1 MONGOLIA MARKS CENTENNIAL WITH A NEW COURSE FOR CHANGE WWW.EASTASIAFORUM.ORG PUBLISHED:2024/12/20      2 E-MART OPENS FIFTH STORE IN ULAANBAATAR, MONGOLIA, TARGETING K-FOOD CRAZE WWW.BIZ.CHOSUN.COM PUBLISHED:2024/12/20      3 JAPAN AND MONGOLIA FORGE HISTORIC DEFENSE PACT UNDER THIRD NEIGHBOR STRATEGY WWW.ARMYRECOGNITION.COM  PUBLISHED:2024/12/20      4 CENTRAL BANK LOWERS ECONOMIC GROWTH FORECAST TO 5.2% WWW.UBPOST.MN PUBLISHED:2024/12/20      5 L. OYUN-ERDENE: EVERY CITIZEN WILL RECEIVE 350,000 MNT IN DIVIDENDS WWW.GOGO.MN PUBLISHED:2024/12/20      6 THE BILL TO ELIMINATE THE QUOTA FOR FOREIGN WORKERS IN MONGOLIA HAS BEEN SUBMITTED WWW.GOGO.MN PUBLISHED:2024/12/20      7 THE SECOND NATIONAL ONCOLOGY CENTER TO BE CONSTRUCTED IN ULAANBAATAR WWW.MONTSAME.MN PUBLISHED:2024/12/20      8 GREEN BOND ISSUED FOR WASTE RECYCLING WWW.MONTSAME.MN PUBLISHED:2024/12/19      9 BAGANUUR 50 MW BATTERY STORAGE POWER STATION SUPPLIES ENERGY TO CENTRAL SYSTEM WWW.MONTSAME.MN PUBLISHED:2024/12/19      10 THE PENSION AMOUNT INCREASED BY SIX PERCENT WWW.GOGO.MN PUBLISHED:2024/12/19      КОКС ХИМИЙН ҮЙЛДВЭРИЙН БҮТЭЭН БАЙГУУЛАЛТЫГ ИРЭХ ОНЫ ХОЁРДУГААР УЛИРАЛД ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     "ЭРДЭНЭС ТАВАНТОЛГОЙ” ХК-ИЙН ХУВЬЦАА ЭЗЭМШИГЧ ИРГЭН БҮРД 135 МЯНГАН ТӨГРӨГ ӨНӨӨДӨР ОЛГОНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     ХУРИМТЛАЛЫН САНГИЙН ОРЛОГО 2040 ОНД 38 ИХ НАЯДАД ХҮРЭХ ТӨСӨӨЛӨЛ ГАРСАН WWW.NEWS.MN НИЙТЭЛСЭН:2024/12/20     “ЭРДЭНЭС ОЮУ ТОЛГОЙ” ХХК-ИАС ХЭРЛЭН ТООНО ТӨСЛИЙГ ӨМНӨГОВЬ АЙМАГТ ТАНИЛЦУУЛЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     Л.ОЮУН-ЭРДЭНЭ: ХУРИМТЛАЛЫН САНГААС НЭГ ИРГЭНД 135 МЯНГАН ТӨГРӨГИЙН ХАДГАЛАМЖ ҮҮСЛЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     “ENTRÉE RESOURCES” 2 ЖИЛ ГАРУЙ ҮРГЭЛЖИЛСЭН АРБИТРЫН МАРГААНД ЯЛАЛТ БАЙГУУЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     “ORANO MINING”-ИЙН ГЭРЭЭ БОЛОН ГАШУУНСУХАЙТ-ГАНЦМОД БООМТЫН ТӨСЛИЙН АСУУДЛААР ЗАСГИЙН ГАЗАР ХУРАЛДАЖ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     АЖИЛЧДЫН САРЫН ГОЛЧ ЦАЛИН III УЛИРЛЫН БАЙДЛААР ₮2 САЯ ОРЧИМ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     PROGRESSIVE EQUITY RESEARCH: 2025 ОН “PETRO MATAD” КОМПАНИД ЭЭЛТЭЙ БАЙХААР БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     2026 ОНЫГ ДУУСТАЛ ГАДААД АЖИЛТНЫ ТОО, ХУВЬ ХЭМЖЭЭГ ХЯЗГААРЛАХГҮЙ БАЙХ ХУУЛИЙН ТӨСӨЛ ӨРГӨН МЭДҮҮЛЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/19    

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

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Mongolia makes USD 600 million offering to focus on sustainability www.iclg.com

Mayer Brown has for the lead arrangers and managers on the Government of Mongolia’s USD 600 million bonds issuance and associated cash offer to repurchase senior notes due in 2021 and 2022. Mongolia’s rare sovereign issuance in the Asia-Pacific region since the outbreak of the Covid-19 pandemic, involves the issuance of notes in the aggregate principal amount of USD 600 million maturing in 2026. The issuance, which attracted strong demand from international investors, extends the maturity date of Mongolia’s existing debt and reduced debt servicing costs, allowing the Mongolian government to increase spending on reaching its sustainability targets. The proceeds will be used to finance the government’s involvement in sustainability projects such as hydropower developments, schools and the construction of affordable housing in order to reduce inadequate living conditions in Mongolian ger districts, which are residential districts in Mongolian settlements. It is in these settlements that residents are required to burn wood or low-quality coal to generate heat, which increases pollution. Describing the sovereign issuance as “successful” and a “landmark transaction”, partner and head of Mayer Brown’s corporate and securities practice group in Hong Kong, Jason Elder, continued to say in a statement that the “benchmark issuance and liability management transaction brings significant benefits to Mongolia… supporting the continued development of the country and its people”. In June, Mongolia attracted investment of USD 99 million from the International Monetary Fund (IMF) under the Rapid Financing Instrument, to help the country tackle the Covid-19 pandemic, intended to “support foreign exchange reserves, create fiscal space for essential pandemic-related expenditure, and catalyse donor support”, said the IMF in a press release at the time. The IMF also stated in the June press release that “Mongolia has successfully avoided a domestic outbreak of Covid-19 thus far… Nonetheless, the pandemic has sharply reduced economic activity due to both the economic cost of the containment measures and the fall in external demand”, resulting in “an urgent balance of payments need and a fiscal financing gap”. Elder led the Mayer Brown advisory team on the bonds issuance, with help from New York tax transactions and consulting partner Jared Goldberger and associate Brennan Young, Hong Kong corporate and securities partner Thomas Kollar and foreign registered lawyers Sean Su and Winston Wang, Washington, DC government and global trade partner Tamer Soliman and Singapore-based litigation and dispute resolution partner Yu Jin Tay and associate Si Cheng Lim. Also this month, the issuance of the , listed on London Stock Exchange, was advised on by Linklaters and Zaki Hashem & Partners, one of the oldest law firms in Egypt and the Middle East.

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China is winning the global economic recovery www.cnn.com

Hong Kong (CNN Business)While much of the world scrambles to prevent new coronavirus cases from stalling the fragile recovery from recession, China's economy is hitting its stride again and will end the year more influential than ever.
The world's second largest economy was the only major world power to avoid a recession this year as Covid-19 forced lockdowns and crippled businesses. China's GDP is expected to grow 1.6% this year, while the global economy as a whole will contract 5.2%, according to summer projections from the World Bank.
China built its relatively quick recovery through several measures, including stringent lockdown and population tracking policies intended to contain the virus. The government also set aside hundreds of billions of dollars for major infrastructure projects, and offered cash incentives to stimulate spending among its populace. The payoff has been evident, as tourism and spending rebounded during last week's busy Golden Week holiday period.
By the end of the year, China's share of global GDP is likely to rise by about 1.1 percentage points, according to a CNN Business calculation using World Bank data. That's more than triple the share it gained in 2019. By contrast, the United States and Europe will see their shares dip slightly.
All told, China's economy is expected to be worth about $14.6 trillion by the end of 2020, roughly equivalent to 17.5% of global GDP.
Even without the disruption caused by the virus, China's share would have ticked up this year, according to Larry Hu, chief China economist for Macquarie Group. But China's ability to buck the worldwide trend is accelerating the growth in its importance to the global economy.
"The recovery in China has been much stronger than the rest of the world," Hu added.
The economic improvement has been no more apparent than during this past week, when the country celebrated one of its annual Golden Week holidays. This season's festivities marked the founding of the People's Republic of China and the Moon Festival, and was one of the country's busiest travel seasons of the year.
More than 630 million people traveled around the country during Golden Week, which ended Thursday, according to the Ministry of Culture and Tourism. That's nearly 80% of the numbers who traveled during the same period last year.
Tourist spending, meanwhile, recovered to nearly 70% of last year's level, reaching $70 billion. And movie ticket sales surpassed $580 million during the Golden Week holiday — just 12% shy of last year's record high.
The holiday week's numbers are "encouraging," said Macquarie's Hu.
"As life is returning to normal in mainland China, consumption, especially the service consumption, is under recovery," he said, added that pent-up demand has finally been unleashed.
A more balanced recovery
Even before the holiday, China's economy had been picking up momentum.
An official gauge of manufacturing activity rose to a six-month high in September. A private survey from the media group Caixin, which measures smaller businesses, also showed the sector continued to expand last month.
The services sector is also doing well. An official survey released last week put activity at its highest level in nearly seven years. And on Friday, a Caixin survey revealed that services experienced one of the quickest paces of expansion in the past decade in September.
"Overall, the economy remained in a post-epidemic recovery phase and improved at a faster pace," Wang Zhe, senior economist at Caixin Insight Group, said in a report accompanying Friday's data.
Consumer spending is rebounding, too, in yet another encouraging sign. Economists were concerned earlier this year that China's recovery was too unbalanced, having been driven by lots of state-led infrastructure projects and not enough consumer spending.
And despite trade tensions, China's economy has also benefited from its vital role in global supply chains, according to Louis Kuijs, chief Asia economist at Oxford Economics. The research and advisory group's own calculations also indicate that China will increase its share of global GDP by about a percentage point this year.
"In contrast to expectations of ... changes in global supply chains away from China, it looks as if, at least for now, China's success in shaking off the Covid-19 outbreak and keeping factories operating has strengthened its role in global value chains," Kujis said. He pointed out that US foreign direct investment into China actually rose 6% in the first half of this year, according to China's Ministry of Commerce.
"Even as US-China tensions have worsened dramatically recently, many US multinationals remain keen to engage with China," Kujis said, adding that American firms were likely encouraged by Beijing's decision to remove some barriers to investing in the country's financial sector.
Challenges ahead
While China's recovery has been strong, there are challenges ahead.
Like in other countries, the pandemic has taken a heavy toll on China's poor and rural populations, according to the Fitch Ratings analysts.
The average monthly income collected by rural migrant workers fell nearly 7% in the second quarter compared to a year earlier, according to World Bank estimates that used Chinese government data. The hundreds of millions of people who fit that description typically work in construction, manufacturing and other low paying but vital activities.
And low-income households in China — those who make less than $7,350 a year — experienced the most severe declines in family wealth out of any other income group, according to a survey jointly conducted by China's Southwestern University of Finance and Economics and Ant Group's research institute.
"This suggests the recent recovery in consumption is likely to have been somewhat skewed towards higher-income groups," the Fitch Ratings analysts said.
And Kuijs of Oxford Economics said that US-China tensions remain a concern, even as foreign direct investment grows.
If the United States were to decouple "significantly from China," the country's growth would trend less than half a percentage point lower per year through 2040, he said, as long as other developed countries maintained most ties.
But if other developed countries join the United States, he suspected that impact could be much larger, causing China's GDP growth to fall twice as fast through the same period.
That kind of "substantial" decoupling "would sharply reduce the country's productivity and GDP growth," Kuijs said.
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What to expect from Apple's iPhone event www.cnn.com

(CNN Business)Apple is finally set to announce new iPhones, after weeks of delays and pandemic-related disruptions.
Invitations for an October 13 event featured the phrase "Hi, Speed," hinting at a long-rumored upgrade that would allow the iPhone to connect to the new 5G wireless network that's currently being rolled out by carriers in the United States and abroad.
Though still nascent, 5G promies to deliver much faster connection speeds when it's fully deployed. Beyond phones, It will pave the way for more connected devices: Advances like self-driving cars, virtual reality, smart city technologies and networked robots could be powered by the new network.
Apple (AAPL) is somewhat late to the 5G phone game. Its new phone will join a growing list of options from Google (GOOGL), Motorola (MSI), Samsung (SSNLF), Huawei, LG and others.
But the iPhone may be able to hold its own given its loyal fan base, and some analysts expect the 5G iPhone to generate a "supercycle" of device upgrades, potentially prompting more people than usual to buy the new device. And the fact that 5G networks aren't completely ubiquitous yet means there's still room to grow.
What's in the iPhone 12? Wall Street analysts give us their predictions
What's in the iPhone 12? Wall Street analysts give us their predictions
Only 13% of smartphones sold in the first half of 2020 had 5G capabilities, and only 6% of customers would rank 5G as a primary factor in their next smartphone purchase, according to Ben Stanton, an analyst at research firm Canalys.
"Apple is not too late to 5G, as smartphones with 5G have not yet seen mass adoption," Stanton told CNN Business. "Part of the reason for this is that the killer use-case for 5G on mobile has not yet emerged."
Four new iPhones
Apple may give its users more choices than usual with its latest smartphone lineup. The company is gearing up to launch four new iPhone models on Tuesday, ranging in size from 5.4 inches to 6.7 inches, according to analysts and multiple news reports.
Apple has stuck to a three model lineup for iPhone launches in recent years, with one basic model and two pricier models with more cameras and better displays. But this time around, a fourth, more basic model with a smaller display — the name "iPhone 12 mini" has surfaced in rumors — could help Apple target more price-conscious consumers, though it's unclear how it would compete with the low-cost iPhone SE.
"Apple has made a serious effort to make its hardware more price-competitive over the last 12 months," Stanton said. "But Apple's great challenge is that it needs to find a way to become more price-competitive without diluting its premium brand image."
The top end of the new iPhone range could also provide a big draw, with its rumored 6.7-inch display that's even larger than the 6.5-inch iPhone 11 Pro Max.
"In particular we are seeing Apple and its Asian suppliers anticipate stepped-up demand for the larger 6.7-inch model which is raising the overall iPhone 12 expectations heading into this 'once in a decade' potential launch," Wedbush analyst Dan Ives wrote in an investor note last week.
Wedbush estimates that 350 million of the 950 million iPhones globally could be due for an upgrade, which could lead to an "unprecedented" cycle.
The last major iPhone "super cycle" of upgrades happened in 2014 with the iPhone 6, said Daniel Morgan, VP and senior portfolio manager at Synovus. "Since 2014, the newest iPhone launches have felt more like ripples [as] opposed to a wave."
iPhone sales have slumped in recent years as people wait longer to switch out older models, though Apple staged somewhat of a recovery in 2020 with the iPhone 11.
Eyes on the price
Apple's pricing strategy for the new iPhone lineup will likely be one of the biggest talking points. In recent years, the company's battle with Samsung for premium smartphone users has led to exorbitant prices that would have been unthinkable for previous devices.
Apple's current top-of-the-line model, the iPhone 11 Pro Max, starts at $1,099 and the Samsung Galaxy S20+ 5G costs $1,199 — though Samsung has also released foldable smartphones costing as much as $2,000.
Both companies have released lower-cost models of their flagship smartphones in recent months. And other rivals such as OnePlus and Google appear to have all but stopped competing in the fight for the high-end smartphone market.
Apple could use the 5G features to justify a slightly higher price point for the iPhone 12, but the fact that it is expected to release four iPhone variants rather than the three could mean a more affordable offering is in the works as well.
One more thing?
When it comes to Apple events, it's rarely just about the phones.
The company has previously used its pre-holiday launch event to roll out upgrades to its iPads, smart watches and increasingly popular services such as Apple TV+ — though it did much of that already in an event last month.
That hasn't stopped the rumor mill from speculating about updates on other products, including augmented reality glasses, a new HomePod smart speaker and even over-the-ear wireless headphones.
Canalys' Stanton also mentioned the possibility Apple would announce "AirTags," a rumored new product consisting of Bluetooth-enabled tiles to help track misplaced valuables.
"One thing that is certain, is that Apple will again showcase the best-practice for virtual events, and set a standard for the industry to follow," he added.
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Japan to help Mongolia with $236M loan www.thefinancialdistrict.com.ph

Japan will extend 25 billion yen ($236 million) in emergency loans to Mongolia to assist its efforts to revitalize the economy hard hit by the novel coronavirus pandemic, Foreign Minister Toshimitsu Motegi said Friday after talks with his Mongolian counterpart Nyamtseren Enkhtaivan, Kyodo News reported.
Speaking in an online press conference after the meeting in Ulaanbaatar, Motegi said the two ministers also agreed to step up coordination in resolving the issue of North Korea's abductions of Japanese nationals in the 1970s and 1980s.
"I hope to further develop the bilateral strategic partnership" with Mongolia, which shares universal values such as the rule of law and democracy with Japan, Motegi said.
Japan has often looked to Mongolia, a country that has close ties with North Korea, to act as a mediator in addressing the abduction issue.
In a separate meeting with Mongolian Prime Minister Ukhnaa Khurelsukh, Motegi said the two sides agreed to promote work toward the early opening of a new international airport in the Mongolian capital, a project financed by Japan's loans.
The opening of the airport has been delayed due to the pandemic.
"The airport is a new symbol of bilateral cooperation and will enhance connectivity in the region," Motegi said, who is on a two-day trip to Mongolia through Saturday.
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Japan agrees with Mongolia toward boosting investment www.mainichi.jp

TOKYO (Kyodo) -- Japan agreed Saturday with Mongolia to continue close cooperation toward boosting its investment in the landlocked country wedged between China and Russia.
It was confirmed during a meeting in Ulaanbaatar between Foreign Minister Toshimitsu Motegi and Mongolian President Khaltmaa Battulga, who explained about the country's exploration of mineral resources and construction of railway infrastructure, according to Japan's Foreign Ministry.
Motegi asked the president for his cooperation toward the smooth opening of a new international airport in the Mongolian capital, a project financed by Japan's loans. The opening of the airport has been delayed due to the coronavirus pandemic.
The meeting took place a day after Motegi held talks with his Mongolian counterpart Nyamtseren Enkhtaivan, as well as Mongolian Prime Minister Ukhnaa Khurelsukh.
On Friday, Motegi said Japan will extend 25 billion yen ($236 million) in emergency loans to Mongolia to assist its efforts to revitalize the economy battered by the pandemic.
Mongolia, which shares the longest land border with China, is rich in natural resources and has transitioned into a market economy since the 1990s after the fall of the Soviet Union.
Japan views Mongolia as becoming more strategically important, not only economically but also in geopolitical terms.
During the multiple meetings, Motegi also reaffirmed cooperation with Mongolia in resolving the issue of North Korea's abductions of Japanese nationals in the 1970s and 1980s, according to the ministry.
Japan has often looked to Mongolia, a country that maintains close ties with North Korea, to act as a mediator in dealing with the abduction issue.
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Russian railroad specialists working on UBTZ main line upgrade www.montsame.mn

Ulaanbaatar /MONTSAME/ Over 20 railroad specialists from Eastern Siberian Railway of the Russian Federation have arrived in Mongolia, bringing over 100 machines and tools of their own, to help upgrade the 18 km railroad between Shargyn Ovoo junction and Zamyn-Uud station.
Ulaanbaatar Railway (UBTZ) joint venture company is putting special emphasis on enhancing the transport capacity of its main line as the railroad transport volume has been increasing. Starting October 8, the Russian specialists are working as the main line upgrade project’s subcontractor. The equipment operators will work here until the end of this month.
The involvement of the Russian railroad workers with its machinery in the project allows UBTZ to use its equipment in the construction of Zuunbayan-Tavantolgoi railroad and the extension of Darkhan, Chuluut, Bayan and other stations and junctions.
Following their arrival in the country, the specialists from Russia were quarantined for monitoring as part of the COVID-19 preventive measures.
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Mongolia to have air rescue unit www.montsame.mn

Ulaanbaatar/MONTSAME/. Over the past four years, more than MNT 200 billion was invested in upgrading the equipment of the country’s emergency service and improving its capacity. It is intended to spend another MNT50 billion in the next two years, said the Deputy Prime Minister Ya. Sodbaatar.
“Within the framework to ensure social and environmental safety, there is an urgent need to improve operations of emergency service. It has been clearly stated in the four-year government action plan," emphasized the Deputy Prime Minister.
Moreover, Mr. Sodbaatar informed, “Yesterday, we received 40 fire and emergency vehicles within the export loan between the governments of Mongolia and Belarus. In addition, we will receive three helicopters from France later this year as part of the non-refundable assistance and grants. By doing so, Mongolia will have an air rescue unit that had not been in the country in the past 30 years.”
Last year, the government resolved to establish an air search and rescue unit under the National Emergency Management Agency based on the Buyant Ukhaa International Airport.
The MAZ fire trucks, which were delivered to the Emergency services from Belarus yesterday, are two types can be used for rescue operations in traffic accidents and other disasters, not only for firefighting.
J. Bolor-Erdene
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Kyrgyzstan political turmoil and mining jurisdiction risks www.mining.com

Mining — more than most industries — relies heavily on infrastructure and institutions at locations where operations are based.
The ongoing political chaos in Kyrgyzstan, which saw thousands take to the streets in protest of the nation’s parliamentary elections that kept President Sooronbai Jeenbekov in power, underscores the type of risks posed to those invested in the regions and highlights the importance of mining jurisdictions.
This is Kyrgyzstan’s third political revolt since 2005, so the political risk in such jurisdiction would likely remain when or if the current situation is resolved.
Attack on Kyrgyz mining
Antagonism against mining operations is often a reflection of weakness in a country’s institutions, says Camilla Ogunbiyi, principal analyst, Financial Sector Risk and Forecasting at Verisk Maplecroft.
As seen in the aftermath of the Kyrgyz election, the government’s status was quickly undermined with the annulment of election results and state of emergency declared. The fragility in governance also endangers the safety of foreign investors’ assets, as it aggravates public concerns surrounding pollution, corruption and resource nationalism, Ogunbiyi asserts.
In Kyrgyzstan, the political upheaval also became an opportunity for the ill-disposed to direct their anger towards local mining operators, attacking several sites over the past few days. This included an attack on the office of Centerra Gold (TSX: CG), owner of the Kumtor mine, the nation’s largest gold operation.
The Kumtor gold mine, meanwhile, exemplifies the risk of resource nationalism. The country’s largest gold mine, largest employer and taxpayer, accounting for up to 7% of GDP, has been the subject to both renegotiations and protracted legal battles, Ogunbiyi says.
As Kyrgyzstan’s largest employer and taxpayer, accounting for up to 10% of its GDP in 2019, the Kumtor mine has been the subject of protracted legal battles and exemplifies the risk of resource nationalism concerns faced by mine operators.
In the same week, Kaz Minerals also suspended operations at the Bozymchak copper and gold mine due to the Kyrgyz political turmoil.
According to Verisk Maplecroft, the Central Asian nation currently ranks as the 54th riskiest of 198 countries scored in its Corruption Index.
Without a clear break with political practices and leaders of the past, corruption is likely to remain a driver of anti-government sentiment and weak governance, the firm says.
Violence in Africa
When it comes to notoriously high-risk jurisdictions for miners, the Democratic Republic of Congo often comes to mind.
In June, a violent attack on Société Minière de Bisunzu’s (SMB) coltan mine claimed three amid an increase of attacks on mining operations in the country’s mineral-rich eastern region.
This was just one of many violent occurrences this year in what is one of the world’s top sources for cobalt, tin and tantalum.
The political meltdown provides Kyrgyzstan an opportunity to start anew and establish stronger, less corrupt political and governance institutions, which would enable foreign investment and economic development, Ogunbiyi asserts.
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China ramps up digital currency pilot testing with transactions topping 1.1 billion yuan www.rt.com

The People’s Bank of China (PBOC) said that 3.13 million transactions have been processed using the nation’s sovereign digital currency as part of a series of ongoing pilot programs in major cities such as Shenzhen and Xiongan.
According to the bank’s deputy governor, Fan Yifei, the currency has been used for more than 1.1 billion yuan ($162 million) worth of transactions. Pilots will also be conducted at the Beijing Winter Olympics in 2022, he said.
The pilot programs have made “positive progress,” with more than 6,700 use cases implemented as of late August for transactions ranging from bill payments and transport to government services.
“PBOC regards digital renminbi as an important financial infrastructure for the future,” Fan said, as quoted by the South China Morning Post.
The e-yuan is being used for multiple payment methods, including barcodes, facial recognition, and tap-and-go transactions, he explained. More than 113,300 personal digital wallets and about 8,800 corporate digital wallets have been opened as part of the pilot program.
In May, PBOC revealed plans to have its sovereign digital currency ready in time for the next Winter Olympics. It said that the new currency, which doesn’t have an official name but is known by its internal shorthand DCEP – or Digital Currency Electronic Payment – will share some features with cryptocurrencies such as Bitcoin and Facebook’s Libra. The currency is projected to replace cash in circulation.
DCEP has been introduced across four major cities: Shenzhen, Suzhou, Chengdu, and the Xiongan New Area in the northern province of Hebei. The government has already started paying civil servants in the district of Xiangcheng in Suzhou half of their transport subsidy in the digital currency as part of that city’s test run.
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Mongolia to issue visas to foreign nationals with urgent business www.montsame.mn

Ulaanbaatar /MONTSAME/. In aims of reducing the negative impact of the COVID-19 pandemic on the socio-economic situation and providing support for government organizations, NGOs, and entities, the decision has been made to issue short-term official and business visas for foreign nationals that have urgent business in Mongolia.
The visas will begin to be issued from today on October 8, and foreign nationals will be required to follow the regulations of heightened state of readiness according to the decision made by the Government of Mongolia and the State Emergency Commission, reported the Consular Department of the Ministry of Foreign Affairs.
More specifically:
- The foreign nationals will be put into 21-day mandatory isolation at isolation facilities, with the corresponding expenses covered by the organization, entity, or citizen,
- Business /B/ visas may once be extended by 30 days at the Mongolia Immigration Agency, while Diplomat /D/, and Official /A/ visas may once be extended by 30 days at the Consular Department of the Ministry of Foreign Affairs, allowing the foreign national to stay in Mongolia for up to 60 days,
- The foreign national must be tested for COVID-19 (PCR test), and have a negative test result.
To have the aforementioned visas issued, the inviting entity must make a request to the Consular Department of the Ministry of Foreign Affairs as according to the Visa Regulation of Mongolia.
According to the decision made by the Government of Mongolia and the State Emergency Commission, the diplomatic missions of Mongolia had temporarily stopped issuing all types of short-term visas to foreign nationals from January 27 as a precautionary measure against the COVID-19 pandemic.
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