23/04/2020
- Test in Xiong’an, the new city being built south of Beijing, will focus on everyday goods and services for the first time
- American food outlets to be included in the digital currency tests, conducting small transactions with local firms
American chains Starbucks, McDonald’s and Subway were named on the People’s Bank of China’s list of firms that will test the digital currency in small transactions with 19 local businesses. Photo: Bloomberg
China’s central bank has accelerated the testing of its new sovereign digital currency and, for the first time, will include some foreign consumer brands in the programme.
American chains Starbucks, McDonald’s and Subway were named on the People’s Bank of China (PBOC)’s list of firms that will test the
digital currency in small transactions with 19 local businesses.
The global names will be joined by local hotels, convenience stores, a stuffed bun shop, a bakery, a bookstore and a gym, according to details revealed at a promotional event in the Xiong’an New Area, a city being built south of Beijing, news portal Sina.com reported.
The inclusion of businesses providing everyday goods and services marks an expansion of the PBOC’s testing. It follows a previous disclosure that last week in Suzhou the digital currency was used to pay half public sector workers’ travel subsidies for May.
Is China a currency manipulator?
Wednesday’s promotional event was organised by the local branch of the National Development and Reform Commission, the powerful planning agency, and attended by representatives of the Big Four state-owned banks and two of the country’s internet giants – Alibaba and Tencent.
China has not released a timetable for launching the digital yuan, but last week’s reports on new testing have fanned speculation that it could be imminent.
The tests were reportedly accelerated after Facebook launched its Libra project in June last year, an attempt to create a
global digital currency pegged to a basket of currencies and backed by global commercial giants.
The Libra Association, the consortium managing the project, announced changes last week in an attempt to win regulatory approval and pave the way for an official launch sometime later this year. The consortium said it would create multiple digital units tied to existing currencies such as the US dollar or the euro, rather than a single token based on a basket of currencies.
China’s official digital currency, known as Digital Currency Electronic Payment (DCEP), came into the public spotlight last week
when a screenshot of a test version of an app developed by the Agricultural Bank of China circulated online.
The digital currency app has several basic functions, similarly to other Chinese online payment platforms such as Alipay and WeChat Pay – the country’s two most popular online payment tools – allowing users to make and receive payments, and transfer money.
“It’s certain that the DCEP is now in its final testing stage and should be officially launched,” BlockVC, an investment firm, said in a research note.
The PBOC’s digital currency research institute confirmed last Friday that testing was being conducted in four cities: Shenzhen, Suzhou, Xiong’an and Chengdu. In addition, venues for the 2022 Winter Olympics in Beijing and Zhangjiakou will join the testing programme in the future.
What is the Hong Kong Dollar Peg?
The institute, which was inaugurated in 2017, said that the test versions and applications of the currency had not been finalised.
The project testing is based on two principles: the central bank issues the virtual money to commercial banks who then pass it on to consumers, and that is aimed at replacing cash in all transactions.
China is the first major economy to publicly announce plans for a sovereign digital currency, aiming to better control the rapid rise of digital payments worldwide.
The PBOC has, however, cracked down on the trading of other digital currencies and banned banks from accepting cryptocurrencies, which it views as a risk to financial stability.
Source: SCMP
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17/04/2020
BEIJING, April 17 (Xinhua) — The lander and rover of the Chang’e-4 probe have resumed work for the 17th lunar day on the far side of the moon after “sleeping” during the extremely cold night.
The lander woke up at 1:24 p.m. Friday (Beijing time), and the rover awoke at 8:57 p.m. Thursday. Both are in normal working order, according to the Lunar Exploration and Space Program Center of the China National Space Administration.
The Chang’e-4 probe, launched on Dec. 8, 2018, made the first-ever soft landing on the Von Karman Crater in the South Pole-Aitken Basin on the far side of the moon on Jan. 3, 2019.
A lunar day equals 14 days on Earth, and a lunar night is the same length. The Chang’e-4 probe, switching to dormant mode during the lunar night due to the lack of solar power, has survived about 470 Earth days on the moon.
The rover Yutu-2, or Jade Rabbit-2, has worked much longer than its three-month design life, becoming the longest-working lunar rover on the moon.
Carrying scientific instruments such as panoramic camera, lunar penetrating radar, infrared imaging spectrometer and neutral atom detector, the rover will continue to move northwest to conduct scientific detection.
The scientific tasks of the Chang’e-4 mission include conducting low-frequency radio astronomical observation, surveying the terrain and landforms, detecting the mineral composition and shallow lunar surface structure and measuring neutron radiation and neutral atoms.
The Chang’e-4 mission embodies China’s hope to combine wisdom in space exploration with four payloads developed by the Netherlands, Germany, Sweden and Saudi Arabia.
Source: Xinhua
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20/09/2019
- Superstitious medical student, 23, said it was customary in her hometown to throw money for good luck
- Cousin’s child had fallen ill on flight from Jiangxi to Sichuan, she said
A woman was fined for tossing coins onto the apron at an airport in Sichuan province. Photo: Weibo
A woman who
threw coins onto the parking apron at an airport in southwest China in the superstitious belief it might cure her cousin’s baby’s diarrhoea was instead fined 200 yuan (US$28), local media reported.
The incident happened on September 5, as the woman, surnamed Wang, and a group of her relatives arrived in Xichang, Sichuan province, after flying from Nanchang, Jiangxi province, to attend a family wedding, the Chengdu Business News reported on Friday.
Wang, 23, dropped the coins through the gap between the aircraft and the jet bridge as she and her family were disembarking.
Police said the medical student was shocked when she realised the trouble she had caused. Photo: Weibo
Although no one spotted what she had done at the time, airport workers later found three coins on the ground while conducting a security check and reported the matter to the police.
Officers reviewed footage from the airport’s surveillance cameras and identified Wang as the guilty party and went to see her at her hotel the following morning, the report said.
Wang said that during the flight her cousin’s baby had suffered from diarrhoea and that it was customary in her hometown to toss coins in the hope it would bring the child good luck.
“She said she didn’t realise her action could have had a very serious outcome,” a police officer was quoted as saying, adding that Wang appeared shocked when she realised the trouble she had caused.
However, as her actions had not resulted in any delays to flights or created any other problems, she was charged only with a minor offence.
Many Chinese think tossing coins before a flight will bring them good luck. Photo: EPA
Wang, who recently completed a bachelor’s degree in medicine and was preparing to sit a graduate school entrance examination, was worried the incident might have an impact on her future education and job prospects, the officer said.
More than 5,000 people commented on the story on news portal 163.com, with one asking: “You are so superstitious, how can you treat patients?”
In recent years there have been numerous reports of Chinese travellers causing delays and being punished for tossing coins onto airport runways and even into aircraft engines.
In April, a woman was detained for throwing six coins as she was about to board a plane in southern China in the hope it would guarantee her a safe trip.
Source: SCMP
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