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This article provides a detailed introduction to China’s launching of a digital currency. We conduct a comparative analysis concerning whether digital currency is a more stable and reliable currency than cryptocurrency and investigate whether a digital renminbi (or yuan) could replace the US dollar as a medium of exchange in international transactions. China has gained a first-mover advantage by rolling out a central bank digital currency (CBDC). But the outcome will depend on the US response as well as the future evolution of the US and Chinese economies. Most other articles on this topic focus on domestic use of the Chinese CBDC. But this study is unique in analyzing the prospects of a digital renminbi as a replacement for the US dollar in international commerce.

the Fintech phenomenon is forcing financial institutions around the world to develop superior financial services. Increased consumer and enterprise acceptance of digital banking, payments and financial data services have driven the wave of Fintech transactions in 2018. The Fintech revolution continues, but it does face numerous challenges. (edited by CFRN)

In this study, we examine the resilience of Bitcoin (BTC) to hedge Chinese aggregate and sectoral equity markets and the returns spillover to Altcoins onset the Novel Coronavirus outbreak. We observe that BTC is a weak hedge during the overall period and a weak safe haven onset the crisis. Besides, BTC is a weak hedge, diversifier and a weak safe haven for the sectoral equity indexes. Overall, gold outperforms BTC in hedging and safe haven perspectives with respect to Chinese equity markets. Lastly, we find that the rise in Altcoin prices are majorly due to spillover from BTC prices.

This article provides a detailed introduction to China’s launching of a digital currency. We conduct a comparative analysis concerning whether digital currency is a more stable and reliable currency than cryptocurrency and investigate whether a digital renminbi (or yuan) could replace the US dollar as a medium of exchange in international transactions. China has gained a first-mover advantage by rolling out a central bank digital currency (CBDC). But the outcome will depend on the US response as well as the future evolution of the US and Chinese economies. Most other articles on this topic focus on domestic use of the Chinese CBDC. But this study is unique in analyzing the prospects of a digital renminbi as a replacement for the US dollar in international commerce.

This research explores the effects of adding bitcoin to an optimal portfolio (naïve, long-only, unconstrained and semi-constrained) of by relying on mean-CVaR approach in Chinese market. Then backtesting to compare the performance of portfolios with and without bitcoin for each scenario is performed. Results show significant but weak correlations between various asset classes and bitcoin, implying a more mature financial profile of bitcoin in China compared to that in the west. Backtesting results show that the effect of adding bitcoin to optimal portfolios is not consistent over the entire out-of-sample period. The naïve and the long-only strategy improved the risk reward ratio up until the late 2013 price-crash with no significant advantages thereafter. Shorting strategies on the other hand, with or without leverage, fail to produce more efficient portfolios when bitcoin is added, and this is consistent over the entire out-of-sample period. The results also show that semi-annual rebalancing amplifies the advantages of adding bitcoin to most portfolios except for the semi-constrained portfolio, although the weights analysis show significant shifts in weights which might not represent a feasible strategy in realistic scenarios.

本文以 2014 年底至 2015 年八次降息降准事件为自然实验，针对 A 股市场全部 2821 支股票， 研究股市震荡中的信息泄露和市场反应。实证表明，降息降准信息发布前一天，开盘价收益率、每笔 成交量和知情交易比例显著提高，波动率和成交笔数显著下降；信息不对称程度较高以及降息降准直 接利好的银行、证券、房地产等行业的股票，其知情交易比例显著提高。进一步，降息降准信息发布 前一天，每笔大单的规模和总大单数量显著提高，大单与小单的知情交易比例都显著高于正常日，且 小单的知情交易比例在最后交易时段逐渐与大单接近。本文结果意味着此次股市激荡中宏观调控信息 的泄露是普遍存在的，知情的机构投资者更早得知泄露信息并用于买卖相关股票获得收益，并在统计 意义下先向其他机构投资者，然后是向散户扩散。

学界关于指数效应研究一直争论不断，尤其我国沪深 300 指数，文献中结论几乎完全相反，本文表明这些结论差异可能源自传统回归方法的缺陷。针对 Beneish 和 Whaley（1996）称作“标普游戏”（套利）的指数效应，本文利用断点回归实验，验证了沪深 300 指数效应，并通过双重差分（DID）和异常收益率分布检验验证实验结果稳健性。沪深 300 指数成分每年按照市值排名高低调入调出指数，提供难得自然实验环境。排名断点的处置效应显著，调入股票相对其对照组（未调入指数的股票）出现了大约 15%的正异常收益率，调出股票宣告日前相对于其对照组（保留在指数的股票）产生大约 10%的超幅下跌，并在宣告日后第 6 天发生反转回复到宣告前水平，但是显著性不足，说明我国沪深 300 指数效应不具有对称性。

This research explores the effects of adding bitcoin to an optimal portfolio (naïve, long-only, unconstrained and semi-constrained) of by relying on mean-CVaR approach in Chinese market. Then backtesting to compare the performance of portfolios with and without bitcoin for each scenario is performed. Results show significant but weak correlations between various asset classes and bitcoin, implying a more mature financial profile of bitcoin in China compared to that in the west. Backtesting results show that the effect of adding bitcoin to optimal portfolios is not consistent over the entire out-of-sample period. The naïve and the long-only strategy improved the risk reward ratio up until the late 2013 price-crash with no significant advantages thereafter. Shorting strategies on the other hand, with or without leverage, fail to produce more efficient portfolios when bitcoin is added, and this is consistent over the entire out-of-sample period. The results also show that semi-annual rebalancing amplifies the advantages of adding bitcoin to most portfolios except for the semi-constrained portfolio, although the weights analysis show significant shifts in weights which might not represent a feasible strategy in realistic scenarios.

Open banking facilitates data sharing consented by customers who generate the data, with a regulatory goal of promoting competition between traditional banks and challenger fintech entrants. We study lending market competition when sharing banks’ customer data enables better borrower screening or targeting by fintech lenders. Open banking could make the entire financial industry better off yet leave all borrowers worse off, even if borrowers could choose whether to share their data. We highlight the importance of equilibrium credit quality inference from borrowers’ endogenous sign-up decisions. When data sharing triggers privacy concerns by facilitating exploitative targeted loans, the equilibrium sign-up population can grow with the degree of privacy concerns.