Facebook, which will peg Libra to a basket of currencies backed by reserves, has 2.7 billion users as well as the backing of global payment, technology, telecommunication, blockchain and venture capital firms. Photo: Reuters

Facebook’s Libra poses a threat to China’s financial sovereignty, plans to use yuan overseas, analysts say

  • Libra was unveiled three months ago and is still pending global regulatory approvals, but could reach Facebook’s 2.7 billion users worldwide
  • China’s digital currency electronic payment (DCEP) is believed to be ready to launch by the People’s Bank of China, but some question if it is enough
Topic |   China economy

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Facebook, which will peg Libra to a basket of currencies backed by reserves, has 2.7 billion users as well as the backing of global payment, technology, telecommunication, blockchain and venture capital firms. Photo: Reuters
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Governor of the People's Bank of China (PBOC) Yi Gang poured cold water on prospects of an imminent launch of Beijing’s own digital currency. Photo: REUTERS

China has ‘no timetable’ for launch of its digital currency, says central bank governor

  • People’s Bank of China head Yi Gang says a series of regulatory issues need to be addressed before Beijing can issue sovereign digital currency
  • China is the first major economy to explore launching its own digital currency
Topic |   China economy

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Governor of the People's Bank of China (PBOC) Yi Gang poured cold water on prospects of an imminent launch of Beijing’s own digital currency. Photo: REUTERS
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