NEWS: China tech giants lobby for yuan-based stablecoin

By Vidya Ranganathan

CHINA based tech giants JD.com and Alibaba affiliate Ant Group are urging the central bank to authorise yuan-based stablecoins to counter the growing sway of U.S. dollar-linked cryptocurrencies, people with direct knowledge of the discussions said.

The two firms propose China allow the launch of stablecoins in Hong Kong pegged to its offshore yuan to help promote global use of the Chinese currency and fend off the dollar’s growing digital influence, the two sources said.

AML Intelligence
Subscribe now to have unlimited access

With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!

Source link

Visited 1 times, 1 visit(s) today

Related Article

A man works at a chip maker in Binzhou city, in east China's Shandong province on January 15, 2025.

US lifts chip design software curbs against China following London trade talks

Hong Kong CNN  —  The administration of US President Donald Trump has lifted restrictions on exports of chip design software to China, as Washington and Beijing work to dial down hostilities as part of a recent trade agreement. All three leading chip design software companies – Synopsys, Cadence and Siemens – said they were notified

U.S. Aircraft Carrier Transits South China Sea

US and China’s Aircraft Carriers Show Force in Contested Waters

The United States and China have deployed aircraft carriers in the South China Sea—where the sovereignty claims of several countries overlap—as they compete for naval dominance. USS George Washington was patrolling the U.S. Seventh Fleet’s area of operations—which refers to the western Pacific and Indian Oceans—with a strike group, the U.S. Navy said. Meanwhile, CNS

Workers making fireworks at a factory in Liuyang, China.

How the U.S.-China trade war could leave skies dark on the Fourth of July

LIUYANG, China — There are few sights more dazzling than fireworks on the Fourth of July. Yet all the sparkle and sound on the most American day of the year relies almost solely on China, which is mired in a trade war with the United States that could disrupt fireworks displays across the country from

Workers clean-up post-flood China

China’s north and west on red alert for heavy rains after deadly floods | Weather News

Weather warnings come as Vice Premier Zhang Guoqing urges officials in Hebei province to up their evacuation efforts. Northern and western China remain on high alert as torrential rain threatens to bring more flash flooding and landslides, following weather-related deaths in other parts of the country. Red alerts were in force on Thursday as rains

US-Vietnam tariffs bode ill or worse for China — TradingView News

US-Vietnam tariffs bode ill or worse for China — TradingView News

There’s precious little information about the trade agreement Donald Trump says he has struck with Vietnam. Hanoi hasn’t even fully confirmed the details the U.S. president laid out in a social media post on Wednesday. Taken alongside Trump’s other tentative pact with the UK, however, this details-light bargain appears to show that bilateral tariff talks

[News] U.S. Reportedly Lifts Export Curbs on EDA Software to China

[News] U.S. Reportedly Lifts Export Curbs on EDA Software to China

According to Bloomberg, the Trump administration has eased certain export license requirements for selling EDA software to China. As part of a trade agreement finalized last week, the U.S. agreed to permit shipments of chip design tools, ethane, and jet engines—on the condition that Beijing honors its commitment to expedite approvals for critical mineral exports,

0
Would love your thoughts, please comment.x
()
x