The post China Weighs Yuan-Backed Stablecoins to Boost Currency’s Global Use appeared on BitcoinEthereumNews.com. China’s government is considering permitting the use of yuan-backed stablecoins for the first time, people familiar with the matter told Reuters, signalling a sharp turn in Beijing’s stance on digital assets China’s government is considering permitting the use of yuan-backed stablecoins for the first time, people familiar with the matter told Reuters, signalling a sharp turn in Beijing’s stance on digital assets. The initiative is part of a broader roadmap to expand the renminbi’s international role and is expected to be reviewed by the State Council later this month. Draft plans seen by the sources would assign regulatory duties to the People’s Bank of China and call for pilot projects in Hong Kong and Shanghai, which have recently put stablecoin licensing rules in place. Officials also aim to present the topic at the Shanghai Cooperation Organisation summit in Tianjin on 31 August–1 September as they seek partners for cross-border trade and payment trials. Beijing views stablecoins as a tool to counter the dominance of U.S. dollar-linked tokens, which make up more than 99 percent of the roughly US$247 billion global stablecoin market. The yuan accounted for just 2.88 percent of global payment flows in June, compared with 47.19 percent for the dollar, according to SWIFT data. Allowing a yuan-pegged token would mark China’s biggest policy reversal since its 2021 ban on cryptocurrency trading and mining. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz. Source: https://thedefiant.io/news/regulation/china-weighs-yuan-backed-stablecoins-to-boost-currencys-global-use-1d2d2c1dThe post China Weighs Yuan-Backed Stablecoins to Boost Currency’s Global Use appeared on BitcoinEthereumNews.com. China’s government is considering permitting the use of yuan-backed stablecoins for the first time, people familiar with the matter told Reuters, signalling a sharp turn in Beijing’s stance on digital assets China’s government is considering permitting the use of yuan-backed stablecoins for the first time, people familiar with the matter told Reuters, signalling a sharp turn in Beijing’s stance on digital assets. The initiative is part of a broader roadmap to expand the renminbi’s international role and is expected to be reviewed by the State Council later this month. Draft plans seen by the sources would assign regulatory duties to the People’s Bank of China and call for pilot projects in Hong Kong and Shanghai, which have recently put stablecoin licensing rules in place. Officials also aim to present the topic at the Shanghai Cooperation Organisation summit in Tianjin on 31 August–1 September as they seek partners for cross-border trade and payment trials. Beijing views stablecoins as a tool to counter the dominance of U.S. dollar-linked tokens, which make up more than 99 percent of the roughly US$247 billion global stablecoin market. The yuan accounted for just 2.88 percent of global payment flows in June, compared with 47.19 percent for the dollar, according to SWIFT data. Allowing a yuan-pegged token would mark China’s biggest policy reversal since its 2021 ban on cryptocurrency trading and mining. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz. Source: https://thedefiant.io/news/regulation/china-weighs-yuan-backed-stablecoins-to-boost-currencys-global-use-1d2d2c1d

                                                                               Powell said the Federal Open Market Committee is weighing interest rates on a meeting-by-meeting basis, with no long-term consensus.                     US Federal Reserve Chair Jerome Powell said the 19 members of the Federal Open Market Committee (FOMC) remain divided on additional interest rate cuts in 2025.At Wednesday’s press conference after the Fed’s 25-basis-point rate cut, Powell said the central bank is trying to balance its dual mandate of maximum employment and price stability in an unusual environment where the labor market is weakening even as inflation remains elevated. Powell said:Powell said that the “median” FOMC projection from the Federal Reserve’s Summary of Economic Projections (SEP), the Fed’s quarterly outlook for the US economy that informs interest rate decisions, projected interest rates at 3.6% at the end of 2025, 3.4% by the end of 2026, and 3.1% at the end of 2027.Read more