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Tech Giants Help PBOC On Global Digital Yuan: Daily

CHINA PRESS
MNI (Sydney)

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 people. PBOC officials said that foreign individuals and entities can hold digital yuan without having bank accounts in Chinese banks, allowing more convenient cross-border payments, the Daily report said.

MNI Sydney Bureau | +61-405-322-399 | lachlan.colquhoun.ext@marketnews.com
MNI Sydney Bureau | +61-405-322-399 | lachlan.colquhoun.ext@marketnews.com

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