The People’s Bank of China (PBOC), the central bank, has been working on the digital yuan since 2014 and is currently leading the field on establishing a Central Bank Digital Currency (CBDC), which could lead China to become one of the first major economies to introduce a sovereign digital currency. In April 2020, PBOC launched a pilot program in four Chinese cities: Shenzhen, Suzhou, Chengdu, and Beijing’s satellite city Xiong’an.
The CBDC could have a major impact and, to a certain extent, challenge the dominant role of third-party payment systems such as Alipay and WeChat Pay. CBDC will be a replacement for cash and will be controlled by PBOC. Furthermore, if successfully deployed, CBDC may bring China one step closer to its goal for Yuan internationalisation.
A conversation on the progress made in China around CBDC as well as the possible outcome and impacts is truly necessary given the nature of CBDC as a potential game changer in the financial services sector.
The European Chamber is pleased to welcome Dr. Yong Xia, China Chief Architect at HSBC Shanghai and Dr. David Wen, Professor at Zhejiang University International Business School (ZIBS) who will bring valuable insights and perspectives on the matter at hand. Join us Tuesday, 13th March 4pm-5:30pm (GMT+8) online via Zoom.
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2021-04-13 | 16:00 - 17:30
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Online