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Alibaba-Backed Lender MYBank is One of First Privately Owned Banks to Join Digital Yuan Pilot

^ Alibaba-backed online lender MYBank has joined the ranks of several state-owned commercial banks involved in China’s digital yuan pilot program, becoming one of the first privately owned banks to participate in a trial aimed at introducing a sovereign electronic currency system which is widely believed will revolutionize the country’s online payment industry. Being one […]

HNA Group’s Final Crisis

A restructuring plan aims to repay HNA Group creditors within five to eight years. Bankruptcy restructuring / Cover Story: HNA Group’s final crisis The final crisis for China’s formerly high-flying HNA Group Co. Ltd. began unfolding two weeks before the Lunar New Year holidays. Creditors of HNA and its three core listed companies petitioned a […]

PBOC Joins Hong Kong and Thailand in Cross Border Digital Currency Project

What’s new: The digital currency research institute of the People’s Bank of China (PBOC) has joined an international research project for cross-border payments using central bank digital currencies (CBDCs), according to a Tuesday announcement by the Hong Kong Monetary Authority (HKMA), which jointly initiated the program with the Bank of Thailand in 2019. The project, […]

The Brutal Human Cost of Pinduoduo’s Breakneck Expansion

The recent deaths of two young employees at Pinduoduo have drawn sharp criticism that the e-commerce upstart may have expanded its business at the expense of workers’ health. Photo: VCG E-commerce / In Depth: The brutal human cost of Pinduoduo’s breakneck expansion The recent deaths of two young employees of e-commerce upstart Pinduoduo Inc. raised […]

He Yafei: Global Unity Needed to Face Unprecedented Challenges

Changes in global power equilibrium, non-traditional security threats, and scientific and technological revolution are posing centennial challenges to the countries of the world. Photo: VCG He Yafei was a vice foreign minister of China from 2008 to 2010 and a deputy director at the State Council’s Overseas Chinese Affairs Office from 2012 to 2016. Having […]

How China’s Digital Yuan Plans Could Bring Bitcoin’s Rally Unstuck

Signage for the digital yuan (Bloomberg) — Trouble may be brewing in China for Bitcoin’s raucous and divisive rally as the nation pushes ahead with a world-leading effort to create a digital version of its currency. That’s because the eventual rollout of the virtual yuan could roil cryptocurrency markets if Chinese officials tighten regulations at […]

North China Bathed in Orange as Vast Sandstorm Descends

Social media / Cover Story: The clash of China’s social media titans China’s internet giant Tencent Holdings and rising challenger ByteDance Ltd. are fighting an all-out war with escalating turf battles and legal tussles even as the country’s regulators toughen scrutiny of big tech’s market power. The pair are clashing across multiple business arenas as […]

Cops Bust Fraudsters Using Cryptocurrencies to Launder Ill-Gotten Gains

Chinese police said they’ve arrested 13 scammers who used a cryptocurrency trading platform to launder their illicit gains. Photo: VCG Local police in the North China city of Cangzhou said they’ve arrested 13 people accused of carrying out telecoms fraud worth over 8 million yuan ($1.2 million) and laundering their ill-gotten gains through a cryptocurrency […]

China’s Central Bank Digital Currency Will Offer Greatest Privacy Protection, Official Says

Mu Changchun, director of the People’s Bank of China’s Digital Currency Research Institute, speaks at the China Development Forum 2021 on Saturday. Photo: China Development Forum China’s central bank digital currency will offer users greater privacy protection than any other digital payment tool, a People’s Bank of China (PBOC) official said. The digital yuan’s “controllable […]

PBOC Says SWIFT Venture Aims to Iron Out Cross-Border Payment Issues

The People’s Bank of China headquarters in Beijing. Photo: VCG China’s central bank has said that its joint venture with SWIFT aims to improve the stability of domestic connections with the global cross-border financial messaging system, and ensure data security and compliance with domestic regulations. The statement (link in Chinese), which the People’s Bank of […]

China Telecom Comes Home With Mainland Listing

Telecoms / In Depth: China Telecom comes home with mainland listing After nearly two decades in the wilds of Hong Kong, Chinese wireless carrier China Telecom Corp. Ltd. is finally coming home. The name that is arguably China’s oldest phone company revealed March 9 that it had applied for a new listing on the Shanghai […]

China’s Central Bank Tests Virtual Yuan Across Borders

Under a one-day central bank-sponsored pilot program, Hong Kong residents were allowed to use the virtual yuan to make payments in neighboring Shenzhen. Photo: VCG China’s central bank has put its virtual yuan through a new set of paces by allowing select Hong Kong residents to use it to make payments across borders, state media […]

China’s Carbon-Reduction Plans Turn Up the Heat on Steel Capital

Steel / In Depth: China’s carbon-reduction plans turn up the heat on steel capital Two days after the curtain fell on this year’s annual meetings of China’s legislature and its top political advisory body, the country’s top environmental official traveled through a blanket of smog that marred much of the event to the city of […]

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