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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Frank Tang

Frank Tang

Frank Tang joined the SCMP in 2016 after a decade of China economy coverage and government policy analysis.