MNI China Press Digest Nov 10: Yuan, Digital Pay, Covid Cases

The following lists highlights from Chinese press reports on Tuesday:

The yuan could appreciate further after trading at 6.61 to the US dollar on Nov. 9, the highest level since June 2018, the Economic Information Daily reported on Tuesday citing Li Chao, an economist from Zheshang Securities. China is obtaining both trade and capital surpluses, while the U.S. registered an unprecedented fiscal deficit above 15% of GDP, both of which helped boost the yuan, the Daily cited Lian Ping, the chief economist of Zhixin Investment. The yuan's internationalization and the further opening of the Chinese financial market should push further appreciation and attract more investors and traders into the Chinese financial markets, Lian told the Daily.

Chinese technology leaders Huawei Technologies and Alibaba Group participated in building the cross-border payment network for China's digital currency with the People's Bank of China, China Daily reported citing people familiar with the project. Building such a system would be long and complicated, requiring the cooperation of other central banks, the Daily reported citing unidentified sources. PBOC officials said that foreign individuals and entities could hold digital yuan without having accounts in Chinese banks, allowing more convenient cross-border payments, the Daily report said.

China reported one new asymptomatic COVID-19 case in Tianjin on Monday, while confirming another in Shanghai on the same day, China Daily reported citing local authorities. The patient in Tianjin tested positive after handling a shipment of frozen pork from Germany, China Daily reported. The patient in Shanghai worked as a cargo porter at the Shanghai Pudong International Airport and hasn't left Shanghai for months, according to the report. China had reported 33 new infection cases by midnight on Monday, the Daily said citing data from the National Health Commission.