Chinese Currency Breaches 7:1 Exchange Rate Against US Dollar for First Time in Two Years

Chinese Currency Breaches 7:1 Exchange Rate Against US Dollar for First Time in Two Years

The offshore exchange rate of China’s fiat currency versus the U.S. dollar recently breached the 7:1 mark for the first time in over two years, after it touched a new 2022 low of 7.0188 yuan for every dollar on September 15. Similar to other global currencies that have depreciated in 2022, the yuan’s decline is […]

China to Expand Digital Yuan Testing in Pilot Cities to Provincial Level

China to Expand Digital Yuan Testing in Pilot Cities to Provincial Level

China’s central bank intends to enlarge the area covered by trials of its digital yuan currency in four regions of the country. A top representative of the monetary authority announced the move while highlighting that the People’s Bank has been stepping up digitalization efforts this year. Government to Increase Digital Yuan Coverage in 4 Provinces […]

Central Bank of China Calls for Increasing Use of Digital Yuan

Central Bank of China Calls for Increasing Use of Digital Yuan

The People’s Bank of China has urged for widening of the array of use-case scenarios for its central bank digital currency. The monetary authority believes that deeper interconnection with traditional e-payment platforms will make the digital yuan more convenient for consumers. China’s Central Bank Insists on Expanding Digital Yuan Environment The monetary policy regulator of […]

China’s Yuan Continues to Depreciate Against Greenback, Real Estate Crisis Exposed 2 Decades of Accumulated Risk

China’s Yuan Continues to Depreciate Against Greenback, Real Estate Crisis Exposed 2 Decades of Accumulated Risk

China’s sovereign currency, the yuan, has slid significantly in value during the last few months as it has shed 8% against the U.S. dollar during the first half of 2022. China’s fiat currency is currently the weakest it has been against the U.S. dollar in roughly two years. Amid the depreciating yuan, China is suffering […]

Senators Introduce Bill to Limit Use of China’s Digital Currency in the US — ‘This Is a Major Financial and Surveillance Risk’

Senators Introduce Bill to Limit Use of China’s Digital Currency in the US — ‘This Is a Major Financial and Surveillance Risk’

Several U.S. lawmakers have introduced a bill to prohibit app platforms in the country from hosting apps that enable transactions using China’s central bank digital currency, the digital yuan. “The Chinese Communist Party will use its digital currency to control and spy on anyone who uses it. We can’t give China that chance,” said the […]

Digital Yuan Giveaway: Shenzhen Residents to Receive 15 Million Yuan in Digital Currency

Digital Yuan Giveaway: Shenzhen Residents to Receive 15 Million Yuan in Digital Currency

The Chinese government is giving away 15 million yuan in central bank digital currency (CBDC) to 130,000 residents of Shenzhen this Friday. The digital yuan can be used at nearly 5,000 stores with no minimum purchase required. Digital Yuan Pilot Continues China’s central bank, the People’s Bank of China (PBOC), continues to test its central […]

China’s Central Bank Adds More Digital Yuan Pilot Cities

China’s Central Bank Adds More Digital Yuan Pilot Cities

China’s central bank, the People’s Bank of China, has added more cities to test its digital currency. According to the latest official data, the digital yuan has more than 261 million users. PBOC Adds More Cities to Test Its CBDC The Chinese central bank, the People’s Bank of China (PBOC), said Saturday that it […]

No More Posts