Balance Sheets

Huang Yiping

2026-09-20 00:17:08

Huang Yiping says AI could deepen China’s supply-demand imbalance

Huang Yiping, a Peking University professor and member of the People’s Bank of China’s Monetary Policy Committee, said at an economic forum in Beijing that artificial intelligence could deepen and prolong China’s imbalance of strong supply and weak demand. He said broader AI deployment and faster innovation may worsen the mismatch between aggregate supply and aggregate demand, and that the contradiction is unlikely to fade quickly in the near term. Huang called for more market-oriented reform so the market can play a larger role in resource allocation, along with a higher share of household income in the economy. He also said China should consider deeper overseas investment and industrial cooperation instead of relying only on exports. In addition, Huang suggested the central government increase borrowing to help repair the balance sheets of local governments, financial institutions, and companies, warning that stimulus measures would have limited effect if those entities cannot regain the capacity to undertake new economic activity.

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tokenized dep

2026-08-27 07:03:21

Why banks are pushing tokenized deposits: keeping money from moving to stablecoins

Banks say tokenized deposits are about payment modernization, programmable money, and round-the-clock settlement. Artem Tolkachev, head of real-world assets at Falcon Finance, argues that this explanation misses the central issue: balance sheets. In his view, tokenized deposits let banks keep funds that might otherwise leave the banking system through stablecoins, preserving deposits that can still be used for lending. The distinction matters because instruments that may look similar to users can shift risk in very different ways. Tolkachev compares tokenized deposits, reserve-backed stablecoins, and overcollateralized synthetic dollars, saying the key questions are where the funds sit and who controls them. The article also points to positions from the Federal Deposit Insurance Corporation, the Federal Reserve Bank of Dallas, the Federal Reserve, and the Bank for International Settlements. Those views converge on one concern: if stablecoins pull deposits away from banks, funding costs could rise before any headline decline in deposit balances becomes obvious, with loan repricing following later. Wells Fargo and JPMorgan are cited as examples of banks already moving tokenized deposit products into live or planned use cases.

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