China’s digital yuan ‘at forefront globally’, former central bank governor Yi Gang says
- Yi Gang, who was replaced by Pan Gongsheng as the head of the People’s Bank of China (PBOC) at the end of last month, gave two recent lectures in Beijing and Singapore
- He said the digital yuan could facilitate a wide range of domestic retail payments, including by foreign visitors, while it also has overseas use
China’s former central bank governor used the final two lectures of his five-year tenure to highlight the digital yuan, hailing it as being “at the forefront globally”.
Yi Gang, 65, was formally replaced by 60-year-old Pan Gongsheng as the head of the People’s Bank of China (PBOC) at the end of last month.
“The digital yuan focuses on retail payments, which enables the most significant improvements in efficiency, payment system redundancy and advancing inclusive finance,” Yi said at Tsinghua University in Beijing on July 5, according to a transcript of the closed-door lecture released on Thursday.
China’s digital currency, known as the e-CNY, could facilitate a wide range of domestic retail payments, including by foreign visitors, while it also has overseas use, added Yi.
The digital yuan, along with green finance initiatives, highlight Yi’s legacy as central bank governor, in addition to traditional tasks of helping the coronavirus-hit economy, preventing financial risks and controlling inflation.
