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CCIEE Vice Chairman Says PBOC Will Be First to Roll Out Digital Currency - Pandaily

Huang Qifan, vice chairman of CCIEE (China Center for International Economic Exchanges), speaking at the Inaugural Bund Financial Summit of 2019 in Shanghai, said that "in the current digital age, the payment and settlement methods between enterprises and countries need to be reshaped”. He also went on to say that cross-border liquidation of China’s renminbi (RMB) is "highly dependent" on SWIFT (Society for Worldwide Interbank Financial Telecommunication) system and CHIPS (the US Clearing House Interbank Payments System). He added that the two financial instruments that are "gradually becoming effective tools for the US to exercise global hegemony and carry out widespread jurisdiction control”.

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