such as trade volume and GDP per capita (centre panel). The deviation can be explained by financial drivers, such as restrictions on financial capital flows.

For the first time in over a decade, the relative importance of onshore RMB trading on platforms such as CFETS increased, while the share of CNH turnover declined, from 73% in 2016 to 64% in 2019 (right-hand panel).

The offshore share of RMB activity declined for a few reasons.

 

First, several liquidity squeezes in the CNH market in 2016-17 deterred speculative activity. CNH-CNY spreads were lower in 2019 than in 2016 (Graph B1, right-hand panel).

 

Second, returns on offshore deposits were low, making them less attractive than those in other currencies and weighing on their growth (Graph B2, left-hand panel).

 

Third, tighter controls by the mainland authorities reduced issuance of RMB bonds offshore (dim sum bonds) by Chinese corporates. The total stock of dim sum bonds declined between late 2016 and mid-2019, which had a negative impact on CNH liquidity.

 

Fourth, Chinese authorities began to offer more direct ways for foreign investors to access onshore RMB markets. They opened more channels, such as Stock Connect, Bond Connect and CFETS Connect, and increased the quota for foreign institutional investors. These initiatives resulted in net investment flows from Hong Kong SAR to the mainland in excess of RMB 350 billion between Q2 2018 and Q1 2019.

 

[Note 6]

Trading Economics, Gold Reserves by country

https://tradingeconomics.com/country-list/gold-reserves

 

Top 10 Countries with Largest Gold Reserves

1.         United States. Tonnes: 8,133.5.

2.         Germany. Tonnes: 3,363.6.

3.         Italy. Tonnes: 2,451.8.

4.         France. Tonnes: 2,436.0.

5.         Russia. Tonnes: 2,299.9.

6.         China. Tonnes: 1,948.3.

7.         Switzerland. Tonnes: 1,040.0.

8.         Japan. Tonnes: 765.2. ...

 

Trading Economics, Money Supply by country

https://tradingeconomics.com/country-list/money-supply-m0

China 8237 CNY million Sep/20

USA 4880400 USD million Sep/20

This page displays a table with actual values, consensus figures, forecasts, statistics and historical data charts for - Money Supply M0. This page provides values for Money Supply M0 reported in several countries. The table has current values for Money Supply M0, previous releases, historical highs and record lows, release frequency, reported unit and currency plus links to historical data charts.

 

[Note 7]

2020 Oct 21

https://www.coindesk.com/central-bank-of-bahamas-launches-landmark-sand-dollar-digital-currency

The Sand Dollar is backed 1:1 to the Bahamian dollar (BSD), which, in turn, is pegged to the U.S. dollar.

 

Wiki, Petro of Venezuela announced in Dec 2017.

https://en.wikipedia.org/wiki/Petro_(cryptocurrency)

 

Silk Road Coin

https://silkroadcoin.org/

The Silk Road Coin (SRC) is a blockchain-powered utility token used to pay for B2B cross-border money movement, exchange, and other digital banking services within the LGR Crypto Bank platform.

 

2020 March 22

https://coinworldstory.com/silk-road-coin/

Here Are Some Of The Technical Details Of The Token And The ICO:

      • Total Offer: 1,000,000,000 SRC Tokens.

      • Soft Cap: 100,000,000 SRC Tokens.

      • Hard Cap: 500,000,000 SRC Tokens.

      • Price: At 1 EUR. ICO Price 0.90 EUR

      • Deadline: The ICO Ends On April 30, Or When The Soft Cap Is Reached.

 

Reuters, “Sweden starts testing world’s first central bank digital currency”, 2020 Feb 20.

https://www.reuters.com/article/us-cenbank-digital-sweden-idUSKBN20E26G

 

[Note 8]

深圳綜合改革試點首批授權事項清單正式發布

信息來源:深圳特區報 信息提供日期:2020-10-19

http://www.sz.gov.cn/cn/xxgk/zfxxgj/zwdt/content/post_8181805.html

他介紹,《方案》的主要容可以概括為一個關鍵改革、三個階段目標、五大工作原則、二十七條改革舉措、四十條首批授權事項。授權清單涵蓋要素市場化配置、營商環境、科技創新體制、對外開放、公共服務體制、生態和城市空間治理等六個方面。

 

  他表示,實施方案和授權清單是有機統一的整體。實施方案重在明確重點領域、改革方向和構建機制,授權清單重在具體落實。二者前後呼應,互為支撐。同時綜合授權

有別於此前改革試點通常實行的一事一議、層層審批、逐項審核的授權方式

 

是在中央改革頂層設計和戰略部署下,以清單式批量報批的方式推動重點領域和關鍵環節改革。授權清單是批量授權的重要載體,是改革方式方法創新的重要體現。列入清單的事項實施備案管理,除明確要報批的事項,其他不再逐項報批

 

[Note 9]

See p. 31-50 in

“Vilfredo Pareto: Sociological Writings”, selected and introduced by S.E. Finer, trans. D. Mirfin, Oxford, Blackwell, 1976.