renminbi – DIGIT INFO

BRICS Eyes Petroyuan for Oil Trade Amid Dedollarization Push, Expert Says

DIGIT — Thu, 26 Sep 2024 01:30:34 +0000

BRICS nations are considering adopting the petroyuan for oil trade as part of their ongoing dedollarization efforts, according to economic expert Herbert Poenisch. He noted the BRICS group may discuss alternatives to the petrodollar at their Kazan summit. He highlighted Saudi Arabia’s potential shift towards the petroyuan and Russia’s plans to reduce dollar reliance. However, […]

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China could benefit from yuan stablecoin over its CBDC – Circle CEO

DIGIT — Tue, 11 Jul 2023 11:56:13 +0000

China may have banned the use of cryptocurrencies but stablecoins might have a role to play in the proliferation of its national currency.

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Dollar to Play Lesser Role Due to Its Weaponization, Digital Currencies, Economist Jeffrey Sachs Says

DIGIT — Mon, 10 Apr 2023 05:30:35 +0000

Within the next decade, the U.S. dollar will play a much less dominant role than it is today, according to Jeffrey Sachs. The renowned economist listed a few factors for the diminishing status of the greenback such as its use as a political weapon by Washington, the introduction of currencies like the digital yuan, and […]

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China Ready to Talk Asian Monetary Fund to Cut Dollar Dependence, Malaysia Says

DIGIT — Wed, 05 Apr 2023 14:00:23 +0000

An idea to establish an Asian Monetary Fund has caught the attention of the Chinese leadership, the head of the Malaysian government revealed. The prime minister believes there is no reason for his country, which is hurting from a strong U.S. dollar, to remain dependent on the greenback. Malaysia Prepares to Trade With China in […]

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China doles out millions in digital yuan in bid to boost adoption: Report

DIGIT — Mon, 06 Feb 2023 05:39:58 +0000

Multiple Chinese city governments have given away millions worth of e-CNY to try to promote consumption around the holiday season.

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Sberbank Analyst’s Editorial Delves Into the ‘Tremendous Potential’ of a BRICS Reserve Currency Fueling De-Dollarization

DIGIT — Sat, 07 Jan 2023 19:30:16 +0000

During the last month, Russia’s ruble has dropped 16.48% against the U.S. dollar as energy and commodity prices have slowed over the last few weeks. Russia’s central bank revealed two weeks ago that it is further distancing itself from U.S. dollar dependence by purchasing the Chinese yuan on foreign exchange markets. Roughly around the same […]

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China’s Yuan Continues to Depreciate Against Greenback, Real Estate Crisis Exposed 2 Decades of Accumulated Risk

DIGIT — Fri, 26 Aug 2022 19:30:08 +0000

China’s sovereign currency, the yuan, has slid significantly in value during the last few months as it has shed 8% against the U.S. dollar during the first half of 2022. China’s fiat currency is currently the weakest it has been against the U.S. dollar in roughly two years. Amid the depreciating yuan, China is suffering […]

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China Introduces Digital Yuan Payments in Ningbo Subway, Guangzhou Buses

DIGIT — Fri, 26 Aug 2022 05:30:02 +0000

Authorities in two Chinese cities are promoting the digital yuan as a payment method in the public transportation system. Commuters on the subway of Ningbo and those taking the bus in Guangzhou will be able to purchase their tickets using the state-issued digital currency. Residents and Visitors of Another 2 Chinese Cities to Pay Transit […]

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IMF Warns Russia Sanctions Threaten to Undermine US Dollar Dominance

DIGIT — Fri, 01 Apr 2022 06:00:41 +0000

Financial sanctions imposed on Russia over its invasion of Ukraine may result in reduced dominance of the U.S. currency, according to a high-ranking official at the International Monetary Fund (IMF). The confrontation could lead to fragmentation of the world’s current monetary system, the top representative warned. New Currency Blocs May Emerge Amid Mounting Restrictions on […]

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Digital Yuan to Promote International Use of Chinese Currency, Experts Say

DIGIT — Fri, 30 Jul 2021 08:30:01 +0000

The new digital yuan, currently undergoing trials, can help to increase the international usage of China’s national fiat, experts have stated. As the renminbi (RMB, CNY) is becoming one of the world’s most important currencies, the People’s Bank of China is planning to conduct cross-border tests with the yuan’s digitized version, the e-CNY. Digital Yuan […]

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