https://www.scmp.com/rss/523056/feed Zhou Xiaochuan, the former governor of the People’s Bank of China for a record 15 years until 2018. His tenure saw the modernisation of China’s financial system and its emergence as a major global economic player. Post-governorship, he remains influential, contributing to discussions on global financial reform and digital currencies, such as China’s Digital Currency Electronic Payment (DCEP), and holds various leadership and academic positions. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Xinyi Wu Xinyi Wu Faltering confidence in the US dollar has handed China a “golden window of opportunity” to promote the global use of its currency, according to a former head of the Chinese central bank. “The core driving force behind the current changes in the international monetary system is the United States’ own policy choices,” Zhou Xiaochuan was quoted as saying in a report published on Sunday by the New Economist, a Chinese think tank. He cited the broad application of American tariffs, the frequent use... https://www.scmp.com/economy/global-economy/article/3349868/yuans-golden-window-open-former-pboc-governor-says-us-dollar-credibility-teeters?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3349868/yuans-golden-window-open-former-pboc-governor-says-us-dollar-credibility-teeters?utm_source=rss_feed Mon, 13 Apr 2026 06:59:34 +0000 Sylvia Ma,Frank Chen Sylvia Ma,Frank Chen China slightly increased its US Treasury holdings in August and September – though the uptick did little to offset an overall downward trend – as persistent worries over US debt sustainability and the Federal Reserve’s independence deepened doubts about the safety of assets backed by the US dollar. The country’s stockpile rose to US$701 billion in August, up from July’s multi-year low of US$696.9 billion, but it again trimmed the total to US$700.5 billion in September, according to data from the... https://www.scmp.com/economy/china-economy/article/3333405/chinas-us-treasury-holdings-edge-long-term-sell-continues?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3333405/chinas-us-treasury-holdings-edge-long-term-sell-continues?utm_source=rss_feed Wed, 19 Nov 2025 13:00:10 +0000 Alice Li Alice Li Shanghai, mainland China’s financial centre, has become one of the first cities in the country to use an overseas cryptocurrency trading platform to reprice and sell more than 90,000 filecoins – a blockchain-based storage token – that were seized in criminal cases. A district-level court partnered with a third-party institution in mainland China, which sold the cryptocurrency on a licensed platform in Hong Kong, according to an announcement by Shanghai’s Supreme People’s Court on Tuesday. The... https://www.scmp.com/economy/china-economy/article/3325856/mainland-china-court-sells-seized-blockchain-tokens-hong-kong-crypto-platform?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3325856/mainland-china-court-sells-seized-blockchain-tokens-hong-kong-crypto-platform?utm_source=rss_feed Wed, 17 Sep 2025 13:00:09 +0000 Kandy Wong Kandy Wong China’s largest government-backed research funder has begun accepting applications for the study of stablecoins and their cross-border monitoring systems, a move indicating Beijing’s growing interest - and wariness - towards the emerging digital asset. In a circular posted on its website last week, the National Natural Science Foundation of China – an affiliate of the Ministry of Science and Technology that manages hundreds of billions of yuan in annual funding – solicited proposals for the... https://www.scmp.com/economy/china-economy/article/3324893/china-offers-funding-stablecoin-research-global-interest-grows?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3324893/china-offers-funding-stablecoin-research-global-interest-grows?utm_source=rss_feed Tue, 09 Sep 2025 23:00:09 +0000 Kandy Wong Kandy Wong Once a niche corner of the cryptocurrency world, stablecoins have surged into the global spotlight this year, prompting analysts and industry insiders to declare that the digital asset’s time has come. In July, US President Donald Trump signed the GENIUS Act into law, establishing the first federal regulatory regime for stablecoins – a move many believe could pave the way for mass-market adoption. Shortly after, Hong Kong introduced its own ordinance, which took effect on August 1, requiring... https://www.scmp.com/economy/china-economy/article/3324322/chinas-stablecoin-dilemma-why-us-dollar-tokens-matter-and-how-beijing-might-respond?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3324322/chinas-stablecoin-dilemma-why-us-dollar-tokens-matter-and-how-beijing-might-respond?utm_source=rss_feed Thu, 04 Sep 2025 22:00:12 +0000 SCMP SCMP Catch up on some of SCMP’s biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing. 1. What does SpaceX’s Starship test success mean for the US-China moon race? The first successful flight for Starship – the biggest and heaviest rocket ever built – has revived US hopes of beating China in the race back to the moon, but experts warned the breakthrough may not be enough to stop Beijing from building the first lunar base. 2. Why have stablecoins... https://www.scmp.com/news/china/article/3323525/us-china-space-rivalry-kim-jong-un-attend-beijings-wwii-parade-scmp-daily-highlights?utm_source=rss_feed https://www.scmp.com/news/china/article/3323525/us-china-space-rivalry-kim-jong-un-attend-beijings-wwii-parade-scmp-daily-highlights?utm_source=rss_feed Thu, 28 Aug 2025 13:15:08 +0000 Sylvia Ma Sylvia Ma Former Chinese central bank governor Zhou Xiaochuan has urged a more measured tone amid a global surge of interest in stablecoins, calling for a “multidimensional assessment” of their genuine utility and the systemic risks they may pose. The United States and Hong Kong are rolling out regulatory frameworks for the asset, and speculation has been growing about the likelihood of Beijing following suit by introducing yuan-backed stablecoins in a bid to further internationalise its currency. “We... https://www.scmp.com/economy/china-economy/article/3323414/former-china-central-bank-governor-urges-caution-amid-stablecoin-frenzy?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3323414/former-china-central-bank-governor-urges-caution-amid-stablecoin-frenzy?utm_source=rss_feed Thu, 28 Aug 2025 01:59:29 +0000 Sylvia Ma Sylvia Ma Issuing a stablecoin pegged to the offshore yuan in Hong Kong may be more feasible than in mainland China due to the latter’s capital controls, a central bank adviser has said. The comments from Huang Yiping, also dean of Peking University’s National School of Development, came as worries arise in Beijing’s policy circles that Washington could gain an upper hand through the cryptocurrency offshoot as a means of consolidating US dollar dominance. “As China’s capital account is not fully... https://www.scmp.com/economy/china-economy/article/3316811/economist-huang-yiping-floats-hong-kong-stablecoin-staging-ground?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3316811/economist-huang-yiping-floats-hong-kong-stablecoin-staging-ground?utm_source=rss_feed Thu, 03 Jul 2025 09:00:09 +0000 Alice Li Alice Li When South Korea reportedly halted its digital currency pilot programme this week in favour of stablecoins – cryptocurrencies pegged to a reference asset, typically a fiat currency – it sent shock waves through central banks across the world. It also left China – a pioneer in central bank-backed digital currencies with its digital yuan, or e-CNY – with an important question to answer, namely whether it should continue to explore such digital assets or revisit the possibility of adopting the... https://www.scmp.com/economy/china-economy/article/3316651/world-going-all-stablecoins-chinas-digital-yuan-any-different?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3316651/world-going-all-stablecoins-chinas-digital-yuan-any-different?utm_source=rss_feed Wed, 02 Jul 2025 09:30:08 +0000