China FX regulator supports CBDC amid monetary policy
A Chinese foreign exchange regulator official showed its support for the CBDC development, the digital yuan. Lu Lei, deputy administrator of the State Administration of Foreign Exchange (SAFE), explained to the CNA agency that some of the main Features of CBDC could help enhance the effectiveness of monetary policy tools. The official added that central banks could make CBDCs M2 currency, which includes some deposits and savings, based on its programmable Features . Lu concluded that payments based on CDBC can become safer, more convenient, and inclusive. You might also like: Shanghai Clearing House adds support for digital yuan in commodity trading Digital yuan development The development of the digital yuan, China’s official digital currency, has been a significant focus for the country in recent years. Led by the People’s Bank of China (PBoC), China has been actively working on its CBDC project, known as the Digital Currency Electronic Payment (DC...