Safe assets are recognized as being the cornerstone of contemporary financial systems. Due to financial globalization and massive international capital flows, they transformed into global safe assets, meaning that both demand and supply sides can be created by international investors. The article consists of two main parts. The first one concentrates on the theoretical issues of safe assets: definitions, attributes, categories of investors who search for them, as well as categories of suppliers. The theoretical considerations lead to the conclusions that only debt instruments can be used as safe assets, and due to limited substitutability between private and public issues, only the latter can perform this function properly, especially in times of stress. In the context of global safe asset considerations, it seems reasonable that only countries issuing reserve currencies can become public issuers of safe assets. The empirical analysis presented in the second part of the article confirms the theoretical predictions. A study of sovereign bond yield differentials conducted for two groups of countries (issuers of reserve currency and non‑issuers but possessing the highest credit ratings) shows that in the period 2005-2017, the spreads in the first group were depressed by the mere fact they held the status of a reserve currency issuer.

The evolution of the final and intermediate objectives of the monetary policy 1.2. The evolution of monetary policy instruments 1.3. China's exchange rate policy 1.4. Challenges for the monetary policy Conclusions Chapter 2 Directions and prospects for the development of the bond market in China (Joanna Bogołębska) 2.1. The bond market in the Chinese financial sector and the determinants of its development 2.2. Bond market segments, trading venues, and categories of investors 2.3. The characteristics of today's bond market 2.4. Treasury debt securities market 2.5. Prospects for an increase in the role of the Chinese bond market in the international financial system Conclusions Chapter 3 Corporate finance -China's big four banks (Magdalena Rosińska-Bukowska) 3.1. Origins and determinants of changes in the corporate finance of China 3.2. Evolution of Chinese banking system -the emergence of China's big four banks 3.3. The Industrial and Commercial Bank of China -ICBC 3.4. China Construction Bank Corporation -CCB 3.5. Agricultural Bank of China -ABC 3.6. Bank of China -BOC Conclusions Table of contents 6 Chapter 4 China's largest credit institutions in light of Basel III implementation (Klaudia Zielińska-Lont) 4.1. Short characteristics of the Chinese banking sector 4.2. Basel Accords short overview 4.3. Basel Accord implementation and prudential supervision in China 4.4. Economic impact of implementing the Basel Accord Conclusions Chapter 5 The development of the FinTech sector as a source of innovation for the Asian financial market -the example of China (Karolina Anielak) 5.1. The FinTech sector in global terms 5.2. FinTech as an innovation in the financial market 5.3. The characteristics of the Asian market FinTech 5.4. Development of FinTech's market in China Conclusions Conclusions References 95 List of figures 103 List of tables 105

Streszczenie: Tematem artykułu są aktywa bezpieczne (safe assets), definiowane jako płynne instrumenty finansowe, głównie dłużne, które gwarantują inwestorom zachowanie wartości w trakcie niekorzystnych zjawisk gospodarczych. Celem artykułu jest ocena kształtowania się podstawowych determinant podaży aktywów bezpiecznych, tj.: relacji długu publicznego do PKB, PKB per capita, stopy inflacji, salda na rachunku obrotów bieżących, rozwoju rynku finansowego oraz stabilności politycznej kraju w kontekście podmiotowej struktury globalnej podaży publicznych safe assets. Analizę czynników przeprowadzono w okresie 1989-2018 (30 lat) dla Stanów Zjednoczonych, Japonii, Wielkiej Brytanii, Niemiec i Szwajcarii. Wybrane kraje posiadają najwyższe oceny ratingowe oraz status emitenta waluty rezerwowej zgodnie z klasyfikacją Międzynarodowego Funduszu Walutowego. Na podstawie przeprowadzo

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