China launched an advance payment solution based on digital yuan smart contracts on Thursday in the latest step to further enhance the e-CNY's role of reducing transaction costs and better protect consumer rights.The Digital Currency Institute of the People's Bank of China, the country's central bank, unveiled the advance payment solution called 'Yuan Steward' on Thursday, which employs digital yuan smart contracts in e-CNY wallets to prevent payees from wrongfully taking prepaid money.A digital yuan smart contract refers to a set of computer programs that automatically exe...
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2022
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BEIJING, Sept. 7 (Xinhua) -- China's foreign trade sustained growth momentum in the first eight months of the year, a positive indicator of economic recovery, as the government continues to roll out measures to spur economic growth and stabilize foreign trade.China's foreign trade in goods jumped 10.1 percent year on year to 27.3 trillion yuan (about 3.95 trillion U.S. dollars) in the first eight months, official data showed Wednesday.In U.S. dollar terms, total foreign trade came in at 4.19 trillion U.S. dollars in the eight months, up 9.5 percent year on year.Exports rose 14.2 percen...
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2022
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BEIJING, Sept. 7 (Xinhua) -- China's foreign exchange reserves totaled 3.0549 trillion U.S. dollars at the end of August, down 49.2 billion U.S. dollars from July, data from the State Administration of Foreign Exchange showed Wednesday.'Cross-border capital flows were rational and orderly, and supply and demand in the domestic foreign exchange market remained generally balanced,' said Wang Chunying, deputy director and spokesperson of the administration.Wang attributed the decrease in foreign exchange reserves to factors including exchange rate conversion and asset price changes. O...
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2022
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BEIJING, Sept. 6 (Xinhua) -- China will raise the retail prices of gasoline and diesel from Wednesday based on recent changes in international oil prices, the country's top economic planner said Tuesday.Gasoline and diesel prices will increase by 190 yuan (about 27.5 U.S. dollars) and 185 yuan per tonne, respectively, according to the National Development and Reform Commission (NDRC).Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for 10 working days, the prices of refined oil products such as gasoline an...
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2022
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BEIJING, Sept. 6 (Xinhua) -- China's major state-owned banks stepped up lending to support the real economy in the first half of 2022 (H1), with more new loans flowing to infrastructure development, manufacturing, and other key economic drivers.The latest semi-annual reports of the six largest state-owned commercial banks showed that four of them issued more than 1 trillion yuan (about 144.73 billion U.S. dollars) of new loans in H1.New domestic yuan loans of the Industrial and Commercial Bank of China (ICBC), China's biggest commercial lender, reached 1.61 trillion yuan during the fir...
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2022
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