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PBoC Working on Digital Yuan Issues: Securities Times

Central bank governor Yi Gang says management model prioritises settlement efficiency, privacy protection and anti-counterfeiting


Asset managers have urged China to implement radical debt market reforms, such as more transparency on how defaults are handled, the Financial Times reported.
The calls come as global fixed-income traders sold about $35 billion worth of yuan-denominated bonds in the first four months of this year. File photo: AFP.

 

China’s central bank is working on settlement and anti-counterfeiting measures for the country’s digital currency, the Securities Times reported.

Yi Gang, governor or the People’s Bank of China, said the bank would establish a management model suitable for the digital renminbi, prioritising settlement efficiency, privacy protection, anti-counterfeiting and other functions.

He told the Bank of Finland Institute for Emerging Economies that another goal was to enable interaction between the digital renminbi and existing electronic payment tools to achieve security as well as convenience.

Read the full report: Securities Times

 


 

READ MORE:

‘China Shouldn’t Rush to Use Digital Yuan for Cross-Border Payments’

The Digital Yuan and its Disruptive Potential

China’s Digital Yuan Will Overshadow the Digital Dollar, Dalio Says

 

 

George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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