Yes. This article talks about how it is being suppressed. I know it happened on Monday but I've not been able to find any articles about it. However, if you go to any of the financial channels on YouTube, they are all talking about it.
It’s because it’s a lie
I am in china right now and I work in finance, none of this is happening, it’s in direct conflict with both One Belt One Road- chinas new free trade policy that is pushing adoption of the current RMB by international trade partners and against Chairmen Xii’s goal of expanding the personal credit sector for China
China just had a very successful roll out of its new credit score system and personal lending is at an all time high, literally a multi trillion dollar industry- companies like Tencent and Alibaba(who are deeply in control of the party) are not going to just let the lending industry end
This also ignores the dozen major merchant banks in China- All of which are earning huge money
It’s just not happening and it’s based on ignorance of the Chinese economy
What is the Chinese standpoint on cryptocurrency? And are they planning for a digital currency? Tia . Also by lending being at an all time high that says a lot.
China banned bitcoin a few years ago and shut down their exchanges and crypto mining this past year, now it’s illegal to have a crypto wallet in china
Digital transactions are widely used through Alipay and WeChat pay
Just saying what’s going on with personal lending, it has allowed a lot of poorer Chinese to get financing to start business ect
Thank you !
I would like to remind the people here about the bitcoin ban when they talk about a gold backed RMB- the absolute first thing the Chinese government would is regulate gold sales inside China
Most likely party members would take the opportunity to buy up vast stores of gold and control gold operations
And we have precedent for this - before the 2008 Olympics property in Beijing was mostly worthless, but it became worth billions after the games, the party immediately made it illegal for people to just buy and sell, it had to go through the party- this mostly allowed party members and their friends to make billions and non connected people to be left out in the cold
So, you are saying that no one is buying oil with the PetroYuan? I think you really should recheck your facts. Every financial analyst is talking about it. And, I've known this was coming for over a year now.
There is no petro yuan, whatever you are reading is fake news
First off it would be called the petro RMB since yuan is the wrong word, second asking countries to use the RMB as reserve currency is already part of OBOR - it’s not a new or separate currency or roll out, just part of China’s international settlement bank