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China to issue digital currency

Chinese digital currency, Chinese virtual currency

China intended to issue a digital currency as soon as possible, the central bank said, a move that could help the yuan offset the global dominance of the US dollar and limit capital outflows.

央行表示,中国将尽快发行一种数字货币,此举将有助于人民币抵消美元的全球主导地位,并限制资本外流。

The announcement by the People's Bank of China came as it wrapped up a symposium on digital currency in Beijing, where it discussed issuance frameworks and related technologies such as encryption.

中国人民银行于北京召开的数字货币研讨会时做出了此声明,会议商讨了数字货币的发行框架和包括加密等的相关技术。

In a statement summarising the forum and posted on its website, the bank said the currency could reduce the costs involved in circulating banknotes, facilitate economic activities and help combat money-laundering. A virtual currency would also help the bank improve control of the money supply and payment efficiency, it added.

根据论坛和网上做出的声明总结,中国人民银行称,数字货币较传统货币流通成本低,能提升经济活动的便利性,增加透明度,减少洗钱犯罪行为。央行表示,虚拟货币能够帮助银行提高对货币供给的控制和提高支付效率。

Taking the step would thrust China into largely uncharted waters. Ecuador last year became the first nation to issue state-backed digital money. All of the banks in the tiny South American country have been told to get behind the push.

采取这一措施将把中国带入未知的领域。去年厄瓜多尔成为第一个发行国家支持的数字货币的国家。在这个小小的南美国家所有的银行都被告知要跟随这个潮流。

Hao Hong, chief China strategist at the Bank of Communications, said China's attitude towards digital currency had been shifting. The central government came out sharply against Bitcoin in 2013, forbidding payment companies from accepting it. It later relented somewhat, and allowed Bitcoin exchanges, but banks must still give it wide berth.

中国交通银行首席中国策略师郝红表示,中国对数字货币的态度一直不明确。2013年,央行严厉打击虚拟货币比特币的流通,禁止一切支付公司接受比特币。之后央行态度有所放缓,允许比特币的交易,但各个银行必须依然对此敬而远之。

"The attitude towards digital currency in China has been shifting, it has been surprising," Hong said. Back then it was quite hostile. Now, facing capital outflow pressure, a digital currency would make it easier to check the capital flow."

"央行对数字货币的态度一直令人难以揣摩"郝说道,"那时它是相当敌对的。现在,面对资本流出的压力,一种数字货币会使它更容易控制资本流动。"

State-backed cryptocurrency would also allow the yuan to challenge the hegemony of the greenback, he said, but cautioned that would take time.

国家支持的秘密货币将允许人民币挑战美元的霸权地位,但警示说,这需要时间。

"The US dollar has the luxury of pricing everything, every commodity, in US dollars. That is why it can maintain a power grip on the global economy."

"美元拥有给一切商品标价的优势,这也是美元为什么能够保持掌控全球经济的原因。"

PBOC chairman Zhou Xiaochuan, who attended the forum in Beijing, floated the idea of an alternative to the American dollar in 2009, saying it could be a "super-sovereign" currency based on the reserve asset of the International Monetary Funds. The IMF announced the renminbi would take its place alongside the US dollar, the yen, the British pound and the euro that comprise the special drawing rights basket. But even with yuan's inclusion, China's efforts to dethrone the dollar in the existing international currency system have made very little progress.

中国人民银行行长周小川,参加了这次北京论坛,他曾在2009年提出过代替美元主导地位的想法,说这可能是一个基于国际货币基金的储备资产的"超主权货币"。国际货币基金组织宣布,人民币将与美元、日元、英镑和欧元组成的特别提款权篮子一起走在一起。尽管人民币加入了国际货币基金组织的特别提款权篮子,但中国试图废除美元在国际货币体系中的现有地位的努力仍没有进展。

Payments for goods and services are increasingly becoming digital with new applications and online players jostling for a position in the potentially lucrative sector.

随着新的应用程序和在线各大支付平台都争夺虚拟货币这一盈利版块,商品和服务的支付会越来越数字化。

Zhang Weichao, the director of "mining" at Huobi.com, China's major platform for virtual currency trading, said a cryptocurrency might be popular with consumers. "It can be popular among the people – if it's endorsed by the government and convenient to use with new technologies."

中国的虚拟货币交易的主要平台"挖掘"平台主管张维朝,说一个虚拟货币可能受到消费者欢迎。"如果虚拟货币得到政府的赞许,再加上新科技使得虚拟货币方便利用,虚拟货币将会受到欢迎。"

Hu Zhibing, the chief operating officer at Haoyouqian.com, a crowd-funding startup in Beijing, said digital money is "definitely the future".

众筹创业借贷平台"好有钱"的运营总监胡志斌说,数字货币必然是未来的大势所趋。

"China must seize the first-mover advantage to get on board – the central bank would be a sinner of the whole nation if other countries moved ahead while China lagged behind."

"中国必须抓好时机,早点行动。如果中国在数字货币方面落后于其他国家,那央行将背负罪责。"

2016-06-23

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