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Economy

'No timetable' on digital yuan: China central bank governor

Yi Gang cites need to manage risk to quell market speculation over launch

Speculation over China's e-yuan project has grown since Facebook announced plans to introduce its own cryptocurrency. (Photo by Takaki Kashiwabara)

BEIJING -- The People's Bank of China has "no timetable" for launching its planned digital currency, the bank's governor said Tuesday, in his first direct mention of the e-yuan project in a news conference.

Speaking in advance of the 70th anniversary of modern China on Oct. 1, Yi Gang cited the need for studies, tests and evaluations before adopting the virtual currency, which he said would be aimed to partly replace cash. A team at the central bank had made "positive progress" in studying digital currencies since starting work in 2014, he added.

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