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Digital Currency
China is taking the lead in the race to become the first major economy to officially launch a sovereign digital currency, as its ongoing pilot programs have made headlines and its central bank officials have been offering explanations about the issue and what’s behind Beijing’s digital yuan ambitions.
In Depth: China’s Digital Currency Ambitions Lead the World
The future of money is electronic and Beijing wants to own it
Weekend Long Read: Five Tasks for China’s Next Stage of Opening-Up
The country’s strategy has evolved from setting up special zones in coastal areas to a more advanced level that focuses on its domestic circulation and expanding institutional opening-up
Weekly Must-Read: China’s Effort to Move Mountain of ‘Hidden Debt’ Faces Uphill Climb
Local governments’ invisible debt could be as high as almost $10 trillion, double Japan’s GDP, posing a risk of destabilizing the banking and financial sector
Caixin Biz Roundup: China Bans U.S. Chipmaker Micron
Alibaba kicks off overhaul with spinoff and IPO targets, and Hong Kong rolls out digital currency trial
CX Daily: China’s Effort to Move Mountain of ‘Hidden Debt’ Faces Uphill Climb
China strongly opposes the G-7 communique. The country upgrades a cross-border funds pilot program for multinationals
Hong Kong Begins Trial of Digital Currency
HSBC, Bank of China, Alipay and Visa are among 16 enterprises in a pilot program for the e-HKD, Hong Kong Monetary Authority says
Weekly Must-Read: Top Chinese Digital Banks Report More Bad Loans but Higher Earnings
Ant-backed MYbank and Tencent-backed WeBank disclose higher nonperforming loan ratios amid the pandemic yet liquidity metrics remain healthy
CX Daily: Tencent, ByteDance Gut Metaverse Units in Virtual Reality Check
Xi affirms China’s commitment to restoring peace in Ukraine in a phone call with Zelenskyy. British Airways resumes service to China
Chinese City to Pay Civil Servants in Digital Yuan
Changshu, in eastern China, will begin paying its civil servants and employees of state-owned enterprises in e-CNY from May
In Depth: China Makes Further Inroads in Popularizing the Yuan
Countries including Russia and Brazil join Beijing’s drive to boost currency’s use in cross-border trade and investment
Hong Kong’s ZA Bank Offers Crypto Conversions Amid City’s Push Into the Industry
The CEO of city’s biggest virtual lender says the bank will offer token-to-fiat currency conversions over licensed exchanges
Cover Story: IMF Chief Georgieva on How to Operate in World of Uncertainty
The fund’s managing director explains why central banks need to be nimble, regulators ought to be decisive, and China should hold fast to its green goals
Xi, Putin Call for ‘Responsible Dialogue’ to End Ukraine Crisis
Russia also said a position paper on the crisis issued by China last month could ‘be taken as the basis’ to settle the conflict that began more than a year ago
Weekly Must-Read: Why China’s Lithium Firms Have Their Sights Set on Bolivia
The South American country has the world’s largest reserves of the key EV battery raw material, but political and practical obstacles have prevented it from becoming a significant global supplier
NFTs, Metaverse Get Digital Cold Shoulder in Beijing
The city’s market regulator has warned local residents to steer clear of investments using two of the latest tech buzzwords
China Clashes With IMF Over Property Downturn, Growth Rate
International Monetary Fund says China needs to do more to resolve the real estate crisis and spur growth, earning a sharp rebuke from Beijing
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