bitcoin, china, chinese cryptocurrency, mobile payment apps, state-controlled digital currency, yuan

Bad News for Bitcoin: China Is Launching Digital Yuan Backed by Gold

China is expected to launch its state-backed digital yuan cryptocurrency over the next few months. Reports indicate that the crypto will be backed by gold. American stockbroker Peter Schiff believes that such a development would be bad news for the world’s number one cryptocurrency, Bitcoin. China’s cryptocurrency Max Keiser, the host of the popular financial ...

Max Lu

A bitcoin disintegrating.

Yuan as International Currency: A Bleak Future for the Lead Contender

Beijing is taking all the necessary steps it can to make the yuan the leading international currency in the world. Given the country’s market size and increasing global clout, many experts believe that this might actually become a reality. However, the authoritarian nature of the Chinese government might turn into a big challenge to Beijing’s ...

Max Lu

A 100 yuan note.

The Yuan Is Trading Around a Very Critical (Psychological) Level

The Chinese yuan is currently trading just below the psychologically important level of 7 against the U.S. dollar. It peaked at 6.92 per dollar in May and has been largely kept below that level by the efforts of the People’s Bank of China (PBOC). Falling yuan The PBOC has been using its usual methods to ...

Max Lu

The Chinese yuan.