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PBOC advances 'digital central bank' strategy with fintech unit

Subsidiary set up to streamline technology R&D to improve regulatory capability

The People's Bank of China, shown in the photo, has taken another step to create a digital central bank.   © Reuters

The People's Bank of China (PBOC) has taken another step forward in its strategy to build a digital central bank, setting up a financial technology subsidiary, Chengfang Financial Technology Co. Ltd., that will help drive the government's broader goal of modernizing the financial system, boosting innovation and improving governance.

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