Chinese experts say the trial-stage digital yuan could expand the renminbi’s international use, especially through cross-border payments and e-commerce, as the PBOC explores pilot programs for e-CNY settlements.
China’s central bank added more gold in July, lifting reserves to 2,300 tonnes, while ETF outflows, softer futures trading, and weak first-half imports pointed to subdued domestic demand.
PBOC Governor Pan Gongsheng said China will continue advancing yuan internationalization by building a safer, more efficient, and diversified cross-border payment system while deepening financial cooperation with the EU and Global South countries.
China's top legislature has passed the first Civil Code of the People's Republic of China, explicitly expanding inheritance rights to include virtual assets such as bitcoin and ethereum, with multiple courts already ruling them as legally protected property.
Circle CEO Jeremy Allaire said a yuan-backed stablecoin could emerge within three to five years, arguing that currency competition is shifting toward blockchain infrastructure. He also pointed to Hong Kong’s licensing progress as a potential launchpad for regulated yuan-linked tokens.
Circle CEO Jeremy Allaire predicts China could launch a yuan-backed stablecoin within 3-5 years, calling it a 'huge opportunity' for currency competition. USDC market cap reaches $78.6B; Hong Kong issues stablecoin licenses to HSBC.
Circle CEO Jeremy Allaire said a yuan-backed stablecoin could emerge within three to five years, with Hong Kong positioned as a likely launchpad as stablecoins become a new arena for currency competition.
Circle CEO Jeremy Allaire predicts a yuan-backed stablecoin launch from China in 3-5 years, calling it a 'huge opportunity.' USDC market cap reached $78.6B amid geopolitical demand. Hong Kong licenses HSBC for stablecoins, signaling China's digital currency strategy shift.
