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.
CCP officials want to see the e-CNY surpass $300 billion in transactions in 2023 through promotional efforts.
Chinese Communist Party officials issue KPIs for e-CNY transactions in Suzhou
Hainan’s market regulator wants to promote nonfungible tokens as part of the digital economy, but will actively work to weed out bad actors and speculative beha...
China’s Hainan to boost NFT oversight as digital yuan trial ramps
China’s central bank digital currency (CBDC) has seen new use cases in recent days, including buying securities and making offline payments.
China’s digital yuan gets smart contract functionality alongside new use cases
The 13.61 billion e-CNY represented roughly 0.13% of the 10.47 trillion yuan in circulation at the end of 2022.
China’s central bank includes digital yuan in report on currency circulation
A former China central banker said cumulative e-CNY transactions only crossed $14 billion in two years, adding the results were “not ideal.”
Former Chinese central banker says digital yuan ‘usage has been low’
A traditional Chinese way of gifting money that’s gone virtual with the rise of digital payments has been introduced into the digital yuan wallet app.
China’s CBDC wallet resorts to ages-old tradition to boost adoption
Despite a common mantra about the nonpartisan nature of crypto, there are certain correlations evident ahead of the United States elections.
Here’s what you should know about the upcoming US midterms: Law Decoded, Oct. 31–Nov. 7