Facebook planning to launch Libra next year. Photo: Reuters

China appoints new digital currency head as race with Facebook’s Libra heats up

  • Mu Changchun will replace Yao Qian as the head of the People’s Bank of China’s research subsidiary on digital currency
  • Facebook is planning to launch Libra next year, with some suggesting it could strengthen the US dollar’s dominance and sabotage China’s ambition for the yuan
Topic |   China economy

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Facebook planning to launch Libra next year. Photo: Reuters
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The Singles' Day is a holiday celebrated in China on November 11 and has become the largest online shopping day in the world. Photo: Simon Song

Is China set to beat Facebook’s Libra by launching its digital currency this autumn?

  • ‘Forbes’ magazine reported that China’s central bank will launch its own sovereign digital currency to coincide with the Singles' Day online shopping festival
  • The People’s Bank of China is seeking to address financial risks and counter the current dominance of the US dollar
Topic |   China economy

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The Singles' Day is a holiday celebrated in China on November 11 and has become the largest online shopping day in the world. Photo: Simon Song
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