China to Expand Digital Currency Trials in Top Economic Hubs
What’s new: Over the next three years, China plans to expand a pilot program for its state-backed digital currency in several regions, including North China’s Beijing-Tianjin-Hebei region, East China’s Yangtze River Delta and South China’s Guangdong-Hong Kong-Macao Greater Bay Area, according to a plan (link in Chinese) published Friday by the Ministry of Commerce.
The digital yuan program was first trialed in Shenzhen, Chengdu, Suzhou and the Xiongan New Area, a much-anticipated new economic zone, and in scenarios related to the 2022 Beijing Winter Olympics, China’s central bank said in April.
The background: China started researching digital currencies about six years ago.
Digital currencies have the potential to inflict shocks on the existing global financial infrastructure, Zhou Xiaochuan, a former governor of the central bank, said last year.
Quick Takes are condensed versions of China-related stories for fast news you can use. To read the Ministry of Commerce plan in Chinese, click here.
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