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China digital currency

China was the first major economy to begin exploring its own digital currency in 2014, though it is yet to launch the proposed digital yuan. Unlike cryptocurrencies such as bitcoin, which are not centrally controlled, China’s “sovereign” digital coin would fall under the authority of the People’s Bank of China. China maintains a blanket ban on the trading of any cryptocurrencies, as the government regards them as a source of financial risk.

last updated:

9 September, 2024

Yuan

China’s digital yuan roared out of the gate, but stumbling blocks have popped up

Corruption and a slow adoption of the e-CNY risk undermining the groundbreaking progress that China’s digital currency has made over the past decade.

1 Dec 2024 - 9:00AMvideocam

Banking & finance

Opinion | Why digitising financial pipelines is essential for global prosperity

28 Oct 2024 - 4:30PMvideocam

Banking & finance

Multi-country digital currency platform is worth the effort: central bankers

23 Oct 2024 - 6:15PM

Banking & finance

The View | Central banks need to communicate policy more effectively

The ability of central banks to pursue their main goals will depend increasingly on pursuing reforms in how they think and function.

21 Aug 2024 - 5:31PMvideocam

European Central Bank President Christine Lagarde, Bank of Japan Governor Kazuo Ueda and US Federal Reserve Chair Jerome Powell admire the view at the Jackson Hole economic symposium in Moran, Wyoming, on August 25, 2023. Photo: Bloomberg

Hong Kong Monetary Authority (HKMA)

Hong Kong opens e-CNY pilot programme to whole city, no mainland account needed

Roll-out provides a safe, convenient means of payment for Hongkongers spending in mainland China and mainland users in Hong Kong, HKMA says.

17 May 2024 - 8:02PM

China economy

Cash still king for China’s workers as digital yuan salaries fail to make splash

China has begun to test paying some state employees through its digital currency, but the trial is not making much impact in the e-CNY’s adoption as most quickly and automatically switch their salaries to cash.

13 May 2024 - 6:30AMvideocam

Banking & finance

Official of China’s securities watchdog investigated for ‘serious violation’

Investigation into Yao Qian, who serves as the director of the department of technology supervision at the China Securities Regulatory Commission, comes amid an uptick in market reforms.

15 May 2024 - 5:22PM

A Chinese national flag flutters outside the China Securities Regulatory Commission building in Beijing on July 9, 2021. Photo: Reuters

Fintech

HSBC summit: Hong Kong best placed to drive digital assets market, bank says

Hong Kong has entered the next phase of its digital-assets development, which is to achieve benchmark liquidity in the primary and secondary markets, according to HSBC’s global head of digital assets strategy.

9 Apr 2024 - 7:12PMvideocam

Qingdao metro facilitates e-CNY payment even when balance is insufficient

Qingdao in Shandong province has launched a new ‘deferred payment’ feature for metro passengers wanting to use digital fiat money: they can exit the station even if the wallet balance is not enough.

2 Apr 2024 - 5:30PM

Banking & finance

Explainer | What is wCBDC and why is it important for Hong Kong?

The HKMA’s new wholesale central bank digital currency project aims to enhance interbank settlements for tokenised money. A planned sandbox will test settlement of tokenised real-world assets.

15 Mar 2024 - 12:09PMvideocam

Wholesale CBDCs will enable instant processing of payments in the digital asset market while providing confidence and added functionalities enabled by tokenisation. Photo: Shutterstock

Hong Kong Monetary Authority (HKMA)

Editorial | HKMA steals march with its new wholesale central bank digital currency

De facto central bank aims for first-mover advantage through blockchain technology, providing welcome lift to Hong Kong’s image as global financial centre

14 Mar 2024 - 6:15AM

A a unified “ledger” using blockchain technology unveiled by the Hong Kong Monetary Authority will harmonise the Hong Kong dollar and integrate other assets into a shared digital infrastructure for instant payment, clearance and settlement. Photo: Shutterstock

China travel

China to bring down payment barriers for foreigners to revive tourism

Mobile payments limits will be increased and tourist attractions encouraged to accept cash and bank cards, central bank says.

1 Mar 2024 - 10:00PMvideocam

Digital currencies

Shanghai digital currency tax explainer fans speculation on easing of China’s crypto ban

The Shanghai Municipal Tax Service’s explainer became widely circulated on Sunday after some local crypto enthusiasts suggested that authorities are starting to acknowledge the legitimacy of cryptocurrencies.

8 Jan 2024 - 7:30PMvideocam

Bank of China (BOC)

Bank of China completes cross-border settlement for metals trading using e-CNY

China has been expanding the use of its sovereign digital currency in cross-border businesses, with the Bank of China completing the first cross-border settlement for precious metals trading.

21 Dec 2023 - 8:48PM

A booth promoting the digital version of China's yuan in Beijing on September 2, 2022. Photo: AP

Digital currencies

China, Singapore to let each other’s tourists pay with digital yuan

The use of digital yuan for small transactions can pave the way for its application in trade and other high-value scenarios, one expert says.

8 Dec 2023 - 8:00PM

A visitor buys a cup of coffee with e-CNY at a trade fair in Beijing. Photo: Xinhua

Greater Bay Area

Greater Bay Area: think tank’s common market plan cites EU as instructive

A think tank has recommended the establishment of a common market in China’s Greater Bay Area, proposing a system of regional integration similar to the European Union.

1 Dec 2023 - 10:44PMvideocam

Digital currencies

E-CNY: HSBC, Standard Chartered jump on China’s digital currency bandwagon

The China branches of Hang Seng Bank and Fubon Bank are also in the first batch of overseas banks to join more than 40 state-owned banks in launching their services on the e-CNY app.

1 Dec 2023 - 12:11AM

Digital currencies

Opinion | How China’s digital yuan could work in a dual-currency socialist system

China could split the e-CNY into onshore and offshore versions, have a freely tradeable yuan-pegged stablecoin or even participate in a universal CBDC.

28 Nov 2023 - 4:30PMvideocam

A security guard takes a drink near a Chinese digital yuan advert in Beijing on August 31, 2022. Moving to a central bank digital currency is not so straightforward for the tightly controlled yuan. Photo: AP

Digital currencies

Macroscope | Digital currencies: why the US could be the biggest loser

As more central banks explore or push to launch digital currencies, the world is looking likely to fragment into currency blocs. This would reinforce the growing use of local currencies in cross-border payments and hasten a long-term decline in reliance on the US dollar.

26 Nov 2023 - 5:30AMvideocam

Currency war

China’s control of daily yuan reference level at degree last seen in 2010

China is keeps the daily reference rate for its currency within a tight range, with a gauge measuring yuan volatility collapsing to levels last seen in 2010.

6 Nov 2023 - 3:41PMvideocam

Blockchain

Hong Kong FinTech Week refocuses city’s Web3 push on tokenisation and CBDCs

Hong Kong officials tout new use cases for blockchain technology at city’s FinTech Week as the SFC unveils new rules for retail access to tokenised securities.

3 Nov 2023 - 12:20AMvideocam

Chief Executive John Lee speaks at Hong Kong FinTech Week 2023. Photo: Handout

Hong Kong Monetary Authority (HKMA)

E-HKD pilot points to ‘tremendous impact’ on banking, financial services: HKMA

The e-HKD, Hong Kong’s central bank digital currency, could help to settle payments quicker and be more cost effective for businesses, a pilot trial has shown.

30 Oct 2023 - 8:57PM

Tourists at The Peak in Hong Kong. A second phase trial will delve deeper into the e-HKD technology, its business model and legislation, the HKMA’s deputy CEO says. Photo: Edmond So

Digital currencies

Beijing forum promotes SIM-based ‘e-CNY hard wallet’ for digital payments

Promoters say the ‘e-CNY hard wallet’ has several advantages as a payment mechanism, including safety, reliability and convenience.

13 Oct 2023 - 8:00AM

Yuan

Explainer | How is China’s digital yuan roll-out progressing in 2023?

China’s central bank is ramping up the promotion of its digital currency, making it easier and more convenient for everyday users as well as cross-border transactions. Here’s what has been accomplished this year.

10 Oct 2023 - 12:21AMvideocam

Banking & finance

Exclusive | Hong Kong e-HKD trials explore use in payments, investments: HKMA boss

Trials of the digital currency have showed potential uses in payment, deposit and investment scenarios, but relevant players need more experience before a launch date can be considered, says the head of the city’s de facto central bank.

9 Oct 2023 - 3:36PM

Digital currencies

Opinion | A single currency is not the best way for Brics to de-dollarise

Despite hopeful talk of a Brics currency, the time is not yet ripe for such a move. It is more feasible for each state to launch a central bank digital currency and work towards interoperability.

19 Sep 2023 - 10:29AMvideocam

Ant Group

CEO of fintech giant Ant Group pledges support for digital yuan

Eric Jing Xiandong said the e-CNY could be as valuable to industrial internet use as mobile payments were for consumer use.

7 Sep 2023 - 9:00PM

WeChat

Alipay, WeChat Pay urged to unify QR codes by China’s digital yuan chief

Call for unification of QR codes comes as the People’s Bank of China pushes to promote the country’s central bank digital currency across all retail use cases.

4 Sep 2023 - 10:30PMvideocam

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