(Bloomberg) -- Swipe your bracelet, watch or even a walking stick, and you can pay for your goods with digital yuan. These are just some of the quirky gadgets that China’s central bank, lenders and technology giants are showcasing to Beijing residents ahead of a broader rollout of the e-currency when the city hosts the Winter Olympics in February. The wearable devices, embedded with a digital yuan chip, can be tapped against a scanner, transferring the currency from an e-wallet without needing a
BEIJING/Shanghai (Reuters) -Two of China's top bankers on Monday warned of pressure on net interest margins - a key gauge of bank profitability - even after the country's five largest lenders posted robust first-half results. China Construction Bank Corp's (CCB) "margin will keep narrowing to the end of this year," said the bank's chief financial officer Zhang Yi in an online press conference. Meanwhile, Bank of China Ltd (BoC) expects net interest margins (NIM) to "still face a certain downward pressure," said vice president of the bank Wang Wei at a virtual media briefing.
(Bloomberg) -- Bitcoin fell to a two-week low amid an intensifying cryptocurrency crackdown in China.The largest virtual currency fell 10% to $32,350 as of 8:50 a.m. in New York. Ether declined 13% to $1,950.China announced on Monday that it summoned officials from its biggest banks to a meeting to reiterate a ban on providing cryptocurrency services. It’s the latest sign that China plan to do whatever it takes to close any loopholes left in crypto trading. Representatives from Industrial and Co