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LONDON/STOCKHOLM (Reuters) - The world's biggest central banks are revving up work on issuing digital cash, aiming to fend off emerging threats to traditional money and to make payments systems smoother.
Regulators have instructed Ant Group to form a financial holding company under their supervision as well as shrink its money market fund Yu’ebao. The revamp sets the clock ticking again on Ant Group’s countdown to IPO.
China’s central bank said digital Yuan to co-exist with private online payment platforms, while also protecting the nation's monetary sovereignty.
China proposed measures to curb market concentration in its online payment market, potentially dealing another blow to financial technology giant Ant Group Co and Tencent Holdings Ltd.
HONG KONG (Reuters) - China plans to push tech giants including Ant Group, Tencent and JD.com to share consumer loan data to prevent excess borrowing and fraud, two people with knowledge of the matter said, in Beijing's latest tightening of scrutiny.
China’s central bank is planning to test its digital currency on platforms operated by Meituan Dianping, enlisting the food delivery giant backed by Tencent Holdings Ltd in a major step toward the token’s mass adoption.
While financial technology brings efficiencies, its risks must be closely regulated, warns People’s Bank of China deputy governor Pan Gongsheng.
China cracks down on speculative trading in limited edition shoes, but ‘sneakerheads’ continue to fuel phenomenon
People’s Bank of China has said that speculative buying of limited edition trainers had become a problem and warned speculators against using more than a dozen online platforms. Growing popularity of sneaker trading has seen Sneaker Con launch its first event in Shanghai and US-based marketplace GOAT launch a China-specific app.
Former central bank chief Zhou warns that AI will likely increase income inequality and China should prepare
Zhou’s comments come amid growing rivalry between China and the United States over global AI supremacy. Former PBOC governor says policies should be put in place to guide AI development – specifically what the technology can and cannot do – along with tax policies.
Energy-intensive sector is expected to absorb the province’s excess electricity output.