China will advance central bank digital currency, improve its design, governor says

Economy20 minutes ago (Nov 09, 2021 09:16)

© Reuters. FILE PHOTO: China’s official app for digital yuan is seen on a mobile phone placed in front of an image of the Chinese flag, in this illustration picture taken October 16, 2020. REUTERS/Florence Lo

BEIJING (Reuters) – China will continue to advance the development of its central bank digital currency, or eCNY, and improve its design, the People’s Bank of China governor Yi Gang said on Tuesday.

China will test eCNY’s impact on its monetary policy and financial markets, Yi said via video at a Bank of Finland event.

Yi also said eCNY aims to meet the need of domestic retail payments as cross-border digital payments involve more complicated issues, such as anti-money laundering.

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