Many consumers in mainland China reported on the morning of November 16 that attempted money transfers were unsuccessful when using the mobile app of China Construction Bank, one of the country's "big four" banks, triggering extensive social media discussion.
Zou Lan, Director General of the Monetary Policy Department of the People's Bank of China, said on July 13 that the digital RMB pilot scheme has now been extended to 23 areas in 15 provinces and cities across the country.
Chinese authorities are investigating former President of China Merchants Bank (CMB) Tian Huiyu for suspected violations, just days after removing him from the bank.
China Merchants Bank announced during a meeting on Monday afternoon that it had decided to remove Tian Huiyu from the post of president and director of the bank and make another appointment for the position.
China's state-owned bank has carried out an internal and hypothetical-use pilot of China's central bank digital currency in four Chinese cities.
Mu Changchun, deputy director of the PBOC’s payments department, said at an event held by China Finance 40 Forum over the weekend that the bank’s own cryptocurrency is “close to being out.”
The Washington Post has reported that, three Chinese banks may have refused to comply with a U.S. subpoena regarding laundering money to the North Korean state-run Foreign Trade Bank.