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Facebook’s Libra Faces Backlash

09 July 2019 Maria Gregoriou

There is more hype around Facebook's cryptocurrency Libra this week, as the People's Bank of China (PBOC) announced that the digital currency must be under Central Bank oversight.

According to PBOC's deputy director of the payment department Mu Changchun, the digital currency "won't be sustainable without the support and supervision of central banks."

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Market focus

  • Swiss government slashes 2019 growth forecast to 0.8% vs. 1.2% previous
  • Japan finance minister Aso: No currency provision included in US-Japan trade deal
  • China's home price growth at weakest in nearly a year - NBS
  • RBA Meeting's Minutes: RBA board would consider further policy easing if needed to support growth, inflation targets

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