PBOC is in the news for focusing on digital currency apps for banks amid China’s evolving debt and currency reforms. China’s central bank, established in 1948, manages monetary policy and financial regulation.
The US national debt has reached $38 trillion, raising concerns about fiscal sustainability. Meanwhile, China advances its digital yuan pilot, and Hong Kong completes its second phase of e-HKD trials. Global strategies diverge as the US supports decentralized digital assets, while China emphasizes CBDCs to maintain monetary sovereignty.