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.
Head of the digital currency research institute at China’s central bank Mu Changchun said that the digital form of the yuan will be different from Bitcoin and s...
Central Bank of China Official Says Digital Yuan Will Be Different From Bitcoin
In its new “Outrageous Predictions” report, Danish Saxo Bank says that Asia will launch its own blockchain-based digital asset in 2020.
Saxo Bank’s Outrageous Prediction 2020: Asia Launches DLT-Based Asset
China’s digital currency approach will favor international payments and domestic retail system, former PBoC governor Zhou Xiaochuan said.
Former PBoC Head: China’s Digital Yuan Will Favor Payments and Retail
China’s Xi Jinping is pushing his government to adopt blockchain-enabled technologies as the country gears up to release its own CBDC.
China Is Pushing Blockchain Adoption, Seizing the Momentum From US
Stablecoin firm Tether announced that it is launching a new stablecoin pegged to the offshore Chinese yuan.
Tether Launches New Stablecoin Pegged to Offshore Chinese Yuan
Inverse correlation between Bitcoin and Chinese yuan reaches has hit record levels over the past week amid global economic uncertainty.
Bitcoin Hit Record Inverse Correlation to Chinese Yuan in Past Week
Crypto exchange Bitfinex shareholder Zhao Dong has claimed that sister firm Tether plans to release a version of the stablecoin backed by a basket of commoditie...
Tether Mulls Commodity-Backed Stablecoin to Cut Bank Risk: Report