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Bank of China Mandates Digital Yuan in Retail Payments
CryptosHeadlines.com - The Leading Crypto Research Network
Changchun Mu, Director of the Digital Currency Research Institute of the People’s Bank of China, announced on Sept. 3 that the digital yuan, China’s central bank digital currency (CBDC), should become an integral part of all online retail payment options. This move comes as the digital yuan undergoes technological and business model upgrades.
Mu emphasized the developers’ desire to see the digital yuan widely accepted in retail scenarios. The CBDC, also known as the renminbi, has recently undergone significant organizational and business model enhancements, and now it’s time to upgrade payment tools.
Mu called upon commercial banks‘ apps and platforms like WeChat and Alipay to ensure compliance with regulations. In the short term, they can focus on implementing QR codes for CBDC, with long-term upgrades in mind.
Wholesale Payments and Integration
Regarding wholesale payments, Mu suggested integrating the CBDC payment option into the existing interbank payment and settlement systems, rather than completely overhauling them. However, specific technical details about this integration were not provided during the speech.
China continues to develop its controlled yet blockchain-backed digital infrastructure. In August, government officials unveiled the Hangzhou Data Exchange, a new data exchange powered by blockchain technology, designed to facilitate the exchange of corporate IT data.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Bitcoin #CryptoNews #cryptomarket #China #Yuan
Changchun Mu, Director of the Digital Currency Research Institute of the People’s Bank of China, announced on Sept. 3 that the digital yuan, China’s central bank digital currency (CBDC), should become an integral part of all online retail payment options. This move comes as the digital yuan undergoes technological and business model upgrades.
Mu emphasized the developers’ desire to see the digital yuan widely accepted in retail scenarios. The CBDC, also known as the renminbi, has recently undergone significant organizational and business model enhancements, and now it’s time to upgrade payment tools.
Mu called upon commercial banks‘ apps and platforms like WeChat and Alipay to ensure compliance with regulations. In the short term, they can focus on implementing QR codes for CBDC, with long-term upgrades in mind.
Wholesale Payments and Integration
Regarding wholesale payments, Mu suggested integrating the CBDC payment option into the existing interbank payment and settlement systems, rather than completely overhauling them. However, specific technical details about this integration were not provided during the speech.
China continues to develop its controlled yet blockchain-backed digital infrastructure. In August, government officials unveiled the Hangzhou Data Exchange, a new data exchange powered by blockchain technology, designed to facilitate the exchange of corporate IT data.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Bitcoin #CryptoNews #cryptomarket #China #Yuan
$$Yuan's Value Declining👻
$CNY fell to its lowest level v/s $USD in 7 months due to slowing domestic development & declining exports. Global investors have sold their holdings of debt denominated in renminbi and US Treasury yields have risen.
Against the dollar, the yuan dropped as much as 0.6% as markets in China as visitors spending had fallen short of pre-pandemic levels. Renminbi has fallen by almost 5% versus the dollar as a result of the decline.
Yuan to have one of the largest quarterly drops since the nation discontinued a soft peg to the US dollar in 2005. It will also experience the steepest such loss since widespread Covid-19 lockdowns.
#crypto2023 #crypto #Yuan
$CNY fell to its lowest level v/s $USD in 7 months due to slowing domestic development & declining exports. Global investors have sold their holdings of debt denominated in renminbi and US Treasury yields have risen.
Against the dollar, the yuan dropped as much as 0.6% as markets in China as visitors spending had fallen short of pre-pandemic levels. Renminbi has fallen by almost 5% versus the dollar as a result of the decline.
Yuan to have one of the largest quarterly drops since the nation discontinued a soft peg to the US dollar in 2005. It will also experience the steepest such loss since widespread Covid-19 lockdowns.
#crypto2023 #crypto #Yuan
China's Digital Yuan in Cross-Border Finance: A Game Changer. 🇨🇳
- China is making significant strides in integrating the digital yuan into cross-border transactions, aiming to enhance its global financial influence.
- This move goes beyond a simple digital upgrade, representing a strategic shift in the era of digital finance and aligning with BRICS consortium goals to reduce reliance on the US dollar.
The Strategy Behind the Digital Push
- The digital yuan has already gained a foothold in China and is now expanding into cross-border transactions.
- PetroChina's recent use of the digital yuan for oil transactions highlights the strategic depth of China's plan.
- This expansion is part of a broader blueprint to strengthen the BRICS alliance's position in the global financial system.
China’s Expansion of Digital Yuan’s Domain
- The Bank of China's deputy chief executive, Xing Guiwei, is actively promoting the international use of the digital yuan.
- Cross-border projects were initiated in 2020, and significant progress has been made in broadening the digital yuan's applications.
- China's Central Bank has reported a substantial increase in digital yuan transactions, indicating growing momentum.
- With trillions of yuan already being exchanged digitally, the digital yuan's move into cross-border finance is a significant step toward reshaping its global role.
- This venture has the potential to recalibrate international trade mechanisms and is a bold stride toward a potential financial paradigm shift.
- As the digital yuan ventures beyond China, it carries China's vision for a reimagined global financial landscape.
China's ambition to reshape global finance with the digital yuan is not just a digital upgrade; it represents a strategic pivot and aligns with the BRICS consortium's objectives. This move has the potential to redefine international trade and finance, and as it gains momentum, the global financial landscape may undergo a significant transformation.
#China #digitalyuan #Yuan
- China is making significant strides in integrating the digital yuan into cross-border transactions, aiming to enhance its global financial influence.
- This move goes beyond a simple digital upgrade, representing a strategic shift in the era of digital finance and aligning with BRICS consortium goals to reduce reliance on the US dollar.
The Strategy Behind the Digital Push
- The digital yuan has already gained a foothold in China and is now expanding into cross-border transactions.
- PetroChina's recent use of the digital yuan for oil transactions highlights the strategic depth of China's plan.
- This expansion is part of a broader blueprint to strengthen the BRICS alliance's position in the global financial system.
China’s Expansion of Digital Yuan’s Domain
- The Bank of China's deputy chief executive, Xing Guiwei, is actively promoting the international use of the digital yuan.
- Cross-border projects were initiated in 2020, and significant progress has been made in broadening the digital yuan's applications.
- China's Central Bank has reported a substantial increase in digital yuan transactions, indicating growing momentum.
- With trillions of yuan already being exchanged digitally, the digital yuan's move into cross-border finance is a significant step toward reshaping its global role.
- This venture has the potential to recalibrate international trade mechanisms and is a bold stride toward a potential financial paradigm shift.
- As the digital yuan ventures beyond China, it carries China's vision for a reimagined global financial landscape.
China's ambition to reshape global finance with the digital yuan is not just a digital upgrade; it represents a strategic pivot and aligns with the BRICS consortium's objectives. This move has the potential to redefine international trade and finance, and as it gains momentum, the global financial landscape may undergo a significant transformation.
#China #digitalyuan #Yuan
GLOBAL MARKETS - Stock Market / Foreign Exchange / Bonds / Oil / Gold
#news As Asian stock markets declined after Beijing failed to announce any new steps to support the slowing economy, investors will be watching how much pro-tightening statements US Central Bank Governor (Fed) Jerome Powell, who will speak in front of Congress today, will use.
The MSCI index, which tracks Asia-Pacific stock markets outside Japan (.MIAPJ0000PUS) declined 0.81%, while Japan's Nikkei index NI225 it registered an increase of 0.66%.
Powell, who will address Congress today and tomorrow, will most likely answer questions from politicians about whether interest rates will really rise again in July and whether they will reach the peak in the December range of 5.5%- 5.75% as predicted. #crypto2023
On the other hand, the minutes of the last meeting of the Bank of Japan (BOJ) showed that only one of the nine board members recommended a rethink of the policy of keeping bond yields low, after which he even said that it would be better to wait for a while.
The lack of haste in this regard restricts the rises in the yen and the dollar is at 141.6 yen
USDJPY
he is expected to hold. This level is quite close to the seven-month peak recorded yesterday with 142.26.
Sterling will face a big test due to consumer prices data, which will be released later in the day in the UK. In the event of an upward surprise in the data, the Bank of England (BoE) may come under pressure to raise interest rates by 50 basis points at tomorrow's monetary policy meeting.
Headline consumer price inflation in the UK is forecast to fall to 8.4%, but core inflation will remain stable at 6.8%.
Futures indicate that the BOE will increase by 50 basis points with a 25% probability. (0#BOEWATCH)
(The data below are as of TSI 0842. The ones with the '*' sign next to it are the closing data.) #Binance
currency exchange
The dollar maintained its gains in Asian trading after unexpectedly strong US housing construction data, while the yuan and the Australian dollar tried to recoup their losses.
Fed Chairman Jerome Powell's speech in front of Congress will be watched. The dollar index, which measures the dollar against six major currencies
DXY it rose 0.06% to 102.57.
#Yuan
USDCNY
while it declined by 0.03% yesterday, it fell in offshore transactions today.
USDCNH
The yuan hovered near a seven-month low at 7.1826.
Australian dollar
AUDUSD After the Reserve Bank of Australia (RBA) raised interest rates this month, it extended its losses when the minutes of its last meeting showed that the central bank was less pro-tightening than expected. It last traded at $0.6790 after a 0.9% decline yesterday.
Dollar against yen
USDJPY it was trading up 0.23% at 141.77.
Euro/dollar
EURUSD it fell 0.02% to 1.0914.
oil
Oil prices recovered in early trading today after declining on both trading days, while expectations that Fed Chairman Powell will speak in favor of tightening later in the day and a possible reduction in US crude oil inventories became more dominant than worries about demand in China.
Brent crude oil's near-term barrel price BRN1! it was trading 0.45% higher at $76.24. US light crude oil CL1! it was trading 0.56% higher at $71.59.
gold
Gold prices were hovering in a narrow December today after losing both trading days, while investors avoided taking positions ahead of Powell's speech to Congress. The price of gold in ounces on the spot market GOLD it was trading 0.02% higher at $1,936.60. US gold futures #GOLD it hovered at 1,948.40.
The MSCI index, which tracks Asia-Pacific stock markets outside Japan (.MIAPJ0000PUS) declined 0.81%, while Japan's Nikkei index NI225 it registered an increase of 0.66%.
Powell, who will address Congress today and tomorrow, will most likely answer questions from politicians about whether interest rates will really rise again in July and whether they will reach the peak in the December range of 5.5%- 5.75% as predicted. #crypto2023
On the other hand, the minutes of the last meeting of the Bank of Japan (BOJ) showed that only one of the nine board members recommended a rethink of the policy of keeping bond yields low, after which he even said that it would be better to wait for a while.
The lack of haste in this regard restricts the rises in the yen and the dollar is at 141.6 yen
USDJPY
he is expected to hold. This level is quite close to the seven-month peak recorded yesterday with 142.26.
Sterling will face a big test due to consumer prices data, which will be released later in the day in the UK. In the event of an upward surprise in the data, the Bank of England (BoE) may come under pressure to raise interest rates by 50 basis points at tomorrow's monetary policy meeting.
Headline consumer price inflation in the UK is forecast to fall to 8.4%, but core inflation will remain stable at 6.8%.
Futures indicate that the BOE will increase by 50 basis points with a 25% probability. (0#BOEWATCH)
(The data below are as of TSI 0842. The ones with the '*' sign next to it are the closing data.) #Binance
currency exchange
The dollar maintained its gains in Asian trading after unexpectedly strong US housing construction data, while the yuan and the Australian dollar tried to recoup their losses.
Fed Chairman Jerome Powell's speech in front of Congress will be watched. The dollar index, which measures the dollar against six major currencies
DXY it rose 0.06% to 102.57.
#Yuan
USDCNY
while it declined by 0.03% yesterday, it fell in offshore transactions today.
USDCNH
The yuan hovered near a seven-month low at 7.1826.
Australian dollar
AUDUSD After the Reserve Bank of Australia (RBA) raised interest rates this month, it extended its losses when the minutes of its last meeting showed that the central bank was less pro-tightening than expected. It last traded at $0.6790 after a 0.9% decline yesterday.
Dollar against yen
USDJPY it was trading up 0.23% at 141.77.
Euro/dollar
EURUSD it fell 0.02% to 1.0914.
oil
Oil prices recovered in early trading today after declining on both trading days, while expectations that Fed Chairman Powell will speak in favor of tightening later in the day and a possible reduction in US crude oil inventories became more dominant than worries about demand in China.
Brent crude oil's near-term barrel price BRN1! it was trading 0.45% higher at $76.24. US light crude oil CL1! it was trading 0.56% higher at $71.59.
gold
Gold prices were hovering in a narrow December today after losing both trading days, while investors avoided taking positions ahead of Powell's speech to Congress. The price of gold in ounces on the spot market GOLD it was trading 0.02% higher at $1,936.60. US gold futures #GOLD it hovered at 1,948.40.
