China is likely to be the first country to introduce a government-backed digital currency. Photo: Reuters

Facebook’s Libra set to face competition as China races to launch digital currency, official media says

  • ‘China Daily’ reported on Tuesday that the time is ‘almost ripe’ to introduce a government-backed digital currency, citing experts close to the central bank.
  • The launch of Libra was tentatively scheduled for the spring of 2020
Topic |   China economy

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China is likely to be the first country to introduce a government-backed digital currency. Photo: Reuters
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The People’s Bank of China has essentially gained control of all lending rates in the world’s second largest economy and, potentially, could engineer a modest rate cut. Photo: Reuters

China’s central bank now has ‘bigger say’ over lending rates, but analysts question level of impact

  • The People’s Bank of China now requires banks to benchmark their loan rates against the medium-term lending facility instead of the official benchmark
  • The change is part of a long-term modernisation process within the world’s second largest economy to have a market-oriented central banking mechanism
Topic |   China economy

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The People’s Bank of China has essentially gained control of all lending rates in the world’s second largest economy and, potentially, could engineer a modest rate cut. Photo: Reuters
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