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Currencies

Thailand and UAE join China's global digital currency push

By pioneering payments in virtual money, Beijing aims to internationalize yuan

China is conducting transactions with the digital yuan on a trial basis in Beijing and other major cities.(Photo by Iori Kawate)

BEIJING -- China's central bank said Wednesday it has joined its counterparts in Thailand and the United Arab Emirates to study the use of digital currencies in cross-border payments, a move that puts it closer to setting the global rules for international transactions handled in national virtual currencies.

This is an expansion of a testing project being conducted by the People's Bank of China and the Hong Kong Monetary Authority, which is the territory's central banking institution.

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