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MNI BRIEF: China's Digital Yuan No Big Shock To Global Finance


China's digital currency will not unsettle the global financial system as it is now mainly used in small amounts for domestic retail transactions, said Zhou Xiaochuan, former governor of the People's Bank of China at the Boao Forum for Asia on Wednesday, according to the China Securities Journal.

Zhou denied the digital yuan would have a huge impact as some comments have suggested and said it would mainly facilitate cross-border business exchanges and tourist visits.

China should gradually improve the reputation of the yuan and its free use, while also improving infrastructure like cross-border payment systems, said Zhou.

MNI Singapore Bureau | +65 9 632 1991 |
MNI Singapore Bureau | +65 9 632 1991 |

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