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在线翻译:
szdaily -> Markets -> 
More cities to set digital yuan trials
    2021-04-20  08:53    Shenzhen Daily

CHINA will expand digital yuan experiments to more cities, but there is no specific timetable for its official rollout, People’s Bank of China Deputy Governor Li Bo told an annual gathering Sunday of top Chinese and foreign policymakers, executives and academics.

China is one of the frontrunners in the global race to launch central bank digital currencies to modernize financial systems, ward off the threat from cryptocurrencies like Bitcoin and speed up domestic and international payments.

Last year, it launched testing in several cities including Suzhou, Shenzhen, Chengdu and Xiong’an.

Li said testing had shown that the issuance and distribution mechanism of the digital yuan, or e-CNY, are compatible with the existing financial system, and help minimize the impact on the banking sector.

China will continue to improve e-CNY’s ecosystem, enhance its security and reliability, and set up a set of legal and regulatory framework, Li said at the Boao Forum in the country’s southern island province of Hainan. The forum was canceled last year due to COVID-19.

The digital currency will be used by Chinese citizens as well as foreign visitors to the Beijing Winter Olympics to be held next year, he said.

Li also said the focus of developing the e-CNY will be mainly for domestic use, while cooperating with other countries to find a solution for cross-border payments in the long run.

The yuan internationalization will be a natural process, and China’s goal is not to replace the U.S. dollar or other global currencies, Li added.

Zhou Xiaochuan, China’s former central bank governor, told the same forum that China’s initial motivation for developing the digital yuan was for domestic retail payments, not for cross-border payments, which still face many complex issues.

Agustin Carstens, general manager of Bank for International Settlements, said at the same forum there was huge potential in the cross-border use of digital currencies as they could make foreign exchange transaction and payment settlement extremely efficient.

While the digitization of the yuan could benefit its use in cross-border deals, the key factor in determining the currency’s global role is whether China will relax its capital controls, said Shen Jianguang, chief economist at JD.com Inc. (SD-Agencies)

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