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China to strengthen link between digital yuan and payment apps

PBOC head outlines plans to expand ecosystem of new currency

China has been testing its digital yuan, known as e-CNY, since 2019 and is preparing for a broader trial at the 2022 Beijing Winter Olympics in February 2022.   © Reuters

China's central bank will improve connectivity between the digital yuan and existing payment apps as the country steps up efforts to promote its official virtual currency, according to People's Bank of China Gov. Yi Gang.

The central bank will "increase [the digital yuan's] interoperability with existing payment tools," and "improve the currency's ecosystem," Yi said on Tuesday during a virtual panel organized by the Bank of Finland Institute for Emerging Economies.

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