A Singaporean payments firm has sealed a “cross-border” digital yuan cooperation deal with a major Chinese bank, in another breakthrough for the CBDC. Per the Shanghai Securities News, the deal was concluded by Thunes, a global payment infrastructure provider, and the China Construction Bank (CCB). The CCB is a state-owned financial institution that comprises one…
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CBDC and de-dollarization saw major strides last week with the 1-million barrel deal on the Shanghai Petroleum and Natural Gas Exchange. The digital yuan has been used for the first time to settle an oil transaction, the Shanghai Petroleum and Natural Gas Exchange (SHPGX) announced. PetroChina International bought 1 million barrels of crude on Oct.…
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The confirmation comes as tensions between the United States and China continue to rise. United States Undersecretary of Commerce for Industry and Security Alan Estevez recently told reporters at an event in Tokyo that the U.S. is looking to crack down on Chinese access to U.S. cloud-based technologies. Speaking to journalists at the Mount Fuji…
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The new governor of China’s central bank has promised to stop speculation associated with cryptocurrency transactions in the country. Pan Gongsheng made the vow in a report detailing measures to maintain the stability of the Chinese financial market and prevent risks. PBOC Prepares to Crack Down on Cryptocurrency Speculation and Money Laundering The People’s Bank…
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The summit scheduled for Nov. 1–2 will place significant emphasis on the potential existential threat that AI represents, a concern shared by several legislators. The United Kingdom will be hosting the world’s inaugural international summit on artificial intelligence (AI) safety in November 2023. This event seeks to establish the U.K.’s presence as a mediator between…
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The Chinese megacorporation claims its newest model rivals OpenAI’s popular model in generating text, images, and video. Baidu, one of China’s largest technology companies, released version 4.0 of its popular “Ernie” artificial intelligence (AI) large language model (LLM) chatbot. According to an English language translation provided by Baidu, embedded in an X post alongside the…
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The expanded export controls of AI semiconductor chips include a new performance threshold, licensing requirements expansions and a notification requirement, among others. The United States Department of Commerce’s Bureau of Industry and Security (BIS) released a notice on Oct. 17 expanding the already existing export controls of artificial intelligence (AI) chips to China. The BIS…
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Several reports say that the major Chinese real estate developer Evergrande’s downfall triggered a bank run in northern China last week. The bank run began after rumors spread that the financial institution, Bank of Cangzhou, allegedly loaned billions to the struggling company. This development came on the heels of an Evergrande announcement about the detention…
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The new system, FPA-1200NZ2C, can produce 5 nanometer semiconductors and scale down to 2 nm, surpassing the capabilities of the A17 Pro chip found in Apple’s iPhone 15 Pro and Pro Max. Canon, the Japanese company known for its printers and cameras, unveiled an innovative solution on Friday, Oct. 13, which is designed to aid…
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The government in Washington is reportedly considering further limiting China’s access to U.S. processors used in artificial intelligence (AI) applications. The current restrictions, which were introduced last year, allow Chinese companies to source the chips through overseas subsidiaries. Washington Seeks to Further Curb Chinese Access to American AI Chips, Sources Say The administration of President…
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