2 / 2 Relevant items tagged with #Yuan

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Economist Predicts Shift to Tripolar Reserve Currency World — Yuan, Euro to Disrupt US Dollar’s Dominance

[Apr 29, 2023 4:00 PM] Economist Stephen Jen, a former Morgan Stanley managing director, expects a shift “from a unipolar reserve currency world to a multipolar world,” with the Chinese yuan, the euro, and the U.S. dollar forming a “tripolar” reserve currency…

Almost 50 Russian Banks Accept Yuan Deposits Amid Low Demand for Dollar Accounts

[Apr 29, 2023 2:00 AM] A growing number of banking institutions in Russia are offering customers the option to save in Chinese yuan. The trend coincides with declining demand for U.S. dollar and euro deposits amid currency restrictions that triggered a flight of funds to…

BRICS Currencies to Have No Alternative, Former Russian President Medvedev Says

[Apr 27, 2023 3:30 AM] Fiat currencies of BRICS member states will have no alternative in the future, according to former President of Russia Dmitry Medvedev. Nations in the bloc need to think about their digital forms and a digital currency issued by the group as a…

China to expand CBDC use case for Belt and Road Initiative

[Apr 24, 2023 7:11 AM] China was one of the first nations to start working on its CBDCs. However, despite the completion of its development, the government is yet to officially launch the CBDC.

Dollar Dominance Fading Amid Growing China Trade, Russia Sanctions Risks, Ray Dalio Says

[Apr 20, 2023 4:30 PM] Fewer nations are willing to hold the U.S. dollar as America’s share in the global economy becomes smaller while China’s role in international trade expands, billionaire Ray Dalio noted. The founder of the world’s largest hedge fund also said that�

Hong Kong’s Largest Virtual Bank Offers Crypto Conversion Services

[Apr 14, 2023 7:30 PM] ZA Bank, Hong Kong’s biggest virtual-only lender, intends to expand its business into the region’s growing digital assets sector. The banking platform will offer crypto-to-fiat conversions and account services as the Chinese financial center is…

Bank of Russia Analysts Note Ditching US Dollar Is ‘Hardly Possible’ Without Structural Changes to Foreign Trade

[Apr 14, 2023 12:00 AM] A report from the research department of the Bank of Russia shows that, due to the structure of foreign trade contracts, it will be difficult to ditch the usage of the U.S. dollar to settle payments. The analysts found that contracts are often…

Brazil’s President Lula Urges Developing Countries to Abandon Dollar as Global Reserve Currency

[Apr 13, 2023 11:30 AM] According to Brazil’s president Luiz Inácio Lula da Silva, developing countries should abandon the U.S. dollar and strengthen their own national currencies. During a speech at the New Development Bank in Shanghai, Lula expressed his nightly…

Hong Kong virtual bank to offer crypto conversions and accounts: Report

[Apr 11, 2023 11:50 PM] The account services for crypto firms come at a time when U.S.-based firms are struggling to find local banking partners and are frequently looking abroad.

Dollar to Play Lesser Role Due to Its Weaponization, Digital Currencies, Economist Jeffrey Sachs Says

[Apr 9, 2023 11:30 PM] Within the next decade, the U.S. dollar will play a much less dominant role than it is today, according to Jeffrey Sachs. The renowned economist listed a few factors for the diminishing status of the greenback such as its use as a political weapon…

China Ready to Talk Asian Monetary Fund to Cut Dollar Dependence, Malaysia Says

[Apr 5, 2023 8:00 AM] An idea to establish an Asian Monetary Fund has caught the attention of the Chinese leadership, the head of the Malaysian government revealed. The prime minister believes there is no reason for his country, which is hurting from a strong U.S…

CBDCs should protect privacy, not be a surveillance tool: Former CFTC chair

[Mar 13, 2023 9:12 PM] Former CFTC Chair Christopher Giancarlo says that Anti-Money Laundering and Know Your Customer measures are both outdated and constitutionally questionable and that crypto technology could do better.

WeChat integrates digital yuan into its payment platform

[Mar 7, 2023 7:11 AM] Chinese social media platform WeChat has incorporated the digital yuan in its payment app to boost the CBDC’s popularity.

Russian Bank Issues Bank Guarantee in Chinese Yuan Using Blockchain

[Mar 2, 2023 8:00 AM] A bank in Russia has issued the country’s first blockchain-based bank guarantee denominated in Chinese currency. The financial institution underscored the advantages of using a digital form of the document and pointed out that demand for yuan…

Saudi Arabia Open to Trading in Currencies Other Than US Dollar, Signaling a Shift Toward De-Dollarization

[Jan 19, 2023 9:30 AM] After a 48-year relationship solely with the U.S. dollar, Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, said the kingdom is open to trading in currencies other than the U.S. dollar. The statements follow China’s president, Xi…

China's central bank includes digital yuan in report on currency circulation

[Jan 11, 2023 2:45 PM] 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 Digital Yuan Little Used, Former Central Bank Official Says

[Dec 31, 2022 8:30 AM] Trials of the digital yuan have produced disappointing results, according to a report quoting the former head of research at the Chinese central bank. The new form of national fiat has brought no benefits to the banks and should expand beyond being…

China’s CBDC wallet resorts to ages-old tradition to boost adoption

[Dec 28, 2022 1:00 AM] 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.

Report: Chinese Company Launches Digital Currency Insurance Product

[Dec 13, 2022 6:30 AM] The Suzhou branch of the Chinese insurance company China Pacific Insurance, together with the Bank of Communications, recently announced the launch of a digital currency account insurance product. The launch comes at a time when the number of…

Russia’s Largest Digital Asset Deal Denominated in Chinese Yuan

[Dec 5, 2022 1:00 AM] A Russian company has announced the country’s first authorized transaction with digital financial assets (DFAs) involving a foreign currency, China’s yuan. The deal, reportedly the largest made to date under the current Russian DFA law, covers the…