Yazılar

China Pushes Digital Yuan to Promote Multi-Polar Global Currency System

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China’s central bank governor, Pan Gongsheng, announced plans to expand international use of the digital yuan (e-CNY) and called for developing a multi-polar global currency system during the Lujiazui Forum in Shanghai. This system would feature several dominant currencies competing with checks and balances, reducing reliance on the U.S. dollar and enhancing global financial stability.

To support this, China will establish an international operation centre for the digital yuan in Shanghai, aiming to boost the yuan’s role in global trade amid growing investor demand for alternatives to dollar-based assets. Pan highlighted vulnerabilities in traditional cross-border payment systems, which are prone to politicization and unilateral sanctions, positioning the digital yuan as a more resilient and efficient solution.

In a significant step, six foreign banks—including Standard Bank and First Abu Dhabi Bank—have agreed to adopt China’s Cross-Border Interbank Payment System (CIPS) for yuan-based international settlements, broadening the yuan’s footprint in global commerce.

China’s foreign exchange regulator emphasized maintaining a stable yuan exchange rate to shield against external shocks. Officials also pledged to further open China’s financial markets to foreign investors, promoting transparency and attracting international participation. With China’s fast-growing consumer market, foreign financial institutions are seen as key contributors to building a modernized financial system.

The move comes amid increasing global shifts away from the dollar, driven by U.S. tariff tensions and rising interest in cryptocurrencies and stablecoins as alternative stores of value.

China to Launch New STAR Market Segment for Pre-Profit Growth Companies

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China’s securities regulator announced plans to create a new segment within Shanghai’s tech-focused STAR Market designed specifically for pre-profit growth companies, aiming to bolster innovation amid rising China-U.S. tensions in trade and technology.

The upcoming “growth segment” will support companies that have yet to turn a profit but demonstrate significant technological breakthroughs, strong commercial potential, and substantial investment in research and development, according to guidelines from the China Securities Regulatory Commission (CSRC).

CSRC Chairman Wu Qing emphasized the need for robust capital market support for both tech giants and emerging startups, highlighting ongoing reforms to strengthen China’s financial ecosystem amid shifting global economic and trade dynamics.

The regulator will also establish mechanisms to bring in experienced institutional investors to the STAR Market, reinforcing its role as a platform to advance China’s strategic goal of achieving technological independence and global leadership.

The CSRC further pledged to facilitate listings from companies working on frontier technologies, including artificial intelligence and aerospace, aligning with China’s ambitions in cutting-edge sectors.

This move comes as many Chinese firms are considering public listings in Hong Kong, which is actively attracting new listings amid a recovering stock market environment.

Viasat Confirmed as Victim of Chinese Salt Typhoon Cyberespionage Campaign

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Satellite communications firm Viasat Inc has been identified as a victim of the Salt Typhoon cyberespionage operation linked to China during the 2024 U.S. presidential campaign, Bloomberg News reported on Tuesday, citing sources familiar with the investigation.

The breach was discovered earlier this year. Viasat, working alongside a government investigation and an independent cybersecurity partner, found evidence of unauthorized access through a compromised device but stated there was no evidence of customer data being affected.

“Viasat believes that the incident has been remediated and has not detected any recent activity related to this event,” the company said in a statement.

U.S. officials have previously accused Salt Typhoon hackers of breaching multiple telecom companies—including Verizon, AT&T, and Lumen—stealing sensitive telephone audio intercepts and extensive call records. In December, the government added a ninth unnamed telecom firm to the list of victims, revealing the hackers had broad network access to track millions of individuals and record phone calls.

Reportedly, Salt Typhoon targeted individuals connected to both major presidential campaigns, including those of Democrat Kamala Harris and Republican Donald Trump.

China has denied the allegations, labeling them as disinformation and asserting Beijing’s opposition to cyberattacks and cyber theft.