News about YUAN

News about Yuan

Circle CEO Expects Yuan-Backed Stablecoins Despite China's Crypto Ban

According to SCMP, despite the stringent ban on cryptocurrencies in mainland China, Jeremy Allaire, the co-founder and CEO of Circle, a leading operator of the USDC stablecoin, foresees a significant role for yuan-backed stablecoins in the global cry...

China could benefit from yuan stablecoin over its CBDC - Circle CEO

China may have banned the use of cryptocurrencies, but stablecoins might have a role to play in the proliferation of its national currency. Although China has closed...

China Should Consider Yuan-Backed Stablecoins Instead of CBDCs, Circle's Allaire Says

submitted by /u/ProudBitcoiner [link] [comments]

Central Banks Reduce US Dollar Holdings, Plan to Increase Chinese Yuan Exposure, Study Shows

A study by a $1.5 trillion asset management firm has revealed that central banks are reducing their U.S. dollar holdings while seeking to increase Chinese yuan holdings. “Central banks are diversifying currency holdings, stirred by geopolitical...

Singapore’s DBS Bank Debuts Digital Yuan Payments For Chinese Merchants

DBS, one of the leading banks in Asia, has become one of the first foreign banks in China to introduce a digital yuan merchant collection solution, enabling businesses to accept payments in China’s central bank digital currency (CBDC), the e-CN...

Crypto-friendly DBS Bank launches digital yuan payment tool

Crypto-friendly bank DBS has conducted the first e-CNY transaction for corporate clients, involving a catering company in Shenzhen. Cryptocurrency-friendly bank DBS is...

Crypto-friendly DBS Bank launches digital yuan transaction tool

Crypto-friendly bank DBS has conducted the first e-CNY transaction for corporate clients, involving a catering company in Shenzhen. Cryptocurrency-friendly bank DBS is...

Chinese City of Jinan Implements Digital Yuan Payments for Public Transportation Fares

Jinan, the capital of the Chinese province of Shandong, has recently included the digital yuan as a means of payment for its public transportation system. According to local sources, digital yuan payments were implemented on July 1 in all city buses...

Jinan Leads the Way: China’s First Cashless Bus Network Accepts Digital Yuan Payments

Jinan, the bustling capital of Shandong Province in China, now accepts payments using the digital yuan and has already been tried on its major bus like the B52 and BRT5. This marks a new dawn for China’s adoption of digital currencies in their...

Latam Insights — Argentina Settles IMF Payment in Yuan; Brazilian CBDC to Be Launched in 2024

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, Argentina settles part of its $44 billion debt with the International Monetary Fund (IMF) using the Chinese y...

Dedollarization Accelerates as Argentina Makes IMF Payment Using Yuan

Dedollarization Accelerates as Argentina Makes IMF Payment Using Yuan!!! submitted by /u/Martial_arts_mom [link] [comments]

Argentina Allows Banks to Open Yuan Accounts — Economist Says It Could Boost Chinese Currency as Safe Haven Alternative to US Dollar

The central bank of Argentina has officially included the Chinese yuan as a recognized currency for making deposits in bank accounts. “Opening yuan accounts could attract more people and enterprises to exchange Argentinian peso to yuan, as more or le...

Shanghai Clearing House Introduces Support for Digital Yuan Settlements

The Shanghai Clearing House, Asia’s first counterparty clearing institution, announced support for payments made with the digital yuan Monday. According to reports, the move will allow companies to settle transactions for commodities in bulk, p...

IMF Director: Iranians, Brazilians, Saudis Switching to Trade in Chinese Yuan as De-Dollarization Gains Momentum

The International Monetary Fund’s (IMF) executive director for Russia says a growing number of countries are switching to trade in Chinese yuan, not only with China but also with third countries. He stressed that it is wrong for the U.S. dollar...

Yuan Usage Soars in Argentina: Over 500 Companies Request to Pay for Imports in Chinese Currency, Report

Over 500 companies in Argentina have reportedly requested to pay for imports using Chinese yuan as the U.S. dollar shortage worsens. “The central bank doesn’t have dollars so it needs the emergency aid China is offering,” a trade economist in Buenos...

CBDC: Shanghai Financial Service Launches Digital Yuan Services

The Chinese central bank’s financial services clearing counterparty, the Shanghai Clearing House, launched digital yuan (a CBDC) clearing and settlement services on Monday, July 26. According to a June 26 announcement, the latest services enab...

Argentina Settled Almost 20% of Its Imports in April and May Using the Chinese Yuan

The government of Argentina has noted that 19% of all imports authorized in the national system were settled using the Chinese yuan in April and May. $2.72 billion in Chinese yuan were approved to complete these payments, taking advantage of the Chin...

Chinese Version CBDC (Digital Yuan) Applied to Guangzhou Housing Provident Fund Loans

The Guangzhou Housing Provident Fund Management Center has successfully implemented the usage of the Chinese version of the Central Bank Digital Currency (CBDC), commonly known as the digital Yuan, for housing provident fund loans. (Read More)

Economist Discusses Viability of BRICS Currency — Says Pegging to Chinese Yuan Would Be ‘First Major Step’

An economist, who previously worked at the Bank for International Settlements (BIS), has provided insights on the possibility of a BRICS currency coexisting with the U.S. dollar. Noting that China is a major trading partner of all BRICS nations, he s...

Massive Online Transition for Tax and Fee Business in China, Digital Yuan Payment in Pilot Use

Shen Xinguo, Director of the Taxpayer Services Division of the State Administration of Taxation, announced that 96% of tax matters and 99% of tax declarations in China can now be handled online, marking a significant move towards digitalization in th...

Chinese Yuan, Euro, Digital Currencies Challenge US Dollar Dominance, TD Economist Says

A senior economist at financial services firm TD says the Chinese yuan, the euro, and digital currencies could erode the U.S. dollar’s dominance. “Several countries have shown frustration with the dominance of the dollar and are pursuing alternatives...

Bitcoin Vs USD vs Yuan vs Gold

As I delve deeper into my journey of understanding cryptocurrency from my humble office desk, it seems like the Biden administration keeps dropping hints about potentially barring US investors from putting their money in certain sectors within China....

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