The partnership will enable BNP Paribas China’s corporate clients to make payments using the digital yuan through an e-CNY management system. The French bank BNP Paribas is collaborating with the Bank of China (BOC) to promote China’s digital currency, the digital yuan, to its corporate clients, the South China Morning Post reported. The partnership will…
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Professor Ashok Swain of Uppsala University’s Department of Peace and Conflict Research says Saudi Arabia joining the BRICS economic bloc “would accelerate the bilateral trading being conducted using the yuan as the trading currency. ” How Saudi Arabia Joining BRICS Could Boost Use of Chinese Yuan Ashok Swain, a professor of peace and conflict research at…
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The Chinese arm of the French banking titan BNP Paribas announced it will launch a digital yuan wallet management platform, in another boost for China’s central bank digital currency (CBDC). Per Shanghai Securities Net, BNP Paribas China will be teaming up with the state-owned commercial bank the Bank of China for the project. The French…
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Russia will start to purchase Chinese yuan for its international reserves as soon as this month, according to reports from Russian economists. While analysts state that the purchases will be small and symbolic in the beginning, these will supposedly demonstrate a turnaround in the economy of the country. Russia to Purchase Chinese Yuan for Reserves…
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Gold companies operating in China ramped up their production levels during the first quarter of 2023. According to industry reports, the Chinese gold industry managed to recover its extraction levels, reaching numbers it saw before the Covid pandemic, with the country engaging in a record streak of purchasing gold during the last five months. China…
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BRICS nations can lead efforts to abandon the U.S. dollar in international settlements, according to President Bashar Assad of Syria. At a meeting with China’s top diplomat for the region, the leader of the war-torn Middle Eastern country called for using the Chinese yuan for cross-border trade. Economic Clash With West Requires Discarding Dollar, BRICS…
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The BRICS bloc is now focused on expanding the use of the currencies of its members, according to the representative of one of them. The establishment of a single currency for the group is not an immediate task at this point in time, the diplomat indicated in an interview. Wider Use of National Fiats of…
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Hong Kong’s central bank has urged banks to provide services to crypto firms before receiving a license. The Hong Kong Monetary Authority (HKMA), the region’s central banking institution and regulator, has called on banks to provide services to cryptocurrency firms. On April 27, the HKMA issued a circular related to the access of corporate customers…
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Tencent Cloud’s deepfake creation service can analyze and train itself on three-minute videos and 100 voice clips to produce a convincing deepfake video within 24 hours. Tencent Cloud — the cloud services provider arm of Chinese tech giant Tencent — has launched a new digital human production platform allowing users to create deepfakes of any…
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The economy minister of Argentina, Sergio Massa, announced that starting this month, payments for imports coming from China will be settled using the Chinese yuan. The agreement, which will allow the country to safeguard its dwindling dollar reserves, involves the disbursement of more than $1 billion in April. Argentina to Settle Bilateral Transactions With China…
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