The yuan is the primary unit of the renminbi – the official name of the Chinese currency. Chinese currency itself is also often referred to as yuan. The term “Chinese yuan” is mostly used to refer to renminbi by international finance institutions. Yuan is issued by the People’s Bank of China, which has total control over the currency. Yuan is currently one of the most traded currencies due to internationalization of Chinese businesses and the expansion of Chinese exports. Chinese yuan circulates in Thailand, Pakistan, Mongolia and some other Asian countries. As the Chinese economy grows, the yuan gathers more and more influence on international markets. The price of the yuan had a crucial impact on the cryptocurrency industry as most exchanges were Bitcoin to yuan interactions, operated through China-based crypto exchanges. However, due to the large number of regulations, the Chinese yuan lost most of this impact on Bitcoin after 2017.
The Bank of France processed $2.4 million worth of fund units using a CBDC in December as part of ongoing experiments into blockchain and stablecoin technology....
Bank of France settles $2.4M fund in central bank digital currency pilot
The yuan is not seen as a major currency. Could digitizing it change that? China is breaking new ground in the Shenzhen region and beyond.
China turns up pace on CBDC release, tests infrastructure prior to adoption
The United States Federal Reserve needs its own digital currency to protect against a possible overnight proliferation of stablecoin technology, says Fed chairm...
US Fed: CBDC a ‘very high priority’ to combat bad private sector money
New Year Special
2021 & 2022 touted to be the most important years for the development of CBDCs
Cointelegraph predictions for the first 5 CBDCs of 2021-2022
The Agricultural Bank of China has launched an ATM pilot program that enables citizens to convert cash and savings to and from the digital yuan.
State-owned Chinese bank rolls out ATMs for digital yuan
Winners of the city's lottery will have 10 days to spend their gifted digital currency at any of 10,000 supported merchants.
Selected Shenzhen residents to get lottery 'red envelopes' with digital yuan
A former PBoC official says that his country has taken a cautious approach with the digital yuan.
China has no plan to replace USD with digital yuan, former PBoC head says