Basis Points The People's Bank of China said Thursday that it will issue central bank bills in Hong Kong next week, a move seen as efforts to stabilize the yuan's exchange rate in the offshore market. The bill issuance is aimed at improving the yield curve for renminbi bonds in Hong Kong, the PBOC said on a notice posted on the Hong Kong Monetary Authority's website, referring to the official name for the Chinese currency. More Japanese companies are seeing the need to keep offering pay increases, the Bank of Japan said Thursday, in the latest sign that the economy is making progress toward growth backed by higher wages . "Given structural labor shortages and the minimum wage hike, the view that continuous wage increases are necessary is spreading across companies in a wide range of sectors and of various sizes," the bank said in a summary of discussions at the BOJ's meeting of regional branch managers on Thursday. With the BOJ seen as close to making an additional interest-rate increase, companies' stance on Japan's annual wage negotiations holds the key to decoding when the next hike might happen. Beijing has called out the European Union for imposing what it says are unfair trade barriers on Chinese companies, ending a monthslong investigation into the bloc's efforts to protect its businesses from foreign subsidies. China's commerce ministry released the results of its probe into the EU's Foreign Subsidies Regulation on Thursday, saying that European authorities have implemented the rule selectively in a way that infringes on Chinese companies' interests. About Us
WSJ Pro Central Banking brings you central banking news, analysis and insights from WSJ's global team of reporters and editors. This newsletter was compiled by markets reporter Vicky Ge Huang in New York. Send your tips, suggestions and feedback to [vicky.huang@wsj.com].
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
01-09-25 0735ET
