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.
People’s Bank of China clarified that there is still “no timetable” on a formal digital yuan launch, despite the ongoing pilot project.
Digital Yuan Has No Launch Date, Bank of China Stresses Amid Rumors of Looming Rollout
Hong Kong-based AI startup SenseTime partnered with PBoC’s digital currency research unit to continue the development of the digital yuan.
Alibaba-Backed AI Startup SenseTime to Help China Handle Digital Yuan
Starbucks and McDonald’s are among the many retail companies that will allegedly support digital yuan payments in Xiong’an, one of four pilot program locations.
Starbucks and McDonald's Rumored to Be Testing China's Digital Currency
Central Bank of China claims that digital Yuan will not cause inflation.
Bank Of China Says Digital Yuan Will Not Cause Inflation
Screenshots of a purported pilot version of a wallet app for China’s forthcoming digital yuan are now circulating on social media.
China’s Digital Yuan Reportedly to Test in Four Cities
The new Coronavirus outbreak has pushed Chinese officials to track individual citizens by their medicine purchases, which presents major ramifications for crypt...
China Tracks Victims of Coronavirus with WeChat and Alipay
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