Saturday 28 November 2020
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scmp - 30 days ago

China’s digital yuan aims to halt US ‘dollarisation’, boost retail payments, ex-central bank governor says

China’s sovereign digital currency is designed primarily to grow retail payments at home and prevent the dominance of the US dollar, rather than address threats raised by cryptocurrencies or stablecoins, a former central bank governor says.Zhou Xiaochuan, who led the People’s Bank of China from 2002-18, said China was working hard to establish its digital currency and electronic payment (DCEP) system, but its focus differed from the Group of 7 (G7) principals.“What they are concerned about is…


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