With the steady growth of global value chains (GVCs), each country's trade now has a more complex relationship with the international division of labor. We decompose the employment effects of a country's trade into five components, specifically the labour content (1) in exports, (2) in imports,...

This paper aims to study the correlation structure, key commodity and cluster characteristics of China's commodity markets during the period of the 2020-2021 global commodity price boom via applying Empirical Mode Decomposition (EMD) of commodity futures price indices to obtain high-frequency...

This paper discusses the key considerations of CBDC design to balance benefits and risks and presents best practices in CBDC design from a global perspective. Using China's CBDC as an illustration, this paper discusses two-tier or multi-tier ledger design and proposes ten enablers of mass...