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The Hunt for the Russian Trace: Chinese Banks Implement Stricter Compliance for Foreign Payments
22.11.2024
Chinese banks have implemented additional compliance measures for payments from the United Arab Emirates (UAE), India, and Hong Kong, which have traditionally served as trade partners for Russia. These measures aim to identify Russian businesses using third countries as proxies to complete...
Rise in Chinese Banks Issuing Digital Yuan Corporate Loans
11.10.2023
More Chinese banks are issuing loans in the digital yuan, the nation’s central bank digital currency (CBDC), as e-CNY corporate financing options diversify.
Per Nanhai Net (via Hainan News), the latest development has taken place on the island province of Hainan, in the city of Sanya....
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Chinese Banks, Firms Make Digital Yuan Smart Contract Progress
22.9.2023
Chinese banks and businesses want to step up their use of digital yuan-powered smart contracts, as the financial and industrial sectors eye CBDC progress.
Per the Securities Times (via Stockstar), the state-run Postal Savings Bank of China has “officially” co-launched the nation’s first...
Chinese Banks Join Beijing’s Efforts to Integrate CBDC With Social Security Cards
6.7.2023
Chinese state-owned banks are set to join efforts to integrate the nation’s central bank digital currency (CBDC), the digital yuan, with government-issued social security cards.
Late last month, the Chinese Ministry of Human Resources and Social Security said it wanted to “explore and promote”...
Chinese Banks Roll Out More Digital Yuan Wealth Management Options
16.6.2023
Chinese banks will let their customers pay for more wealth management products using the digital yuan, as the nation’s central bank digital currency (CBDC) continues to branch out.
Per the Chinese media outlet Financial Report Network (via Stockstar), the state-owned China Construction Bank (CCB)...
Chinese State-Owned Banks Cut Dollar Deposit Rates — Dismiss Government Influence Claims
9.6.2023
Major Chinese state-owned banks have lowered interest rates on U.S. dollar deposits. However, they reportedly dismissed claims that the moves were influenced by the Chinese government, stating that the rate cuts were market-driven. Chinese Banks Reduce Dollar Deposit Rates Major Chinese state-owned...
Hong Kong crypto firms seeing interest from Chinese banks: Report
27.3.2023
Several Chinese banks have been seeking to offer services to crypto firms in Hong Kong, despite a ban on crypto on the Chinese mainland
China’s Yuan Continues to Depreciate Against Greenback, Real Estate Crisis Exposed 2 Decades of Accumulated Risk
26.8.2022
China’s sovereign currency, the yuan, has slid significantly in value during the last few months as it has shed 8% against the U.S. dollar during the first half of 2022. China’s fiat currency is currently the weakest it has been against the U.S. dollar in roughly two years. Amid...
Chinese Banks Launch Automatic Digital Yuan-to-Fiat Conversion Tools
11.5.2022
Chinese banks are exploring new methods of enabling digital yuan users to earn interest on their central bank digital currency holdings – with “smart management” tools that can detect when funds have been left idle for long periods of time....
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‘All Winter Olympics Merchants Now Accept Digital Yuan,’ Say Chinese Banks
29.1.2022
The Chinese central bank, the People’s Bank of China (PBoC), is gearing up for what will be the biggest week yet for its digital yuan. And while the token remains officially in its pilot phase, it will be showcased to the world next week as the Winter Olympics begin. Domestic adoption plans will...
Chinese Banks ‘Educate’ the Public on the Pitfalls of Crypto
16.12.2021
Provincial branches of China’s biggest commercial banks have begun “educating” the general public on the dangers of crypto and money-laundering – but it appears that the message that crypto and mining is “bad” isn’t getting through to some public officials....
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Chinese Banks Bolster Digital Yuan Resources Prior to CBDC Debut
4.9.2021
Major Chinese banks are beefing up their digital yuan capacities ahead of the imminent launch of the nation’s central bank digital currency (CBDC).
Per the Securities Daily (via East Money), a number of the commercial banks that have already begun working with the central People’s Bank of China...
Chinese Banks Seek New Applications for Digital Yuan in Investment and Insurance
1.9.2021
Two Chinese banks are expanding their pilot programs for the digital national fiat. The state-owned financial institutions have revealed they are aiming to allow digital yuan holders to acquire investment funds and insurance products using the new currency. Chinese Banks Partner With Fund Managers...
Chinese Banks Looking to Use Digital Yuan in Funds and Insurance Sector
31.8.2021
Some of China’s biggest commercial banks are looking to pilot digital yuan use cases for funds and insurance-related products – in a major move away from the core functions of the pilot thus far.
Since the central People’s Bank of China (PBoC) began its pilots, initiatives have focused on...
Chinese banks explore e-yuan for selling investment funds and insurance
31.8.2021
Bank of Communications and China Construction Bank are working with fund managers and insurers to facilitate e-yuan payments for Chinese citizens
Chinese Bank Employees Told to Entice 300 Customers to Use the Digital Yuan
7.7.2021
In mid-May, a report stemming from residents in Shenzhen, China explained that the digital yuan wasn’t seeing widespread participation, which the Chinese government has alluded to in many press releases. Now a handful of China’s state-owned banks have asked staff to recruit 200 to...
Chinese banks tell staff to recruit up to 300 new digital yuan users each
7.7.2021
Six of China’s top banks have tasked their employees with promoting digital yuan wallets to between 200 to 300 people a year
Chinese Banks Received $1t in Forex Deposits in May
25.6.2021
According to the People’s Bank of China’s announcement, foreign exchange deposits in China have crossed the $1 trillion mark for the first time. Economists believe that this will give the Chinese government a lot more freedom to allow the outflow of capital from the country. A major reason for this...
Over 3,000 ATMs in Beijing Offer Digital Yuan Withdrawals
18.6.2021
Leading Chinese banks have introduced digital yuan withdrawals at more than 3,000 ATM locations in Beijing. Residents of the capital city will now be able to exchange their e-CNY funds for cash and vice versa. Some of the teller machines are located in a popular shopping area. Banks Launch Support...
China’s Digital Yuan Smart Card to Feature Biometrics and Fingerprint Scanning
9.5.2021
The People’s Bank of China’s upcoming digital yuan card will feature IDEX Biometrics and fingerprint scanning, according to regional reports. China’s “Digital Currency Electronic Payment” or DCEP is getting closer toward launch by the day. Last week, smart card...