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.
Bank of Communications and China Construction Bank are working with fund managers and insurers to facilitate e-yuan payments for Chinese citizens.
Chinese banks explore e-yuan for selling investment funds and insurance
China’s Foreign Ministry responded to U.S. senators’ claim regarding the digital yuan’s function as a tracking and tracing tool during the 2022 Beijing Winter G...
China wants US senators to ‘stop making trouble’ out of digital yuan
Three senators urged the Olympic committee to work with federal agencies "to protect the privacy of American athletes from the Chinese Communist Government."
US lawmakers don't want Olympic athletes to use digital yuan at 2022 games
From being labeled impractical to nearing mainstream deployment, the digital yuan can transform the global economic landscape.
China’s digital yuan deploys at speed, leaving dust in its path
Beijing's rail transit service now accepts digital yuan for subway rides through an integration with the Industrial and Commercial Bank of China.
Beijing subway now accepts digital yuan
China reportedly implemented the country’s first blockchain-powered digital yuan transactions in the Xiong’an New Area.
China debuts blockchain-based digital yuan salary payments in Xiong’an
Major tech and commerce firms have been instrumental in helping China's central bank develop the digital yuan.
Ant Group highlights private sector's role in developing digital yuan