| Bloomberg's Covid Resilience Ranking shows the best and worst places to be in the world right now. Wall Street banks are funnelling cash back to investors. China's Communist Party faces a daunting future. Here's what you need to know today. Almost a year and a half into the pandemic, the biggest vaccination drive in history is finally enabling parts of the globe to abolish mask mandates, relax restrictions and dismantle border curbs. While taming cases and deaths was once paramount, now the ability to return to pre-pandemic times is taking on an even greater significance. That's why we've introduced a new element — Reopening Progress — to Bloomberg's Covid Resilience Ranking. With that firmly in mind, these are currently the best and worst places to be as the world reopens. But things can change rapidly. Australia's lockdown has widened as it battles the delta variant; Hong Kong is banning all passenger flights from the U.K.; and as rivals march onward, Singapore has yet to chart a path to reopening. Elsewhere, a new study from Oxford University shows mixing shots from Pfizer and AstraZeneca creates a strong immune response. Asian stocks look set for a mixed start after the reflation trade fizzled in the U.S. amid new travel curbs in some parts of the world. Treasuries climbed with the dollar. Futures pointed lower in Japan and Australia, and higher in Hong Kong. U.S. futures dipped at the open. Technology stocks led U.S. benchmarks to fresh records Monday as the likes of Apple, Amazon.com and Zoom climbed. But cruise operators and airlines sank as governments from Europe to Asia imposed new limits on travel from Britain, which is seeing a spike in coronavirus cases. China's economy is showing more stability and improvement even though both the domestic and overseas environments remain complex and grim, the central bank's monetary policy committee said. The People's Bank of China will step up its coordination with global economic policies and prevent "external shocks," the committee concluded in its quarterly meeting, according to a statement released Monday. The committee reiterated that China's prudent monetary policy will be targeted and reasonable, and the central bank will keep liquidity reasonably ample. Morgan Stanley doubled its quarterly dividend and announced as much as $12 billion in stock buybacks, the first of the biggest U.S. banks to respond to their success in clearing this year's stress tests. The biggest U.S. banks began announcing plans for distributing capital after getting the green light from the Federal Reserve to resume dividend and buyback increases. Goldman Sachs said it was boosting its quarterly payout 60% to $2 a share, JPMorgan said it was raising dividend to $1 from 90 cents, and Wells Fargo will double dividends to 20 cents a share. Hedge funds and asset managers are increasingly turning to Japanese startups, attracted by some eye-popping past returns in the long overlooked sector. Asian hedge fund firms including Pleiad Investment Advisors and global investment giants like T. Rowe Price and Baillie Gifford are providing late-stage growth capital to the nation's most promising ventures, according to fund managers at the companies. They're emboldened by surging share prices of startups that went public in recent years, along with renewed government efforts to promote digitalization and entrepreneurship. What We've Been ReadingThis is what's caught our eye over the past 24 hours: And finally, here's what Tracy's interested in todayYesterday, I wrote about how Federal Reserve Bank of Boston President Eric Rosengren had been talking about stablecoins, including their resemblance to traditional money market funds and the possibility that they may have to be bailed out. I noted there seems to be a pretty big change in how central banks are thinking about crypto, in that they seemed to be viewing stablecoins as part of the financial architecture rather than something separate to it.
Later on Monday, the Fed's Vice Chair for Supervision, Randal Quarles, gave stablecoins even more of a boost, talking about how the central bank has a history of supporting reasonable private sector innovation and how a network of dollar stablecoins could actually encourage more dollar use by making payments more efficient.
He said: "We do have a legitimate and strong regulatory interest in how stablecoins are constructed and managed, particularly with respect to financial stability concerns: the pool of assets that acts as the anchor for a stablecoin's value could—if use of the stablecoin became widespread enough—create stability risk if it is invested in multiple currency denominations; if it is a fractional rather than full reserve; if the stablecoin holder does not have a clear claim on the underlying asset; or if the pool is invested in instruments other than the most liquid possible, principally central bank reserves and short-term sovereign bonds. All of these factors create "run risk"—the possibility that some triggering event could cause a large number of stablecoin holders to exchange their coins all at once for other assets and that the stablecoin system would not be able to meet such demands while maintaining a reasonably stable value. But these concerns are eminently addressable—indeed, some stablecoins have already been structured to address them. When our concerns have been addressed, we should be saying yes to these products, rather than straining to find ways to say no. Indeed, the combination of imminent improvements in the existing payments system such as various instant payments initiatives combined with the cross-border efficiency of properly structured stablecoins could well make superfluous any effort to develop a CBDC."
"Saying yes to these products" would be a big deal as stablecoins are now a huge part of the cryptoworld, with a particular application to DeFi, or the decentralized finance that's trying to shake up "traditional" finance like borrowing, lending and trading. If you listen to the new episode of Odd Lots, Dragonfly Capital's Tom Schmidt notes that DeFi is "sort of dependent on USDC," one of the dominant stablecoins. Nothing's certain of course, but any change in the regulatory response would be a massive deal for the space. You can follow Tracy Alloway on Twitter at @tracyalloway. | 
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