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China digital currency

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

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.

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

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

17 May 2024 - 8:02PM

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

13 May 2024 - 6:30AMvideocam

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

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

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

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

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

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

China over the years has ramped up its crackdown on all activities related to cryptocurrencies, citing financial stability risks. Image: Shutterstock

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

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

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

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

A visitor displays a cup of coffee purchased with China’s digital yuan at the 6th Digital China Summit in Fuzhou, southeast China’s Fujian Province, on April 26, 2023. Photo: Xinhua

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

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

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

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

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

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

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

A visitor buys a cup of coffee with e-CNY (digital yuan) at an exhibition of financial services during the 2022 China International Fair for Trade in Services at Shougang Park in Beijing on Sept. 4, 2022. The digital currency is being promoted widely in 2023. Photo: Xinhua

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

Central banks worldwide are exploring the use of digital currencies. Photo: Shutterstock

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

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

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

Alipay and WeChat Pay have been urged to unify QR codes by China’s digital yuan chief. Photo: Xinhua

Best apps for visitors in China and which are useless – like Google Maps

Foreigners visiting China are advised to download WeChat and Alipay for payments, Amap for maps, Baidu Translate for communication, Trip for hotel bookings – and don’t forget that VPN.

13 Aug 2023 - 7:15PM

WeChat and Alipay are the best apps for foreigners to download to use for payments in China since both began allowing users to link international cards to their payment systems. Photo: Getty Images

China’s digital yuan ‘at forefront globally’, ex-central bank governor says

Former central bank governor Yi Gang gave two recent lectures of his tenure in Beijing and Singapore, saying China’s digital yuan could facilitate a wide range of domestic retail payments, including by foreign visitors, while it also has overseas use.

4 Aug 2023 - 11:00PM

Opinion | How Hong Kong can become the Asian century’s financial linchpin

To fulfil its destiny as the top Asian financial clearing house, Hong Kong must broaden its horizons and have a truly regional vision.

2 Aug 2023 - 4:15PMvideocam

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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