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China's digital money

The launch could help internationalise the yuan

Topics
People's Bank of China | China | One Belt One Road

Business Standard Editorial Comment 

The People’s Bank of China has just launched its new digital currency, the digital yuan or renminbi. In the initial pilot phase, the currency with its specific app will be available for download and use in cities such as Shenzhen, Chengdu, Suzhou, and the Beijing “smart suburb” of Xiongan.

This is the first time a major central bank is launching a digital currency, and it could have far-reaching ramifications on international trade as well as China’s domestic economy. Not much is known yet about the digital yuan but it is said to share some features with ...

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First Published: Sat, May 02 2020. 19:34 IST
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