CHINA-ECONOMY: TWO MORE CHINESE STATE OWNED BANKS JOIN TESTING OF DIGITAL YUAN
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Caixin (August 31) reported that the Postal Savings Bank of China Co. Ltd. and China Citic Bank Corp. Ltd., two of China's largest state-owned banks, have joined the pilot program to create services for the digital currency developed by the People’s Bank of China (PBOC) and conduct initial tests. The “Big Four” Chinese state-owned commercial banks — Industrial and Commercial Bank of China Ltd. (ICBC), Agricultural Bank of China Ltd., Bank of China Ltd. (BoC) and China Construction Bank Corp. — are already in the trials. With the digital currency designed to replace some physical cash in circulation, Chinese lenders are testing it in real-life payment scenarios with the help of the country’s telecom and internet giants.
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