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Former PBoC Governor Urges China to Join Global Conversation on Libra
Summary: Min Zhu, former governor of PBoC, believes it is important for China to join other nations in regulating Facebook's Libra (Coin Desk). International organizations like the G7 and Financial Action Task Force are evaluating and regulating Libra's impact on the world's finance system. If Libra were to prevail, China will lose a huge financial clout ...
Min Zhu, former governor of PBoC, believes it is important for China to join other nations in regulating Facebook's Libra (Coin Desk). International organizations like the G7 and Financial Action Task Force are evaluating and regulating Libra's impact on the world's finance system.
If Libra were to prevail, China will lose a huge financial clout at home and abroad. PBoC fears, with many other banks, that Libra will make bank policies lose its control over supply and demand of the currency market. With the U.S. dollar backing Libra, China fears the currency will dominate over international finance and make the launch of the Yuan harder.
By Claudia Rivera
Tags: China,Facebook,Libra,LibraDigital,Yuan
Link: Former PBoC Governor Urges China to Join Global Conversation on Libra [Copy]
