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Finance

Why mobile payments are worrying China's central bank

Alipay, WeChat Pay seen as weakening PBOC's grip on money supply

| China
The trend toward cashless payments in China, dominated by the country's big internet companies, could weaken central banks' hold over money supply.   © Reuters

For most Chinese officials, the sweeping trend toward the use of mobile phones to make payments is a point of pride in the nation's technological advancement.

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